[roddixon]

I'm moving back to New Zealand later this year and will look at transferring my occupational (final plan salary) and stakeholder scheme. I've spoken with the trustees and they don't envisage a problem with the transfer request.

Could someone please tell me what happens to the funds when they arrive in NZ-I understand they have to go into a financial institution that's registered as a QROPS; but then what? Is it like the UK where you buy a annuity; an income for life? Do I have to reach a certain age before I can access the funds; I'm 50 next year so under current UK legislation I can "draw" on the pension if I chose to; would the same apply in NZ or would I have to lock it away for a specified time (maybe pensionable age !!!!):wah

Also; what have other forum members experience been with this-is it worth transferring the "pot" or leave it in the UK and draw on it as an income stream.

Any help in this minefield of an area would be much appreciated.:confused:

Thanks:)

Steve

[Cardy]

Hi There
my pension advisor told me to leave mine in the uk for now as it is a better rate but i suppose it varies from scheme to scheme and i cant draw on mine for a while yet.

[MarkS]

Thorny subject this, there's quite a lot of threads if you do a search (some going into quite a lot of detail of the subtleties).

The first thing to say is that there's no hurry on doing the transfer, so don't rush into anything now. Talk to a few different companies, find out how much they're going to charge you. Some are extortionately expensive, others will be less so. There should be plenty of room to negotiate though - don't take anyone's first offer!

There is no compulsion to buy an annuity here - in fact annuities barely exist (I remember reading one article that said only one NZ company offered them, and they had less than 100 people with annuities on their books - that may be very out of date now).

Every QROPS scheme that I've looked at has it's own "lockdown" period, and won't let you withdraw any money until you hit a certain age. For most that's either 55 or 60, I did find one that allowed you access from age 50. One thing that is very important is that any withdrawals made from the QROPS must be reported (by the QROPS administrators) to HMRC (the UK taxman), and you're obliged to declare them on your UK tax return. This is because the UK government, having given you a tax break on the money going into the pension, wants some of that cash back and wants to make sure you're paying tax. Note though this requirement doesn't apply if you've been out of the UK for 5 full tax years, which means that if you can hold of from taking out any money for that time, you should be able to get it tax free.

In your situation, assuming you didn't need access to the money until you were at least 57, I'd be tempted to do the following (this assumes you leave the UK before 5th April 2008). Firstly, do nothing for the next three or four years - not much to be gained by acting now. Then, move the money to an NZ QROPS that has a lockout age no older than 55. Wait until mid-April 2014 (five full tax years after leaving). You should then be able to take the full sum out of the QROPS, tax free, and it's completely out of the UK pension system altogether. Then your only worry is investing it in income-producing assets that give enough money for you to live off eating into the capital!

Another thing that is very important in your case is that you have a final salary scheme, and these are not to be given up lightly. You need to look at what they guarantee you'll get paid in retirement, and then compare it to the transfer value they'll offer, and the amount of money you think you can take from that each year. Note that you'll have to pay tax on the payments if you keep the UK scheme, whereas hopefully the money should be tax-free in NZ, but even so it's likely to be a very close run thing. All of that depends on your exact circumstances and is very difficult to calculate, so you need some expert advice (and preferably from several different experts!) The key thing to remember is that you're giving up a certain income for a probable income - how much is that guarantee worth to you? To further complicate things, the guaranteed income is in GBP, so you've got the risk of exchange rate fluctuations working against you.

Remember, the main thing is DON'T RUSH INTO ANYTHING NOW. The UK pension laws in this area are only a year old, there's a lot of grey areas and ambiguities, and no one really knows yet how they work in practice. In a few years time things will be far better settled and you'll be able to get some good advice. Don't trust anything that just one adviser tells you, get second and third opinions!

I've got a couple of good links on this somewhere, will dig them out.

cheers
Mark

(disclaimer - I'm not a tax expert or a lawyer, this is just a subject I've done a lot of research on. In particular, I'm not 100% sure that your obligation to report transfers on your tax return is lifted after 5 years, I can't find any documentation on this. Don't make any decisions based on the above)

[MarkS]

This is a very useful link, straight from the HMRC. Scroll down to the "International" section.

http://www.hmrc.gov.uk/pensionschemes/faqs.htm

[gonzo]

This is very complex and I will watch this thread with interest as I am in a similar situation. All or none of the following may be correct and I will be grateful for any corrections/ clarifications that anybody out there can provide

I believe that the scheme you intend to transfer it into needs to be compliant as the scheme you are transferring it out of will need to ascertain that it is going into a compliant scheme. I also believe that to move to an approved scheme that you theoretically need to be employed.

In NZ you will not (unless there are exceptional circumstances) be allowed to access the money until you are 65.

