Faced with growing numbers of “pension liberators” duping people into transferring their pensions into fake “QROPS”, HMRC has been given new powers to crack down on the fraudsters in the March 2014 Budget.
Fiscal year 2014/15 will see a drop in the pension tax-free lifetime allowance limit from £1.5m to £1.25m. Wealthy expats are already rushing to investigate QROPS as a result. Is this extra tax squeeze justified, or a pointless and fruitless exercise?
Important information about QROPS legislation with particular relevance to New Zealand