View more on these topics

Concept says HMRC is singling out Guernsey over Qrops move

Guernsey Qrops provider Concept Group says HM Revenue & Customs is singling out the jurisdiction after it published a rule that led to over 300 of the island’s Qrops being cut from its list of registered schemes.

In April, Guernsey lawmakers introduced new rules to address HMRC concerns that Qrops treated residents and non-residents differently for tax purposes. The new regime, known as S157E, has no tax charges on contributions, growth or benefits for residents or non-residents.

In March, HMRC published rules for Qrops that came into force on April 6 and, despite the Guernsey changes, later removed 309 of the island’s Qrops from its list of registered schemes.

A recent HMRC amendment to the new Qrops rules, set to come into force on May 25, says the S157E schemes “must not be open to non-residents of Guernsey” to be considered a Qrops.

An explanatory note to the amendment says a lack of relief on contributions and a 20 per cent tax charge for residents transferring into S157Es means they are, in practice, a vehicle for non-residents and “would encourage transfers from UK schemes primarily for tax reasons”.

Concept Group managing director Roger Berry is a member of the Guernsey Association of Pension Providers and chairs its sub-committee on Qrops. He says: “The legislation was designed to be in line with the rules HMRC brought in. This amendment specifically targets this legislation within this one jurisdiction.”

Worldwide Financial Planning IFA Nick McBreen says: “Guernsey was pushing the envelope with its legislation so it is no surprise this has happened.”


FTSE blog: Markets record further losses despite early promise

The FTSE 100 has made further losses on Tuesday despite an initial rally in early trades. At close, the blue-chip index was down by 0.5 per cent to stand at 5437.62. The German Dax and the French Cac 40 also fell by 0.8 and 0.6 per cent respectively. All three had initiallly made small gains […] and Standard Life to launch value of advice campaign has partnered with Standard Life ahead of launching a media campaign to highlight the benefits of independent financial advice to consumers. The Value of Advice campaign will launch later this summer. It will be based on a research report looking at the attitudes to advice among advised and non-advised consumers, and their financial circumstances. […]

Santander appoints CIO as Bearman leaves

Santander Asset Management has named Butterfield Bank’s David Stewart as its chief investment officer following the departure of John Bearman. Stewart was group chief investment officer at Butterfield Bank, and previously head of investments at MGM Assurance. Bearman left Santander to become chief investment officer at Thomas Miller Investment. Thomas Miller Investment chief executive Mike […]

Ageas UK’s pre-tax profits surge to £22m in Q1

Ageas UK has seen its pre-tax profits surge 480 per cent from £3.8m in Q1, 2011 to £22m in the first quarter of this year. Ageas UK’s Q1 results, published today, show total inflows were up 11 per cent to £513m this year, compared to £462m in 2011. Ageas Protect reported a pre-tax loss of […]

10 September thumbnail

Johnson Fleming set to hold auto-enrolment support webinar

Two years since the process of auto-enrolment began, the looming re-enrolment deadline provides the perfect opportunity to assess whether the support you have in place, which may well have been hastily selected at the start, is fit for purpose. Johnson Fleming is holding a webinar on 10 September at 11:00 to discover the key issues and concerns you should consider when thinking about your current support options.


News and expert analysis straight to your inbox

Sign up


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

  1. HMRC clearly want to end up with the person and their pension fund being in the same country excepting only transfers within the EU.

    As section 157E was specifically designed for non Guernsey residents it was always likely to be unacceptable to HMRC.

  2. Manish Chaurasiya 1st March 2013 at 9:14 am

    “It remains to be seen whether this apparent HMRC dissatisfaction with the new Guernsey law is a local issue or whether a residency condition is to be imposed at some future date upon all QROPS.”it is also very rare in internet that is why it was very difficult to understand.
    hmrc qrops list
    I appreciate you. This is interested to know about
    If you want to know more about qrops list , go to the link above.

    Thanks so much for this post. There is very good and helpful information in this post. Keep up the good work.

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm