HK QROPS Clampdown

Hong Kong QROPS

Hong Kong QROPS Schemes under scrutiny.

HMRC has announced a crackdown on tax abuses by QROPS HK Schemes.

An article in the International Adviser today stated that legislative measures are to be put in place to stem tax avoidance through the use of QROPS. It is believed, though, that this only relates to Hong Kong schemes.

Many advisers have been promoting Hong Kong QROPS schemes for a while as being able to access 100% of your pension as a lump sum, which is against the spirit of QROPS transfers. This could spell trouble for many QROPS HK schemes

Hong Kong QROPS

The Inland Revenue announced that a tax loophole would have emerged had the government not taken action. No detail was provided on what the loophole is or what action will be taken.

More information about Hong KongQROSP schemes should be provided on the Inland Revenue’s website, although no detail was available on their site at the time of writing.

Should you need help with your QROPS transfer, please contact:

Hong Kong QROPS Clampdown

Hong Kong QROPS article by QROPS specialists.

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