2
ďŽƵƚ ƚŚŝƐ ƌĞůĞĂƐĞ ^ŝŶĐĞ Ɖƌŝů ϮϬϬϲ ŝŶĚŝǀŝĚƵĂůƐ ŚĂǀĞ ďĞĞŶ ĂďůĞ ƚŽ ƚƌĂŶƐĨĞƌ ƚŚĞŝƌ ƉĞŶƐŝŽŶ ƐĂǀŝŶŐƐ ŝŶ Ă ƌĞŐŝƐƚĞƌĞĚ ƉĞŶƐŝŽŶ ƐĐŚĞŵĞ ƚŽ Ă ƋƵĂůŝĨLJŝŶŐ ƌĞĐŽŐŶŝƐĞĚ ŽǀĞƌƐĞĂƐ ƉĞŶƐŝŽŶ ƐĐŚĞŵĞ ;YZKW^Ϳ dŚŝƐ ŝƐ ŝŶƚĞŶĚĞĚ ƚŽ ĂůůŽǁ ƉĞŽƉůĞ ǁŚŽ ǁŝƐŚ ƚŽ ĞŵŝŐƌĂƚĞ ƚŽ ƚĂŬĞ ƚŚĞŝƌ ƉĞŶƐŝŽŶ ǁŝƚŚ ƚŚĞŵ ƚŽ ƚŚĞŝƌ ŶĞǁ ĐŽƵŶƚƌLJ ŽĨ ƌĞƐŝĚĞŶĐĞ dŚŝƐ ƉƵďůŝĐĂƟŽŶ ƌĞůĞĂƐĞƐ ĮŐƵƌĞƐ ĨŽƌ ƚŚĞ ŶƵŵďĞƌ ĂŶĚ ǀĂůƵĞ ŽĨ ƚƌĂŶƐĨĞƌƐ ŵĂĚĞ ƚŽ YZKW^ ĂŶĚ ƚŚĞ ƚŽƚĂů ĂŵŽƵŶƚ ŽĨ ƚŚŽƐĞ ƚƌĂŶƐĨĞƌƐ ĞĂĐŚ LJĞĂƌ ƐŝŶĐĞ ϮϬϬϲ ƚŽ ϮϬϬϳ ĂƐ ƌĞƉŽƌƚĞĚ ƚŽ ,DZ ZĞůĞĂƐĞ ĂƚĞ ϯϭ :ƵůLJ ϮϬϮϬ EĞdžƚ ZĞůĞĂƐĞ :ƵůLJ ϮϬϮϭ &ƌĞƋƵĞŶĐLJ ŶŶƵĂů dŚĞ ŶƵŵďĞƌ ŽĨ ƚƌĂŶƐĨĞƌƐ ŝŶƚŽ YƵĂůŝĮĞĚ ZĞĐŽŐŶŝƐĞĚ KǀĞƌƐĞĂƐ WĞŶƐŝŽŶ ^ĐŚĞŵĞƐ ;YZKW^Ϳ ŚĂƐ ĨĂůůĞŶ ƚŽ ϰϰϬϬ ƚŚŝƐ LJĞĂƌ ĚŽǁŶ ĨƌŽŵ ϱϬϬϬ ŝŶ ϮϬϭϴ ƚŽ ϮϬϭϵ dŚĞƌĞ ŚĂƐ ďĞĞŶ Ă ƐƵƐƚĂŝŶĞĚ ĚŽǁŶǁĂƌĚ ƚƌĞŶĚ ƐŝŶĐĞ ƚŚĞ ƉĞĂŬ ŝŶ ϮϬϭϰ ƚŽ ϮϬϭϱ ĂŶĚ Ă ƉĂƌƟĐƵůĂƌůLJ ƐŚĂƌƉ ĨĂůů ŝŶ ϮϬϭϳ ƚŽ ϮϬϭϴ ŚĂŶŐĞƐ ǁĞƌĞ ŵĂĚĞ ƚŽ ƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ĨŽƌ YZKW^ ŝŶ ϮϬϭϳ ƚŽ ϮϬϭϴ &ƌŽŵ DĂƌĐŚ ϮϬϭϳ ŵĂŶLJ YZKW^ ƚƌĂŶƐĨĞƌƐ ďĞĐĂŵĞ ƐƵďũĞĐƚ ƚŽ Ă Ϯϱй ĐŚĂƌŐĞ dŚĞ ƚŽƚĂů ǀĂůƵĞ ŽĨ ƚƌĂŶƐĨĞƌƐ ƚŚŝƐ LJĞĂƌ ǁĂƐ άϱϱϬŵ dŚŝƐ ŝƐ ƚŚĞ ĮŌŚ ĐŽŶƐĞĐƵƟǀĞ ĂŶŶƵĂů