Business as usual for some IoM QROPS

Isle of Man QROPS providers have hung out the ‘business as usual’ sign after new UK offshore pension rules decimated the markets in Guernsey and New Zealand. The Isle of Man was the third biggest loser in the QROPS tax shake-up – losing 16 schemes but retaining 173. In comparison, Guernsey had to close 300 […]

Jersey cancels new QROPS for non-residents

Grand plans to extend Jersey QROPS to non-residents are on hold as new UK pension tax rules have decimated similar offshore pensions in neighbouring Guernsey. Jersey QROPS are long-established – but are only open to residents, which lets them fully comply with UK QROPS laws. Around 138 different schemes run on the island. Just last […]

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 […]

Isle of Man 50c QROPS gets go ahead from HMRC

HM Revenue and Customs has signalled the official end of the Isle of Man 50c QROPS review by including another offshore pension provider on the tax man’s list of providers. SiPP Specialists Ltd, based in Douglas, Isle of Man, has launched the SIPP Specialists 2010 scheme and received a QROPS registration number from HMRC. The […]

Race is on to boost QROPS tax-free lump sums

Confirmation that HM Revenue and Customs has given official approval to the Isle of Man’s controversial 50c QROPS opens the floodgates for offshore pension schemes to offer enhanced tax-free lump sums to investors. HMRC has looked long and hard at the Isle of Man’s 50c pension legislation and decided the additional tax free lump sum […]

Channel Islands and IoM scrap retention taxes for investors

Cash investors with money deposited in the Channel Islands or Isle of Man will soon have their tax authority automatically updated with details of the interest they are paid. Both will also scrap retention taxes on savings that have let Channel Islands and the Isle of Man tax authorities deduct tax on interest rather than […]

Why Guernsey is top of the QROPS

The tiny Channel Island of Guernsey punches well above its weight as a financial centre for ex pats. Internationally recognised as one of the leading centres for QROPS, Guernsey looks set to stay at the vanguard of ex pat financial services for some time. Here, we look at what makes Guernsey a leading jurisdiction for […]

Isle of Man and Guernsey tussle for QROPS domination

The battle for QROPS domination between the Isle of Man and Guernsey is hotting up as both sides up their game to attract new business. Guernsey led the race for some time but has fallen back since the isle of Man 50c QROPS pension hit the market in October. The IoM 50c pension moved the […]

Isle of Man 50c QROPS is back in business

The Isle of Man 50c Trinity scheme is back on the HM Revenue and Customs list of QROPS pension schemes. The scheme was not included on the last HMRC list published a week ago, apparently because of a ‘clerical error’. Non-inclusion on the list left some pension savers expecting to switch funds to the new […]

HMRC confusion suspends Isle of Man 50c QROPS

Panic set in for some QROPS pension investors switching funds in to the new Isle of Man 50c Trinity scheme after the taxman made a mistake and removed the fund from the  ‘approved’ list. Many prospective QROPS pension savers have expressed interest in the scheme that was launched late last year and offers enhanced draw […]