As it is possible for an Isle of Man resident to have UK pension income paid gross and taxed only in the IOM, the potential of transferring pension funds to an IOM pension scheme is often overlooked. However, an Isle of Man tax approved pension scheme can offer a variety of advantages, such as the ability to take greater tax-free lump sums in certain circumstances. Residents who are already paying the tax cap on their personal income (currently £120,000) can also draw their pension benefits without further tax liability.
Isle of Man Pension schemes can be registered with HMRC as Qualifying Recognised Overseas Pension Schemes (QROPS). The pension schemes we offer are fully QROPS compliant and can be tailored to meet the needs of each client. For substantial pension funds a ‘self-administered’ scheme, written under trust, allows clients to maintain control of their capital, select their own investments and ultimately preserve their wealth for future generations, all in a very cost efficient manner.
See Isle of Man SIPPS.
We are happy to meet with potential clients and professional advisors, without cost or obligation. Contact us to investigate whether Fedelta pension planning could help you.