ĚĞĐůŝŶĞ ŝŶ ƚŚĞ ǀĂůƵĞ ŽĨ ƚƌĂŶƐĨĞƌƐ ŶŽƚĂďůLJ ůŽǁĞƌ ƚŚĂŶ ƚŚĞ άϭϳϲϬŵ ƉĞĂŬ ǀĂůƵĞ ŽĨ ƚƌĂŶƐĨĞƌƐ ŝŶ ϮϬϭϰ ƚŽ ϮϬϭϱ /ƚ ŝƐ ůŝŬĞůLJ ƚŚĞ ĨĂůů ŝŶ ƚŚĞ ŶƵŵďĞƌ ĂŶĚ ǀĂůƵĞ ŽĨ ƚƌĂŶƐĨĞƌƐ ŝƐ Ă ƌĞƐƵůƚ ŽĨ ĐŚĂŶŐĞƐ ŝŶ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ƚŚĞ ŝŶƚƌŽĚƵĐƟŽŶ ŽĨ ƚŚĞ ŽǀĞƌƐĞĂƐ ƚƌĂŶƐĨĞƌƐ ĐŚĂƌŐĞ /Ŷ ϮϬϭϵ ƚŽ ϮϬϮϬ ƚŚĞ ĂǀĞƌĂŐĞ ǀĂůƵĞ ŽĨ ƚƌĂŶƐĨĞƌƐ ĚĞĐƌĞĂƐĞĚ ĨŽƌ ƚŚĞ ƐĞĐŽŶĚ ƟŵĞ ƐŝŶĐĞ ϮϬϭϭ ƚŽ ϮϬϭϮ ĞƚǁĞĞŶ ϮϬϭϰ ƚŽ ϮϬϭϱ ĂŶĚ ϮϬϭϳ ƚŽ ϮϬϭϴ ƚŚĞ ŶƵŵďĞƌ ŽĨ ƚƌĂŶƐĨĞƌƐ ĚĞĐůŝŶĞĚ ŵŽƌĞ ƐŚĂƌƉůLJ ƚŚĂŶ ƚŚĞ ǀĂůƵĞ ŽĨ ǁŝƚŚĚƌĂǁĂůƐ ƌĞƐƵůƟŶŐ ŝŶ ŝŶĐƌĞĂƐŝŶŐ ĂǀĞƌĂŐĞ ǀĂůƵĞƐ ŽǀĞƌ ƟŵĞ /Ŷ ϮϬϭϵ ƚŽ ϮϬϮϬ ƚŚĞƌĞ ǁĂƐ Ă ĨĂůů ŝŶ ƚŚĞ ŶƵŵďĞƌ ĂŶĚ ǀĂůƵĞ ŽĨ ƚƌĂŶƐĨĞƌƐ ƌĞƐƵůƟŶŐ ŝŶ Ă ĚĞĐƌĞĂƐĞ ŝŶ ĂǀĞƌĂŐĞ ƚƌĂŶƐĨĞƌ ǀĂůƵĞ 4XDOLILHG 5HFRJQLVHG 2YHUVHDV 3HQVLRQ 6FKHPHV 45236 -XO\ 2IILFLDO 6WDWLVWLFV 45236 %DFNJURXQG YZKW^ ĂůůŽǁ ŵĞŵďĞƌƐ ƚŽ ƚƌĂŶƐĨĞƌ ƚŚĞŝƌ ƉĞŶƐŝŽŶ ƐĂǀŝŶŐƐ ĨƌŽŵ Ă ƌĞŐŝƐƚĞƌĞĚ ƉĞŶƐŝŽŶ ƐĐŚĞŵĞ ƚŽ Ă ƋƵĂůŝĨLJŝŶŐ ƌĞĐŽŐŶŝƐĞĚ ŽǀĞƌƐĞĂƐ ƉĞŶƐŝŽŶ ƐĐŚĞŵĞ ;YZKW^Ϳ dŽ ďĞ Ă YZKW^ Ă ƉĞŶƐŝŽŶ ƐĐŚĞŵĞ ŵƵƐƚ ďĞ ďĂƐĞĚ ŽƵƚƐŝĚĞ ƚŚĞ h< ĂŶĚ ŵĞĞƚ ĐĞƌƚĂŝŶ ƌĞƋƵŝƌĞŵĞŶƚƐ dŚŝƐ ƉƵďůŝĐĂƟŽŶ ƌĞůĞĂƐĞƐ ĮŐƵƌĞƐ ĨŽƌ ƚŚĞ ŶƵŵďĞƌ ĂŶĚ ǀĂůƵĞ ŽĨ YZKW^ ǁŝƚŚĚƌĂǁĂůƐ ĨŽƌ ϮϬϭϵ ƚŽ ϮϬϮϬ dŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ƚŚĂƚ Ă ƐĐŚĞŵĞ ŚĂƐ ƚŽ ŵĞĞƚ ƚŽ ďĞ Ă YZKW^ ĐŚĂŶŐĞĚ ŝŶ Ɖƌŝů ϮϬϭϮ Ɖƌŝů ϮϬϭϱ ĂŶĚ Ɖƌŝů ϮϬϭϳ ĚĚŝƟŽŶĂůůLJ ĐŚĂŶŐĞƐ ǁĞƌĞ ŵĂĚĞ ŝŶ ϮϬϭϯ ƚŽ ŚŽǁ ĂŶĚ ǁŚĞƌĞ YZKW^ ŚĂĚ ƚŽ ƌĞƉŽƌƚ ŝŶĨŽƌŵĂƟŽŶ ƚŽ ,DZ &ƌŽŵ DĂƌĐŚ ϮϬϭϳ YZKW^ ďĞĐĂŵĞ ƐƵďũĞĐƚ ƚŽ Ă Ϯϱй KǀĞƌƐĞĂƐ dƌĂŶƐĨĞƌƐ ŚĂƌŐĞ ;KdͿ dŚĞ ĐŚĂƌŐĞ ĂƉƉůŝĞƐ ƚŽ Ăůů YZKW^ ǁŝƚŚ ƐŽŵĞ ĞdžĞŵƉƟŽŶƐ ƐƵĐŚ ĂƐ ŝĨ ƚŚĞ YZKW^ ŝƐ ƌĞƐŝĚĞŶƚ ŝŶ ƚŚĞ ƐĂŵĞ ĐŽƵŶƚƌLJ ĂƐ ƚŚĞ ŝŶĚŝǀŝĚƵĂů &ƵƌƚŚĞƌ ĚĞƚĂŝůƐ ŽŶ ůŝĂďŝůŝƚLJ ĂŶĚ ĞdžĞŵƉƟŽŶƐ ƚŽ ƚŚĞ Kd ĐĂŶ ďĞ ĨŽƵŶĚ ŚĞƌĞ Kd 'ƵŝĚĂŶĐĞ ^ƚĂƟƐƟĐĂů ĐŽŶƚĂĐƚƐ ůĞƐƐŝŶŐ ĂĚĂƌƵ ϬϯϬϬϬ ϱϮϮϮϰϴ ďůĞƐƐŝŶŐďĂĚĂƌƵΛŚŵƌĐŐŽǀƵŬ <ĂƟĞ <Ğƌƌ ϬϯϬϬϬ ϱϲϲϰϳϵ ŬĂƟĞŬĞƌƌΛŚŵƌĐŐŽǀƵŬ ,D ZĞǀĞŶƵĞ ĂŶĚ ƵƐƚŽŵƐ ϭϬϬ WĂƌůŝĂŵĞŶƚ ^ƚƌĞĞƚ >ŽŶĚŽŶ ^tϭ ϮY DĞĚŝĂ ĐŽŶƚĂĐƚ ,DZ WƌĞƐƐ KĸĐĞ ϬϯϬϬϬ ϱϴϱϬϮϬ &ĞĞĚďĂĐŬ tĞ ĂƌĞ ĐŚĂŶŐŝŶŐ ŚŽǁ ŽƵƌ ƌĞůĞĂƐĞƐ ůŽŽŬ ĂŶĚ ǁĞůĐŽŵĞ ĨĞĞĚďĂĐŬ ŽŶ ĂŶLJ ĂƐƉĞĐƚ ŽĨ ƚŚŝƐ ƌĞůĞĂƐĞ Ăƚ ďůĞƐƐŝŶŐďĂĚĂƌƵΛŚŵƌĐŐŽǀƵŬ ƵůůĞƟŶ ŝƐ ƌŽǁŶ ĐŽƉLJƌŝŐŚƚ /ŶĨŽƌŵĂƟŽŶ ŵĂLJ ďĞ ƵƐĞĚ ƉƌŽǀŝĚĞĚ ƚŚĂƚ ƚŚĞ ƐŽƵƌĐĞ ŝƐ ĂĐŬŶŽǁůĞĚŐĞĚ άϭϮϱŬ sZ' dZE^&Z άϱϱϬD dKd> s>h K& dZE^&Z^ ϰϰϬϬ KsZ^^ dZE^&Z^ 0 500 1,000 1,500 2,000 