Treasury rules out drawdown limit reversal

Pension savers are stuck with new drawdown rules that reduce the amount of cash that can be withdrawn as a lump-sum every tax year. The rules changed in April – slicing a sixth off the available drawdown cash. Pension firm AJ Bell has pressed the government to change the rate back to 120 per cent […]

UK is officially the worst place to live in Europe

The UK has the worst quality of life in Europe and one in eight Brits are considering moving overseas. High prices, inflation making the cost of living even worse and miserable retirement expectations are depressing millions, according to research by comparison web site uSwitch. The silver lining is Brits enjoy the fourth highest incomes in […]

Direct contribution pensions take a £1,300 buffeting

Retirement savers sharing a defined contribution pension scheme with their employer have lost an average £1,300 a year in future income over the past six months, according to a pension index. Pension investments have faced a difficult few months, with billions wiped off stock markets worldwide, rising inflation and increased longevity, says Alan Carey, of […]

Britain’s rich on the tax man’s hit list

The top earners on Britain’s rich list are under investigation by a crack team of tax inspectors recruited to scrutinise their financial affairs. The 350,000 or so multimillionaires who have a personal wealth of £2.5 million or more can expect special attention from a 100-strong team of HM Revenue and Customs tax inspectors. The HMRC […]

A life less ordinary urged for testing tax residence

Tax experts are backing the government’s new residency test – but want clarification of some of the new terms. The Chartered Institute of Taxation has broadly agreed with the new three-part test for UK residency in a response to a call for consultation from the Treasury. The issues that most worry them are definitions of […]

Mapping the countries where the rich pay least tax

As the government debates scrapping the 50p top tax limit for the wealthy, the question of how much income tax the rich should pay is back in the headlines. In recent weeks, some well-heeled taxpayers in the US, France and Germany have volunteered to pay extra to help their countries through tough financial times. For […]

Is short-selling really to blame for the Euro crisis?

Short selling has a long history as an investor’s tool for taking profits from stock markets – but the all the bad press dished out against the tactic is undeserved, according to new research. The strategy is back in the headlines as four European Union countries banned short selling of bank and insurance stocks to […]

QROPS fraudster jailed for £3.5 million pension scam

A QROPS fraudster who set up bogus offshore pension schemes to help retirement savers evade tax was jailed for three years. Colin Pearson, 47, helped ex pats illegally release around £3.5 million from their investments by setting up scam pension funds in Barbados and Cyprus. He earned £225,000 commission over three years, spending the money […]

What’s so special about an Isle of Man 50c QROPS?

Isle of Man 50c QROPS represent a turning point in offshore pensions for many as they offer enhanced benefits – so here is a look at the financial advantages they offer to retirement savers. The main draw to an IoM 50c QROPS from the rest of the thousands of products offered in the market for […]

Most popular QROPS jurisdictions

New Zealand is the undoubted cream of the QROPS offshore pension world, according to new figures from HM Revenue and Customs. New Zealand QROPS reign supreme with almost half (47 per cent) of all ex pat pension transfers going to providers based in the country since the offshore pension schemes opened for business. New Zealand […]