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Boal & Co to deregister Trinity Qrops

Pension provider Boal & Co has temporarily deregistered its Trinity Qrops amid claims the Isle of Man will fail to adapt its 50c legislation in time to comply with new rules from HM Revenue & Customs.

HMRC’s final Qrops rules, published last month, require Qrops providers to treat non-residents and residents of a jurisdiction in the same way for tax purposes from April 6.

The Isle of Man’s 50c schemes fall foul of this rule by paying benefits to non-residents tax-free while residents are taxed.

Boal & Co managing director Gary Boal says all Isle of Man 50c schemes will have to deregister as Qrops from April 6. He says: “We have been forced to temporarily deregister our 50c Qrops because from April 6, 50c will no longer pass the Qrops test. It will have no implications for existing members.”

The Isle of Man government was unavailable for comment at the time of going to press.

Guernsey Association of Pension Providers Qrops sub-committee chairman Roger Berry says Guernsey has adapted its legislation to meet the new HMRC requirements and will continue to offer Qrops from April 6.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Exasperated Me 5th April 2012 at 4:36 pm

    What a load of qrop, why is HMRC hanging on to this patently much abused system?

  2. David Trenner - Intelligent QROPS 5th April 2012 at 6:27 pm

    Ex, They have to allow freedom of movement. Pre 2006 every transfer had to be “approved” and it took about 2 years on average. Since 2006 the system has worked well, but there has been scope for abuse.

    My biggest concern is that offshore advisers are ripping clients off because some UK registered advisers are running scared,

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