Pensions in Gibraltar
Hassans has a specialist pensions law advice function which boasts a team of lawyers with an unrivalled background in and knowledge of the UK and Gibraltar tax system.
The team, together with Hassans’ associated company management firm, Line Group Limited and its pension trusts arm, Quantum Trust Corporation Limited, is able to provide professional advice and regulatory guidance on the best possible options for clients, on a case by case basis, in relation to:
- the establishment of pensions schemes including QROPS (Qualifying Recognised Overseas Pension Scheme)
- advising on schemes already in place
Following new regulations introduced in 2012, Gibraltar has become an HMRC approved QROPS jurisdiction, Due to its highly regulated and sophisticated financial services sector, Gibraltar is expected to quickly become a major jurisdiction of choice.
Hassans has established its own QROPS scheme called IBIS which affords the following benefits:
- pension income received from a Gibraltar QROPS is taxable at 2.5%.
- there is no taxation of lump sums in Gibraltar.
- it is not subject to UK inheritance tax.
- multiple pensions can be consolidated into one QROPS.
- offers flexibility in terms of the range of investments.