24th January 2012 - Latest QROPS News

Key Guernsey QROPS providers are considering legal action against Brooklands Pensions following erroneous comments made in an article published today in Money Marketing and contained in a “circular” sent to introducers.

GAPP has since confirmed that Guernsey is NOT considering a deregistration of its existing QROPS schemes.

Even if they were, HMRC have already confirmed that Members of existing Guernsey schemes would not be disadvantaged and therefore no parallel can be drawn with previously “deregistered” schemes such as Panthera and Beazley.

Roger Berry, Chairman of the GAPP QROPS sub-committee commented:

“We are unsure where Brooklands are sourcing their information but it clearly not from the approved industry body in Guernsey, as it is incorrect.

To attempt to discredit a jurisdiction from an ill-informed perspective is clearly dangerous, as it only serves to confuse the market place.

A working party consisting of key Guernsey QROPS providers, local Income Tax Office representatives, and legislators, has worked hard over the Christmas and New Year period to provide a constructive response to the HMRC consultation on its proposals, and to ensure on-going compliance with the QROPS regime post 6th April 2012.”