|
|
| |
COMMERCIAL
AND BUSINESS PROPERTY FOR SALE OR LEASE IN SPAIN |
|
|
|
 |
|
WHAT CAN I DO WITH MY UK
PENSION SCHEME? |
|
|
Are
you no longer a resident of the UK? Did
you know that, subject to conditions, it
is often possible to transfer your
pension fund out of the UK to Guernsey
(or other location) with significant
potential benefits?
These potential benefits include the
ability to control investments, access
income or capital without punitive UK
tax consequences. Importantly, it is
often possible to allow the transfer of
the fund to future generations upon
death.
How does it
work?
HM Revenue and Customs (HMRC) allow non
UK residents to transfer UK pension
rights to an approved offshore scheme
known as a Qualifying Recognized Overseas
Pensions Schemes or “QROPS” for short.
HMRC maintain a list of approved schemes
that is updated twice a month. An
important safeguard is that if the
proposed pension transfer is to an
unapproved scheme the transfer can not
take place.
The transfer to an approved scheme can
take place as soon as the person becomes
non-resident from the UK but it is
important that they intend to remain
non-resident for the foreseeable future.
For someone who has been a non UK
resident for less that five complete tax
years the benefits provided under the
new scheme will be similar to those
provided under UK law. After that point
in time everything changes.
Advantages of
transferring a UK pension scheme
Regardless of when the transfer is made,
as soon as the person has been non UK
resident for a period of five complete
tax years the onerous and rigid HMRC
regulations relating to pensions fall
away.
As it is not necessary for the member to
be a resident in the country to which
the transfer takes place transfers can
be made to tax friendly jurisdictions
such as Guernsey or New Zealand. |
|
 |
|
To
enquire regarding any of the services above
please click on the CONTACT US button and type
EXPAT PENSIONS in the SUBJECT line of your e-mail,
this will ensure that your message and enquiry
will be delivered directly to our inbox, you are
also welcome to contact us by telephone to: (34)
966 881 185, Thank You. |
|
|
|
|
|
|
