It’s been a while coming but it’s finally here, and it’s probably been worth the wait.
Government have published a Bill which makes amendments to the Income Tax Act 2010 to accommodate pensions imported into Gibraltar, usually referred to as QROPS – Qualifying Recognised Overseas Pension Schemes.
In drafting, the objective has been to satisfy tax authorities in other jurisdictions, most notably UK HMRC, who recently delisted 300 of Guernsey’s 303 QROPS, and is hinting at their dim view of UK expatriates moving pensions out of UK to domiciles they are not living in, but provide a tax advantage.
Of course it seems that within the EU, that moving of pensions would be considered acceptable to HMRC – another window of opportunity for Gibraltar?
Read the Government’s press release!