It is possible to transfer UK pension funds to the Isle of Man, quite legitimately under the QROPS system under certain conditions. To view our information about QROPS please click [here]

Alternatively to see the information about QROPS rules from the HMRC WEBSITE [here]

For the tax treatment of QROPS please click [here]

For QROPS reporting requirements please click [here]

Notifying HMRC by administrators click [here]

Making payments to members click [here]

The schemes authorised as QROPS schemes can be seen on HMRC website. This includes the MW Self Invested Personal Pension Scheme. To see the list click [here]

HMRC are starting to take increasing interest in abuse of QROPS and ‘pension busting’ activities. One example of HMRC taking a stand and firing a warning shot, can me seen by clicking [here]

ISLE OF MAN TAXATION ISSUES

FROM 6TH April 2008 the law governing the taxation of pension schemes is changing.

To see the detail click [here]

And to see the draft regulations underpinning the legislation click [here]

To see how the Isle of Man Treasury will deal with transitional issues until the middle of the year click [here]

To see how the Isle of Man deals with Tax Residency click [here] and [here]

To see the Double Taxation Agreement with the UK click [here]

To see details of the Island’s Tax Strategy to 2012 click [here]

To see details of the Island’s Double Taxation and other Agreements click [here]

ANTI MONEY LAUNDERING ON THE ISLE OF MAN

Any QROPS transfers for UK expatriates or non Isle of Man residents will fall under Isle of Man Anti Money Laundering legislation. The Isle of Man Government take their responsibilities in this area extremely seriously and they follow the codes of practice rigorously.

To see the Handbook outlining these Codes of Practice click [here]

To see the details of what constitutes an ‘Eligible Introducer click [here]

The UK Treasury has issued Guidelines as to the Equivalence Status of different Countries as regards Anti Money Laundering status. To see these click [here]

In any event, we will be enforcing these rules strictly and no QROPS Transfers can take place unless the Codes of Practice are being followed.

If you have any queries please discuss them with us