Concept are currently in the process of contacting all of their French resident scheme members with interests held within a personal pension trust, such as the range of Aurora International Pension Plans, including the “former” Aurora QROPS.

There have been a number of recent legislative changes in France that directly affect offshore trusts, their reporting to the French authorities, and the trusts’ liability to French tax. We understand, also, that any trust, even if the Member is resident outside France, where relevant French situs assets form part of the underlying investments, may also have obligations to report. Concept has written directly to the French authorities to seek clarification on this matter and the application to pension trusts, but has to date received no response.

This is a complex area of taxation on which your member may well have already taken advice, if they have not, we would strongly recommend that they do so.

Concept is giving its French resident members, in certain circumstances, the option to transfer their personal pension trust to a non-trust based pension arrangement, such as the Aurora Libertaï Retirement Benefits Contract. This type of scheme arrangement may fall outside of this new French legislation as the interests are not held within a trust based pension.

Concept’s default position will be to make reports to the French Authorities and will require sight of supporting tax advice for any member not wishing to report.

Roger Berry, Managing Director of Concept has recently been quoted in relation to this matter  in International Adviser