Guernsey Finance criticises delisting of QROPS schemes

Guernsey Finance has described changes made to QROPS pension schemes by HM Revenue and Customs (HMRC) as an "unjust attack" on the island.

HMRC delisted more than 300 Guernsey-based schemes last week after changes to conditions were introduced.

Fiona Le Poidevin, deputy chief executive of Guernsey Finance, said the island had been "singled out".

Just three QROPS (Qualifying Recognised Overseas Pension Schemes) based in the island were included on the list.

The changes to the conditions by the UK government followed concerns the schemes were being used to avoid tax.

Ms Le Poidevin said: "HMRC's amendments... were clearly focused on targeting abuses in the system, and Guernsey has always upheld itself as a model of compliance with the QROPS regulations."

She added: "It is confusing and frustrating that HMRC has now delisted almost all Guernsey schemes while most of those from other jurisdictions remain listed as QROPS."

Ms Le Poidevin estimated that the delisting of more than 300 schemes could have an impact on about 200 jobs in Guernsey.