You also need to be aware that there is no initial tax benefit in being in a scheme. Any profits (growth in value either income or capital I am assuming realised or unrealised) are taxed at your marginal rate but are payable out of the scheme tax free.i.e when you draw from the pot you do not pay income tax on it.

I do not believe there is any requirement to buy an annuity.

There is one further problem that I would be grateful if anybody can provide information on please !!!. If you decide to do nothing & I believe that you have 4 yrs to make up your mind, there is, if my understanding is correct a possibility that you will be liable to taxation on the unrealised gain in the scheme within the UK. I suppose you will have to ask for an annual transfer value and the IRD will tax you on the uplift.

Final salary schemes are extremely rare in NZ and the legislation in relation to them is in my opinion almost on a suck it and see basis.

The superannuation market is very much at an infant stage and I suppose will grow in importance as Kiwisaver is introduced, but for now most retirement planning seems to be through the property market as 2nd -3rd homes are exempt from CGT.

Finally there are one or two specialist firms operating in this space but ensure that you pin them down on fees as charging by financial advisors is effectively unregulated as is most of the NZ financial services industy. Caveat emptor is vey much the order of the day

[incredible hulse]

I am no expert on this but I seem to remember that there is clause in the transfer process that funds are only subject to NZ QFPA rules tax exemption (from NZ tax on your pension) for 3 years of your arrival. After this period the pension fund comes under Foriegn Investment Fund rules and any growth is then subject to NZ tax. I plan to make a call after being here for 2 years as the transfer process can take upto 9 months I believe.

[Kim39]

Take a look at the link. Just might be tempted myself.

www.pensiontransfers.co.nz (http://www.pensiontransfers.co.nz)

Kim

[MarkS]

Just a quick follow up from me (got to go get on a plane to Sydney in a couple of hours!)

I believe that the scheme you intend to transfer it into needs to be compliant as the scheme you are transferring it out of will need to ascertain that it is going into a compliant scheme.

Yes, the scheme must be a QROPS, or the HMRC will punitively tax you. An almost full list of QROPS can be found at http://www.hmrc.gov.uk/PENSIONSCHEMES/qrops-list.htm

I also believe that to move to an approved scheme that you theoretically need to be employed.

No, employment in NZ is not relevant.

In NZ you will not (unless there are exceptional circumstances) be allowed to access the money until you are 65.

Again no, it depends on the scheme. Some say 55, some say 60, many say 65, I have a brochure for one that says 50. (You can't get that brochure on line, only through an adviser, but I can post a copy if people like). Look at the list of QROPSs above, check the terms and conditions on the websites, you'll see it varies

You also need to be aware that there is no initial tax benefit in being in a scheme. Any profits (growth in value either income or capital I am assuming realised or unrealised) are taxed at your marginal rate but are payable out of the scheme tax free.i.e when you draw from the pot you do not pay income tax on it.

Yes. (But as an aside, initial tax benefits in UK pension schemes are not nearly as valuable as they seem, I've ranted plenty here about that before!)

I do not believe there is any requirement to buy an annuity.

Again, true

There is one further problem that I would be grateful if anybody can provide information on please !!!. If you decide to do nothing & I believe that you have 4 yrs to make up your mind, there is, if my understanding is correct a possibility that you will be liable to taxation on the unrealised gain in the scheme within the UK. I suppose you will have to ask for an annual transfer value and the IRD will tax you on the uplift.

Kind of. Once your four years tax exemption is up, your UK fund will possibly fall under the FIF rules. In this case, you'll be liable to pay tax on 5% of the value of the fund as it stands at the start of each tax year. Again, I've written plenty here before about how that works.

There's also a possibility that your UK fund will not be taxed. There appears to be an exemption for "qualifying foreign work related superannuation schemes" (that's not the exact technical title sorry, don't have time to look it up now). The criteria for that appear to be that the pension is arranged through a workplace and that payments into the pension are made according to a percentage of your salary at the time. Haven't fully got to the bottom of how this works yet unfortunately.

For what it's worth, I had a conversation (whilst still in the UK) about this with a woman at the helpdesk at the IRD. She assured me that my UK pension fund would not be taxable in NZ at any point, due to to QFPA rules. Not sure I fully believe her though. There's an IRD leaflet that gives more info at http://www.ird.govt.nz/resources/file/ebc73a411bfe97f/IR257.pdf

Final salary schemes are extremely rare in NZ and the legislation in relation to them is in my opinion almost on a suck it and see basis.

I should think that NZ legislation (or lack of it) for final salary schemes is irrelevant. Either you keep the money in the UK, and get paid a pension in sterling that you bring over (then it's simply income that falls under the double-taxation treaties), or you bring over a chunk of money (then it falls under the QROPS requirements).

The superannuation market is very much at an infant stage and I suppose will grow in importance as Kiwisaver is introduced, but for now most retirement planning seems to be through the property market as 2nd -3rd homes are exempt from CGT.

