HMRC delists 432 QROPs in glitch

2nd July 2013

HMRC has delisted 432 Qualifying Recognised Overseas Pension Schemes but it says this is because of a glitch which will be rectified soon. QROPs are used by Britons moving and retiring overseas to transfer their pensions but the Revenue has had continual worries that such schemes could also be used to liberate pensions or avoid UK tax.

There is a risk that if you use an unapproved scheme then the tax charge could be as high as 55 per cent.

The Revenue says that if you have any doubts about a scheme, then you must check with the scheme provider.

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