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UK taxman falls woefully short of 25% Qrops charge target

UK taxman falls woefully short of 25% Qrops charge target

HM Revenue & Customs had expected to net £65m in 2017/18. Just 30 of the 4,700 qualifying recognised overseas pension scheme (Qrops) transfers carried out during 2017/18 had to pay the 25% charge introduced by the UK Government in March 2017.

A freedom of information request by Canada Life uncovered that HMRC only raised £1.4m ($1.8m, €1.6m), a significant shortfall from the £65m expected by the Exchequer. Please link to International Adviser to read the full article by Kirsten Hastings.

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