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EU calls for HMRC to relax rules on Qrops

Pensions and funds consultant Organon predicts a rise in qualified recognised overseas pension schemes among UK residents as HM Revenue & Customs is pushed to be more lenient in line with EU legislation.

Speaking last week at the London Central Property-hosted seminar, Organon wealth management consultant Beth Clerkin said: “The EU is pushing HMRC to become more lenient on allowing UK residents to have Qrops because if people want a pension in Germany, for example, they should be able to get tax relief at source which the HMRC does not allow.”

A HMRC spokeswoman says: “The European Commission sent the UK Government a Reasoned Opinion letter in November 2008 about the relief the UK gives for contributions to overseas pension schemes.

“The UK does not agree that its rules for pension tax relief are discriminatory and has responded fully to the Commission’s letter setting out the reasons why the UK believes the current rules to be in accordance with EC law.”

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Paul Lothian

Personal Finance Society president Paul Lothian started his financial services career at the age of 17 when, struggling for a big break in the music business, he joined his parents’ Dundee insurance brokerage as an office junior.

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