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Trade body could help with HMRC

A trade body made up of advisers and product providers dealing with Qrops is required to lobby for the interests of the sector, claims international pension adviser Panthera.

Panthera was strongly affected by HM Revenue and Customs’ decision to remove Singapore pensions from the list of qualifying recognised overseas pension schemes in May.

The company is appealing against the decision, arguing that HMRC failed to understand Singapore legislation fully.

Panthera managing director Bethell Codrington says HMRC is not providing clear guidance on Qrops and believes the industry could benefit from a trade body.

He says: “At the moment, HM Revenue and Customs’ guidance all seems very ad hoc and if it really wants to sort out the problem, there should be a major body assigned to manage Qrops.”

Guernsey-based Aurora International Pension Plan is a Qrops scheme developed by Concept Group and its managing director Roger Berry questions the “broadbrush approach” taken by HMRC on Qrops.

He says: “It is often difficult to cross-examine what HMRC is saying about Qrops as it can vary week to week and can be contradictory.

“I think that there should be a regulatory body made up of industry representatives who sit between the politicians and advisers and help to promote interchange between the Revenue and the industry.”

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