Roger Berry, managing director of Concept Group, which instigated Qrops. (0373464)

THE managing director of a licensed fiduciary firm has called for qualified recognised overseas pension schemes to be better regulated in Guernsey.
Roger Berry, of Concept Guernsey, thinks there should be a mandatory code of practice for Qrops providers.
Tax rules allow funds to be transferred from a UK pension plan to a Qrops and there are no UK tax charges on benefits from such a scheme paid more than five complete tax years after the member stops being resident in the UK.
However, HM Revenue and Customs is understood to be investigating Qrops in all jurisdictions and has shut down operations in Singapore due to abuse.
Financial advisers have raised concerns that some offshore Qrops providers are allowing the protective systems and controls provided by the UK regulatory system to be bypassed.
‘While we believe our and other local schemes are staying within the “spirit” of HMRC’s legislation, we would be very surprised if Guernsey was not part of its probing into Qrops because the island is now a major player.’