qrops

espana · 17 October 2010 at 3:27PM

i av cashed in my private pension using the qrops scheme.(been living outside the uk for over 5 tax years)the problem is that we were thinking about returning to the uk,or sending some money back to the uk.either way we are concerned about the hmrc trying to tax or take money from lump sum.technically it is now classed as a personal asset,and cannot be touched.BUT,i have been trying to ask the hmrc wot the position is,but had no reply.this is a typical case of the taxman wont help u,but if u carry on and move money,he will try his best to get some.seems like a win-win for him.can anyone throw some light on the situation or get me in touch with a accountant/hmrc tax specialist,i am more than willing to pay.would like my position in writing in case of future problems.thanks:(

rockitup · 17 October 2010 at 3:36PM

Sorry I am not knowledgeable on QROPS although I am an expat for last few years.

A tax adviser that I used before moving until now has been very helpful with my company pension tax problem and also CGT, you may like to contact them if you get no other replies on this forum.

British Taxpayers Association Ltd
Horsham
West Sussex
Tel: +44 01403 271919

Cautious_Investor_3 · 17 October 2010 at 3:45PM

Hi

I couldn't agree more, you need advice, QROPS really should be dealt with by a professional adviser.

I'm sure if you find the right adviser paying for their advice will reap rewards.

The Cautious Investor

espana · 17 October 2010 at 7:26PM

thanks 4 the replies guys,of the 2 people who arranged my qrops,1 is a pension expert and the other an accountant who was based in england.they have clearly told me that is not taxable in england,but with so much at stake i need a 2nd opinion from an expert in england.thanks for the contact mr rock i am going to look them up now and see if i can find a site for them.or failing this i will fone them direct,and even travel over if needed.same as u sed mr cautious,using a professional adviser,who i am willing to pay will be worth it.thanks for the support-espana

dominicaeaton · 18 October 2010 at 4:16PM

Who was the contact? I will be interested also

rockitup · 19 October 2010 at 12:10AM

dominicaeaton wrote: »

Who was the contact? I will be interested also

They are listed on my previous post, and are a Tax Adviser firm who are very knowledgeable in the Expat Tax field. They are not the cheapest, I pay about £175 per hour but they are worth using for their experience.

espana · 19 October 2010 at 7:14PM

hi rockitup,emailed and then foned (today)ur contact in horsham.spoke to the secretary who passed my case onto a ZOE HARRIS,(who is there expert in ex-pat tax)who says she cannot help me.she has given me a new contact who she believes can help.ur rite about the price thou 170 an hour!!:rotfl:although i think it was worth paying in my situation.at this moment in time i can return to uk,but cannot bring any money to live on!!!!!!!!!!!:mad:

rockitup · 20 October 2010 at 3:27AM

espana wrote: »

hi rockitup,emailed and then foned (today)ur contact in horsham.spoke to the secretary who passed my case onto a ZOE HARRIS,(who is there expert in ex-pat tax)who says she cannot help me.she has given me a new contact who she believes can help.ur rite about the price thou 170 an hour!!:rotfl:although i think it was worth paying in my situation.at this moment in time i can return to uk,but cannot bring any money to live on!!!!!!!!!!!:mad:

Espana,

I hope that the new contact she gave you is able to sort out your QROPS situation for you. Please keep us posted on what happens or pm me if that is okay with you.

Reason is that I am Non-Resident an get a company pension tax free at present, just wanted to see if QROPS could be a better option for me if I ever decided to go back to UK or another country where the double tax treaty is not so generous as here.

Thanks

james.maughan · 12 November 2010 at 10:36AM

Sorry to here you seem to have fallen into the 100% cash from QROPS trap. The unauthorised tax charge is 55%.

This is a good short article on cash out of a QROPS:

Google:

100% cash from QROPS

shanghaitim · 12 November 2010 at 10:50AM

As long as you transferred into a RECOGNISED scheme your lump sum and future benefits are non taxable, and the reporting limit is 5yrs and 1 day, this is not from the date of transfer but from the date that you became an Expat and stopped paying UK tax.
If you transferred into a non recognised scheme then you will be hammered by the 55% tax, recent investigation into this and a scheme in HK called Beazley

deaneo4 · 29 November 2010 at 12:19PM

Hi Rock it up - How did it go ? have you digressed any further ? I too have the same dilemma, I have a Final Salary scheme and a few Private and Company based pensions too. Having lived away from the UK for 7 years, I'm feasibly up for transferring into a QROPs. So whats the damage would dearly love to try to obtain some FREE unbiased help in making my decision.I don't mind paying for the solution but why does everyone jump for cover when you ask for help with QROPS!! Unless of course you revert to an IFA whom I'm concerned (?) will be biased towards referring me to a scheme that provides them with a nice comms % HELP Please