2,500 0 5,000 10,000 15,000 20,000 25,000 Total value of transfers (£m) Number of transfers Tax Year Number and total value of QROPS transfers Number of transfers Total value of transfers

Qualified Recognised Overseas Pension Schemes (QROPS) July ... · QROPS Background QROPS allow members to transfer their pension savings from a registered pension scheme to a qualifying

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Page 1: Qualified Recognised Overseas Pension Schemes (QROPS) July ... · QROPS Background QROPS allow members to transfer their pension savings from a registered pension scheme to a qualifying

ďŽƵƚƚŚŝƐƌĞůĞĂƐĞ ^ŝŶĐĞƉƌŝůϮϬϬϲŝŶĚŝǀŝĚƵĂůƐŚĂǀĞďĞĞŶĂďůĞƚŽƚƌĂŶƐĨĞƌƚŚĞŝƌƉĞŶƐŝŽŶƐĂǀŝŶŐƐŝŶĂƌĞŐŝƐƚĞƌĞĚƉĞŶƐŝŽŶƐĐŚĞŵĞƚŽĂƋƵĂůŝĨLJŝŶŐƌĞĐŽŐŶŝƐĞĚŽǀĞƌƐĞĂƐƉĞŶƐŝŽŶƐĐŚĞŵĞ;YZKW^ͿdŚŝƐŝƐŝŶƚĞŶĚĞĚƚŽĂůůŽǁƉĞŽƉůĞǁŚŽǁŝƐŚƚŽĞŵŝŐƌĂƚĞƚŽƚĂŬĞƚŚĞŝƌƉĞŶƐŝŽŶǁŝƚŚƚŚĞŵƚŽƚŚĞŝƌŶĞǁĐŽƵŶƚƌLJŽĨƌĞƐŝĚĞŶĐĞ dŚŝƐƉƵďůŝĐĂƟŽŶƌĞůĞĂƐĞƐĮŐƵƌĞƐĨŽƌƚŚĞŶƵŵďĞƌĂŶĚǀĂůƵĞŽĨƚƌĂŶƐĨĞƌƐŵĂĚĞƚŽYZKW^ĂŶĚƚŚĞƚŽƚĂůĂŵŽƵŶƚŽĨƚŚŽƐĞƚƌĂŶƐĨĞƌƐĞĂĐŚLJĞĂƌƐŝŶĐĞϮϬϬϲƚŽϮϬϬϳĂƐƌĞƉŽƌƚĞĚƚŽ,DZ ZĞůĞĂƐĞĂƚĞ ϯϭ:ƵůLJϮϬϮϬ EĞdžƚZĞůĞĂƐĞ :ƵůLJϮϬϮϭ &ƌĞƋƵĞŶĐLJ ŶŶƵĂů

