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Guernsey sets up Qrops code

Guernsey Association of Pension Providers has launched a draft code of practice on qualified regis- tered overseas pension schemes.

GAPP code of practice group chairman Roger Berry says the code will ensure that people using Qrops schemes from Guernsey know what is permissible under HMRC regulations.

The code tells advisers about the service and standard they can expect as well as provide a basic guide to how the regulations have been interpreted by providers on Guernsey.

Participation is voluntary but Berry expects most providers will want to sign up when the final code is published by April.

He says: “There is a lot of confusing comment about what you can and cannot do with Qrops and still meet HMRC’s complex regulations. This code will remove some of the confusion for people and let advisers know we are all singing from the same hymn sheet.”

Worldwide Financial Planning IFA Nick McBreen says the code is a sensible idea. He says: “It will provide some clarity and certainty in what has been a confused marketplace.”

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