The QROPS offshore pensions for British expats list is getting smaller and the USA has also lost QROPS status again.
The United States has had a chequered history as a QROPS centre due to the IRS not accepting the trust-based schemes deserve special tax treatment.
HM Revenue and Customs declines to comment on the delisting of specific schemes.Removal from the list can be for several reasons, including tax avoidance, failing compliance tests, the scheme paying out or the last member leaving.
The official HMRC QROPS List reveals 13 more pensions delisted with the number now standing at 926, compared with 1,342 on April 6.On April 18, 410 QROPS were delisted when HMRC changed the qualifying tests for becoming a QROPS.
Another round of delisting is expected next month when HMRC plans to suspend the list again to check QROPS for qualifying compliance.
Since the start of the year, 11 countries have lost QROPS status, including the popular retirement destinations of Spain, Portugal and Canada.
Since April 2006, about 110,000 retirement savers have switched more than £8.8 billion from UK pensions to QROPS, according to HMRC figures.
The next HM Revenue and Customs QROPS List is scheduled for June 1, 2017.
