Automatic Exchange of Information, the New EUSD V.2
Over the last decade we have seen a significant shift in the thinking of tax authorities within a cash strapped Europe. People will need to come to terms with the impact of an ever increasing loss of financial secrecy for their affairs no matter where they locate them.
Draft QROPS Regulations
On Friday 24 May, HM Revenue & Customs (HMRC) released the Draft Registered Pension Schemes and Overseas Pension Schemes (Miscellaneous Amendments) Regulations 2013.
The draft regulations provide some much sought after clarity for the requirements and obligations of "former" QROPS.
French Taxation of Offshore Trusts and Reporting Obligations - Chapter 1
Concept are currently in the process of contacting all of their French resident scheme members with an interest held within a personal pension trust, such as the range of Aurora International Pension Plans, including the "former" Aurora QROPS.
French Taxation of Offshore Trusts and Reporting Obligations - Chapter 2
Since the release of this blog, the advice that Concept has taken has confirmed that reporting is necessary and as such the policy going forth is to report. This will be the case for all members of our personal pension trust based schemes – this does not include contract products.
Advisers and clients are currently being contacted to advise of this policy.
French Taxation of Offshore Trusts and Reporting Obligations - Chapter 3
Concept has concluded its initial actions on the member's of its pension trusts and the impacts created by the French Taxation of Offshore Trusts.
Pension Liberation is becoming more of an issue in the UK than has previously been the case, with a number of apparent “loopholes” being exploited to make pension payments outside of what is permitted under UK law.
Concept believes that such scams should be exposed, and outline some of the implications here.
UK Annual Allowance and Lifetime Allowance
It was announced in the recent UK Budget proposals that the UK annual allowance (the maximum annual pension contribution that is eligible for tax relief) is set to reduce from £50,000 to £40,000 in 2014-15. This is yet a further reduction in the personal allowances, having been reduced significantly from £255,000 as recently as 2010-11. It is anticipated that this will be reduced even further in future years.
In addition to the reduction of the annual allowance, a further cut to the lifetime allowance (LTA) was also announced. The UK LTA is set to reduce from £1.5 million to £1.25 million from 2014-15.