STM develops HMRC-friendly Gibraltar QROP scheme

STM Fidecs, the Gibraltar-based trust company and pensions administrator, has developed a QROPS scheme that has been approved by both Gibraltar’s Income Tax Commissioner and HM Revenue & Customs...
By: Iain Farr
 
April 19, 2011 - PRLog -- STM Fidecs, the Gibraltar-based trust company and pensions administrator, has developed a QROPS scheme that has been approved by both Gibraltar’s Income Tax Commissioner and HM Revenue & Customs, paving the way for the resumption of UK pension transfers to the territory.
Details of the new scheme and the features that have made it acceptable to both HMRC and the Gib tax authorities were not immediately disclosed.  However, David Erhardt, pensions director of STM Fidecs’s AIM-listed parent STM Group, said that the company’s knowledge of Gibraltar’s tax system and QROPS had enabled it to find a way through the impasse.
As reported, all UK pension transfers to Gibraltar have been suspended since September, 2009 following concerns that clients could face possible tax penalties as a result of HMRC’s alleged concern that Gibraltar’s 0% tax on the pension income of residents over age 60 was inconsistent with the UK’s QROPS regulations.
At the time it was announced, the suspension on transfers of UK pensions into so-called Qualifying Recognised Overseas Pension Schemes in Gibraltar was expected to be resolved within a matter of weeks, once HMRC and Gibraltar authorities had a chance to meet and resolve the matter. But instead it has dragged on for more than 18 months, with no indication recently that the matter was even still being discussed.
At STM Fidecs, HMRC’s acceptance for listing of its new QROP scheme – which is called the STM G.I.B. Pension Transfer Plan – is being welcomed, Erhardt said, as Gibraltar is “a convenient location for expatriate Britons living in southern Spain, who like to be able to visit their pension trustees in a face-to-face meeting”.
“It is also a welcome addition to the STM Group multi-jurisdictional ‘QROPS Wrap’, and follows hot on the heels of the STM Malta QROPS launch,” he added, referring to a scheme launched in  December.
Erhardt said STM’s three previously-established QROP schemes, like the other seven schemes listed on HMRC’s website, remain suspended.

# # #

A cross border financial services provider offering innovative & impartial financial advice for high net worth individuals, cross-border investors and expats. Specialists in QROPS, international tax planning and trust and company management services.
End
Email:***@stmgroupplc.im Email Verified
Tags:Qrops, Qualifying Recognised Overseas Pension Scheme, International Pensions, Malta QROPS, QROPS Guide
Industry:Retirement
Location:Gibraltar
Account Email Address Verified     Account Phone Number Verified     Disclaimer     Report Abuse
STM Group PLC News
Trending
Most Viewed
Daily News



Like PRLog?
9K2K1K
Click to Share