STM Group (AIM:STM) - sword of HMRC hangs over QROPS, but we are also wary of other issues
Our Blog of 1 Sept 2015 commented how offshore financial services businesses rarely make happy stock market investments, especially given the likelihood of attack from HMRC. This is precisely what has happened to STM’s QROPS business although this has only served to highlight other issues in the Group accounts.
The Spring Budget has introduced a 25% charge to ‘Qualified Recognised Overseas Pension Schemes or ‘QROPS’ unless both the individual and the QROPS are in the same country after the transfer or the QROPS is in one country in the European Economic Area (EEA) and the individual is resident in another EEA after the transfer.
AIM quoted STM, a large provider of QROPS, has already seen its shares tumble over 30% since the Budget and…
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