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Qualifying Recognised Overseas Pension Schemes

In Brief: Qualifying Recognised Overseas Pension Schemes

Thursday, 22 June 2017

Aiming to promote fairness in the tax system, the government are turning their attention to those moving their pension wealth to another jurisdiction in order to reduce tax. From the 6th of April 2017 the rate of tax is set to change for Qualifying Recognised Overseas Pension Schemes (QROPS). If a QROPS is transferred on or after 9th of March the new tax rate of 25% of the transfer will be applied. Tax- free exceptions will apply to the charge for those who have a genuine need to transfer their pension. Seeking professional financial advice could help you to make decisions regarding your pension wealth.

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