Tax relief decision for post 6 April 15 (QROPS) transfers

[Andrew from Vista Financial]

UK tax relief for impacted clients

 

HMRC indicated a decision will be made in June on the UK tax treatment of transfers to Australian ROPS on or after 6 April 2015. They confirmed a consistent approach will be applied to all Australian ROPS, but further details of the approach are yet to be confirmed. In addition HMRC:

 

 

 

• confirmed it has the information needed from Australian ROPS;
  
• could not confirm the cut-off date for determining which transfers may be provided with UK tax relief, if any; and
  
• were unable to commit to an application process for UK tax relief, or if relief will be provided automatically to clients falling within certain parameters.
  

 

 

More information will follow as soon as it is available.

 

 

Regards

 

Andy

[John Browning]

Andy,

 

I know that you know (and assume that most others do, too)

 

...but any chance you could supply us with a translation of these acronyms you use so often, please? Not every time -just a one off Glossary would help

 

Also, I'm still trying to work out when you are referring to Pensions in the sense of an Income Stream Derived from Super, and when it's a State Pension, such as the Old Age Pension that you are talking about.

 

 

yours,

 

Befuddled from Wolverhampton

[Andrew from Vista Financial]

Hello John

 

Thank you for the feedback, I will certainly take it on board, unfortunately this industry is full of acronyms and when you live and breathe it you forget others do not.

 

That said this post is only really relevant to those people that were caught up in the unfortunate position that arose last year whereby their UK pension funds were transferred to an Australia (supposedly QROPS (Qualifying Recognised Overseas Pension)) scheme after 5 April 2015: http://www.pomsinadelaide.com/forum/money-finance/46577-important-uk-pension-transfers-post-6-april-15-a.html

 

Those people have been in limbo since then awaiting news as to whether HMRC would impose a tax charge of up to 55%, there are thousands of people in this position around Australia and they will certainly understand what these acronyms relate too.

 

Yes I agree that are many pensions that posts could be referring to, UK private, UK State, Australian private and Australian State that it can get confusing.

 

Regards

 

Andy

[Andrew from Vista Financial]

Disappointingly there is no news from HMRC yet, as soon as I hear of something I will post.