dŚĞŶƵŵďĞƌŽĨƚƌĂŶƐĨĞƌƐŝŶƚŽYƵĂůŝĮĞĚZĞĐŽŐŶŝƐĞĚKǀĞƌƐĞĂƐWĞŶƐŝŽŶ^ĐŚĞŵĞƐ;YZKW^ͿŚĂƐĨĂůůĞŶƚŽϰϰϬϬƚŚŝƐLJĞĂƌĚŽǁŶĨƌŽŵϱϬϬϬŝŶϮϬϭϴƚŽϮϬϭϵdŚĞƌĞŚĂƐďĞĞŶĂƐƵƐƚĂŝŶĞĚĚŽǁŶǁĂƌĚƚƌĞŶĚƐŝŶĐĞƚŚĞƉĞĂŬŝŶϮϬϭϰƚŽϮϬϭϱĂŶĚĂƉĂƌƟĐƵůĂƌůLJƐŚĂƌƉĨĂůůŝŶϮϬϭϳƚŽϮϬϭϴŚĂŶŐĞƐǁĞƌĞŵĂĚĞƚŽƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌYZKW^ŝŶϮϬϭϳƚŽϮϬϭϴ&ƌŽŵDĂƌĐŚϮϬϭϳŵĂŶLJYZKW^ƚƌĂŶƐĨĞƌƐďĞĐĂŵĞƐƵďũĞĐƚƚŽĂϮϱйĐŚĂƌŐĞ

dŚĞƚŽƚĂůǀĂůƵĞŽĨƚƌĂŶƐĨĞƌƐƚŚŝƐLJĞĂƌǁĂƐάϱϱϬŵdŚŝƐŝƐƚŚĞĮŌŚĐŽŶƐĞĐƵƟǀĞĂŶŶƵĂůĚĞĐůŝŶĞŝŶƚŚĞǀĂůƵĞŽĨƚƌĂŶƐĨĞƌƐŶŽƚĂďůLJůŽǁĞƌƚŚĂŶƚŚĞάϭϳϲϬŵƉĞĂŬǀĂůƵĞŽĨƚƌĂŶƐĨĞƌƐŝŶϮϬϭϰƚŽϮϬϭϱ/ƚŝƐůŝŬĞůLJƚŚĞĨĂůůŝŶƚŚĞŶƵŵďĞƌĂŶĚǀĂůƵĞŽĨƚƌĂŶƐĨĞƌƐŝƐĂƌĞƐƵůƚŽĨĐŚĂŶŐĞƐŝŶƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƚŚĞŝŶƚƌŽĚƵĐƟŽŶŽĨƚŚĞŽǀĞƌƐĞĂƐƚƌĂŶƐĨĞƌƐĐŚĂƌŐĞ

/ŶϮϬϭϵƚŽϮϬϮϬƚŚĞĂǀĞƌĂŐĞǀĂůƵĞŽĨƚƌĂŶƐĨĞƌƐĚĞĐƌĞĂƐĞĚĨŽƌƚŚĞƐĞĐŽŶĚƟŵĞƐŝŶĐĞϮϬϭϭƚŽϮϬϭϮĞƚǁĞĞŶϮϬϭϰƚŽϮϬϭϱĂŶĚϮϬϭϳƚŽϮϬϭϴƚŚĞŶƵŵďĞƌŽĨƚƌĂŶƐĨĞƌƐĚĞĐůŝŶĞĚŵŽƌĞƐŚĂƌƉůLJƚŚĂŶƚŚĞǀĂůƵĞŽĨǁŝƚŚĚƌĂǁĂůƐƌĞƐƵůƟŶŐŝŶŝŶĐƌĞĂƐŝŶŐĂǀĞƌĂŐĞǀĂůƵĞƐŽǀĞƌƟŵĞ/ŶϮϬϭϵƚŽϮϬϮϬƚŚĞƌĞǁĂƐĂĨĂůůŝŶƚŚĞŶƵŵďĞƌĂŶĚǀĂůƵĞŽĨƚƌĂŶƐĨĞƌƐƌĞƐƵůƟŶŐŝŶĂĚĞĐƌĞĂƐĞŝŶĂǀĞƌĂŐĞƚƌĂŶƐĨĞƌǀĂůƵĞ

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