Further to previous bulletins regarding the uncertainty surrounding Gibraltar as a suitable jurisdiction for Qualifying Recognised Overseas Pensions (QROPS), the Association of Pension Fund Administrators in Gibraltar are fairly positive that the dispute with the UK’s Her Majesty’s Revenue and Customs (HMRC), surrounding QROPS, is close to being resolved.
According to the article in the FT Adviser, which quotes Global QROPS Ltd’s opinion on the subject, Gibraltar may not be far away from being re-instated as a jurisdiction.
Please see link which includes our comments:
The dispute that had led to the initial suspension of UK pension transfers to Gibraltar QROPS, surrounded the ‘zero rate’ of tax from pension payments in Gibraltar. This was not regarded as a ‘progressive’ rate of tax by HMRC thus putting into question the status of the Gibraltar as a suitable jurisdiction for QROPS.
Gibraltar has been working hard to satisfy the conditions that HMRC would like them meet in order to continue as a QROPS jurisdiction. This would be an immense relief to many transferring UK pension members who’s pension transfer may have been left in limbo as a result of the suspension.
Global QROPS Ltd will up date our news items with any further details, as and when it is officially announced, that Gibraltar is back on track and that UK pension transfers to their schemes can commence.