When the Chancellor delivered his autumn budget statement last year, it was confirmed that Qualifying Recognised Overseas Pension Schemes (QROPS) would be treated the same as pensions would be dealt with in future under the pending UK “pension freedom” rules. However, overseas pension schemes holding UK tax-relieved savings outside the European Union are now, in fact, prevented from offering “pension freedom” to members after 6th April. This U-turn has meant that owners of a QROPS sited in popular jurisdictions such as Guernsey, the Isle of Man and New Zealand have found themselves in a ‘ring-fenced’ situation and these QROPS must continue to provide an “income for life” on 70% of the subject pension fund.
In this edition of the Private Fund Management Market Insight we cover the following issues:
• The UK enters deflation - the first time s - page 1.
• Economic & Market Overview - page 2.
• The UK election and its consequences - page 3.
• Investment - looking for income - page 3.
• Our InvestClever Portfolio Stats - page 4.
If there is any aspect within this month's Market Insight that you would like further information on, or you would like to have any of our previous issues of Market Insight, please feel free to contact us.
Recently HM Revenue & Customs (HMRC) sent a ‘legal request letter’ (dated 17th April) to all global providers of Qualifying Recognised Qualifying Overseas Pension Scheme (QROPS). In the letter HMRC asked that a QROPS provider must satisfy itself that it meets the Recognised Overseas Pension Scheme (ROPS) rules. Specifically it asks three questions:
GBP surges after Tory win! Did you take advantage of the sharp rises in the market on the back of the landmark election result?
With sterling continuing its strength its not too late to talk to us about how you get more for your money!
In December 2012 the Met Office delivered their report to the DWP on the average winter temperatures of every country within the EEA. It took us a whole year to get sight of a copy of that document, having to use Freedom of Information requests, and it makes for some interesting reading.
In this edition of our Financial Market Insight we cover the following important economic issues:
UK Election and Stock market uncertainty, The FTSE 100 record high, Economic & Market Overview, The UK Inflation record low, Most common investment errors and Our InvestClever Portfolio Stats.
From April 6th this year (2015), individuals who do not spend sufficient time in the UK, or have insufficient ties with the UK to be resident there for tax purposes, but who nonetheless own a home in the UK, may now need to pay capital gains tax (CGT) on any gains arising on the eventual sale of the property.
Plenty of news to read currently – some not so good - the loss of life following the German airline going down is extremely distressing; then you have the press going mad over the likes of Jeremy ‘Top Gear’ Clarkson being sacked and even Zayne leaving One Direction – not so interesting or important on the scale of things.
What many of my peers have been commenting on recently is all around the subject of Pensions and the Pensions reforms coming into the UK from 6th April.