Mattioli Woods plans to enter the qualifying recognised overseas pension scheme and qualifying non-UK pension scheme markets with offerings in Malta.
Marketing and sales director Murray Smith says: “We think the markets for both Qrops and Qnups remain very interesting. We are setting up both a Qrops and a Qnups in Malta. If they prove popular among high-net-worth individuals, we have the capacity to establish up to 500 schemes.”
Last week, HMRC announced a clampdown on Qrops due to concerns that some arrangements are being used to circumvent UK tax rules. The changes include forcing overseas schemes to pass information relating to a Qrops transfer to HMRC within 30 days and reporting all lump-sum payments from their scheme in the 10 years following the transfer.
Evolve Financial Planning director James Norton says: “For a very small number of people, these schemes will be suitable. However, the fees tend to be quite high and people need to be careful they are not being used simply to avoid paying tax.”