Gibraltar, one of the stalwarts of the global Qualifying Recognised Overseas Pension Scheme (QROPS) industry, has a new trustee offering. Corinthian Pension Trustees has received a license from the jurisdiction’s Financial Services Commission. This means that they will be able to provide trusteeship to pension schemes in Gibraltar.
Every time the UK Chancellor of the Exchequer rises to his feet to give his now biannual statement to the House of Commons the media clamours over itself to hail some major change or other.
Indeed, the politicians also like to make us all believe that they have come up with some bold new policy that will change our lives for ever more.
In reality though, changes to the UK system of financial rules and regulations plot a slow and methodical course. And it does so for a very simple reason: a properly functioning economy must have stability and predictability. Read More
Guernsey was once a prime location for Qualifying Recognised Overseas Pension Schemes with the Channel Island boasting a proud history as a sound financial centre with excellent consumer safeguards. Read More
There has been an update in the long running ROSIIP issue with HM Revenue & Customs releasing new guidance following the long-running case.
The ROSIIP case dates back to 2008 when the UK authorities withdrew QROPS status from the Singapore based scheme. After a hearing at the High Court it was ruled that ROSIIP never met the requirements to be categorised as a QROP Scheme. This left those in the scheme possibly facing a 55% tax charge. This is not now judged to be the case. Read More
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