QROPS helps expats limit punitive 55% tax

Most wealthy Britons risk 55% tax charge if their pension funds breach the lifetime allowance but expats can limit the punitive tax by moving to a QROPS, according to wealth advisory firm Blevins Franks. Britons living abroad that go over the current £1.055m lifetime allowance can limit the hefty HMRC charge by transferring their UK pension funds to a Qualifying Recognised Overseas Pension Scheme (QROPS), Jason Porter, director of Blevins Franks told the FTAdviser.  However, even as a QROPS can help reduce the exposure to tax penalties, there are drawbacks. "If you transfer one or ...