HMRC has disqualified thousands of overseas pension schemes that could previously accept transfers from British schemes

Thousands of Britons who move abroad each year may struggle to take their pension with them without suffering a 55pc tax charge after HMRC slashed the number of overseas schemes authorised to take their money. HMRC has published an updated list of "qualifying, recognised overseas pension schemes" (QROPS) which showed a drastic reduction in the number available to savers. This is particularly true of Australian schemes which have plunged in number from 1,600 to just one. The number of Swiss schemes has fallen from 100 to one, French from 34 to four, Spanish from 16 to two, and American from 12 to two. In total, the previous list of around 3,800 schemes has been cut to around 660. Savers who transfer their pension to a non-qualifying scheme will face a 55pc tax charge, imposed by HMRC, on the money in the pot.....Read more here