Five Qrops planning opportunities after 25% transfer charge
As the dust settles following the go-ahead of a 25% overseas transfer charge in the Spring Budget, David White, partner of Isle of Man-based The Qrops Bureau, sets out five key opportunities for financial advisers. One of the exceptions to the overseas transfer charge (OTC) is when the client is a European Economic Area (EEA) resident and the transfer is being made to an EEA-based Qrops. One reason for this exception is likely to be that the UK's HM Revenue & Customs would not be permitted to restrict European Union pension transfers under freedom of movement of capital rules. Another is that the levels of income tax in most EEA countries is broadly in line with the UK. Please link to International Adviser to read the full article .