# Qrops



## davis_a (Jan 27, 2012)

I hear that QROPS rules are changing because some have been missold by unregulated advisers and the UK tax office might be taking action. Anyone recommend a good adviser I can speak to?


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## xabiaxica (Jun 23, 2009)

davis_a said:


> I hear that QROPS rules are changing because some have been missold by unregulated advisers and the UK tax office might be taking action. Anyone recommend a good adviser I can speak to?


hi - I've moved your question to our special 'Expat Tax' section, where hopefully someone will be able to help you


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## Elphaba (Jan 24, 2008)

davis_a said:


> I hear that QROPS rules are changing because some have been missold by unregulated advisers and the UK tax office might be taking action. Anyone recommend a good adviser I can speak to?


QROPS (Qualifying Overseas Pension Schemes) are a mis-selling scandal waiting to happen. They are not suitable for most people and it is very much a case of caveat emptor. 

There will be a change to the rules shortly in that you will need to be non-resident for a full 10 years to qualify, but so many schemes and jurisdictions have been disallowed this far and there are likely to be even more changes.

There are certainly plenty of salespeople recommending QROPS but few really understand the implications. That however, is not the reason HMRC is introducing changes, rather that they fall into a tax loophole and could lead to a loss of income for HMRC.

Tranferring wrongly into such an arrangement could lead to punitive penalties, so proper advice is required. 

I am based in the UAE, but have ex-colleagues in Alicante and Malaga if any good to you. Let me know and I'll pass on details.


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