On 6th April 2011, amendments and additional guidelines were announced regarding the UK pension tax legislation. It is important to consider how these changes could have an effect on UK pension holders, who have transferred or are considering transferring their pension funds into a QROPS or Qualifying Recognised Overseas Pension Scheme.
The main impact of the amended tax legislation for QROPS holders concerns taking benefits if you have been an expat for less than five years. You may be liable to pay UK income tax on these benefits. The best way to see if these new legislations will affect your own QROPS position is to speak to a wealth management advisor. As with any matter of wealth management, it is important to seek professional advice and this is definitely the case when it comes to QROPS. QROPS can still offer fantastic benefits for expats, as opposed to a UK pension, and qualified wealth management advice will help to make sure that you are making sound decisions regarding your pensions, QROPS and any other aspect of expat wealth management.
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