An article by Roger Berry, Managing Director of Concept Group Limited.
Delisted QROPS are schemes that have been delisted by HMRC at the request of the scheme administrator or by HMRC and may still carry reporting requirements to HMRC and restrictions on investments, the exceptions are schemes that were delisted in early 2012, or before, which no longer have reporting requirements
Schemes delisted by HMRC may never have met the Recognised Overseas Pension Scheme (“ROPS”) requirements and members of such schemes may have tax issues to resolve with HMRC. This contrasts with schemes that choose to delist or nor longer meet new ROPS requirements. These delsited schemes may be advantageous for members. Delisted QROPS are usually a Overseas Pension Scheme (“OPS”) i.e. lacking in Q (“Qualification”) and R (“Recognition”). If they contain UK tax relieved funds they are also Relevant Non-UK Pension Schemes (“RNUKS”).
Any scheme that is a RNUKS can fall within the application of certain UK tax charges, despite the member no longer being resident in the UK, and even if the scheme has been delisted.
These charges may be completely avoided if the transfer to the QROPS was pre April 2017 and the member has been non-UK resident for more than 5 complete UK tax years.
This can be a complex area on which professional advice should be taken. The above statement is a simplified summary answer.
If you have any further questions, please do not hesitate to contact us on firstname.lastname@example.org.
Concept or Concept Group means Concept Group Limited, Concept Trustees Limited and any other group or associated companies. Concept does not provide financial nor tax advice and nothing in this summary should be construed as such, nor shall they be held responsible for any liability or loss arising directly or indirectly from any reliance placed upon the content of this summary.
The information in this summary is based on our understanding of current laws and practices, both of which are subject to change. Whilst every effort has been made to ensure the information is correct, Concept cannot accept responsibility for its interpretation, or any future changes to law and practices in any relevant jurisdiction, some of which may have retrospective effect.
Concept Group are licensed under the Regulation of Fiduciaries, Administration Business and Company Directors etc (Bailiwick of Guernsey) Law, 2000 and are regulated by the Guernsey Financial Services Commission.