Singapore Sling May Sink Pensions
Summary
The Revenue is cracking down on flexible expat pension scheme allowances introduced just two years ago. Those moving their pensions to Singapore to avoid inheritance tax and buying annuities could face a 55 per cent tax bill from the British government - and it could spread to other expat destinations.
Offshore pensions, known as Qualifying Recognised Overseas Pension Schemes (QROPS), have generated much interest from Britons planning a new life abroad since they were introduced in April 2006.See the full content of this document
Extract
Singapore Sling May Sink Pensions
Offshore financial advisers have promoted the schemes as a way round British retirees being forced to take a lump sum payment and an annuity by the age of 75, while still retaining tax relief granted on contributions made in the UK.
The number of transfers to popular destinations has grown steadi...See the full content of this document