Can't really argue with that! The financial services industry in this country isn't yet nearly as advanced (aka overly complex!) as in the UK or US. That's bound to change, eventually.

Finally there are one or two specialist firms operating in this space but ensure that you pin them down on fees as charging by financial advisors is effectively unregulated as is most of the NZ financial services industy. Caveat emptor is vey much the order of the day

Couldn't agree more. Caveat emptor sums it up for me!

I am no expert on this but I seem to remember that there is clause in the transfer process that funds are only subject to NZ QFPA rules tax exemption (from NZ tax on your pension) for 3 years of your arrival. After this period the pension fund comes under Foriegn Investment Fund rules and any growth is then subject to NZ tax.

I really don't think that's true, it doesn't fit in with my understanding so far (which is far from complete of course!). Do you have any links referencing this, I'd be very interested to read them.

It's a valid point about taxation on the growth of the fund though, that's a big reason to leave it in the UK for as long as you can take advantage of that exemption. And when you transfer it to NZ, the growth will also be taxed at up to 33%. And on top of that, the fund manager charges in this country are extortionate!

[MarkS]

Take a look at the link. Just might be tempted myself.

www.pensiontransfers.co.nz (http://www.pensiontransfers.co.nz)

Kim

Our unique service allows you to save money tax-free in the UK through pension plans and then transfer it back to NZ without incurring the tax you would normally incur when withdrawing from the UK plan.

Their unique service? Not a chance. What they do is either within the law, in which case everyone else is doing it, or outside the law, and you don't want to go near them!

Barge pole territory for me. Financial services companies are big on grandiose claims - generally the bigger the claims, the more they charge you!

[gonzo]

Hi thanks Mark S

Information you provided was very useful, what I meant about Final salary schemes related more to the possible NZ tax treatment in that I'm not sure that the authorities realise how difficult it is to value a final salary scheme. I asked for a transfer value for mine some 8 months ago and it has only just arrived.

Point in relation to needing th have been out of the UK for 5 tax years also very useful as reading the information seems to imply that should you take any benefit from the transfer prior to that then you will be liable to UK tax.

In relation to the post on www.pensiontransfers.co.nz, I believe that they are a sister company to Brittania who also advertise a similar service. I arranged a visit from Brittania and they were of some use, they were also prepared to negotiate substantially on fees but this related to a fairly large scheme. However in my opinion there is nothing they offer that you could not arrange yourself although as per my earlier comments there are likely to be significant time lags. But you can contact the scheme trustees in the UK and get them to provide a transfer value (you need to be careful as transfer values are usually updated annually) as well as a statement of projected benefits. Most schemes or their administrarors will do this annually without charge. You can also open up the qualifying accepting scheme (that will give you more choice as the firms who operate as transfer specialists usually operate as tied agents for one provider(in the case of Brittania it was/is ING)

However fully agree that it needs plenty of consideration as transferring out of a Final Salary Scheme (the Rolls Royce of pension schemes ?) is not to be undertaken lightly. particularly if there is any possibility of a return to the UK.

Finally, couldn't agree more with the comments about Fund Management charges in NZ (particularly as I used to be one in the UK) and the level of regulation of the financial services industry as a whole is negligible. Bring on the new legislation !!

[incredible hulse]

I really don't think that's true, it doesn't fit in with my understanding so far (which is far from complete of course!). Do you have any links referencing this, I'd be very interested to read them.

[/b]!
Told to me by a financial advisor - here's a link outlining it (I think)

http://www.ird.govt.nz/technical-tax/questions/questions-general/qwba-qualifying-foreign-private-annuity.html

[MarkS]

Cheers, hulse - I'll have a read.

[Rabbit]

My current strategy is to let my pensions stay in the UK, perhaps follow the SIPP and unsecured pensions route, and of course declare the tax on that income when I decide to draw it.

I am not too worried by the FIF rules, though a SIPP might challenge them versus a Stakeholder or occupational pension.

Early days, I am still thinking about it, so no rush to make a decision.

What is clear though, in NZ there is little chance of making further provision at a satisfactory level.

UK and AUS beat NZ hands down on that front.

So, if I was younger, I would be moving on elsewhere to enable the required provision.

NZ is a case of live now, pay later, versus work now and save and live later - a difficult call.

So live here long term and adjust to the situation, or stay back at home provide well for the future and perhaps visit for a holiday?

Rabbit.

[roddixon]

Many; many thanks to all you guys for taking the time and responding as thoroughly as you have (and in great detail-MarkS:nice1)
Certainly many great links which will be of great help.
Based on what I've read-and if I'm interpretting it correctly-I'm starting to think about whacking as much of my salary as I can into the company stakeholder plan in the remaining months that I'm here (final salary scheme has just been closed down:( )-with the view that I could; ultimately by playing the timescales discussed on this link, draw the lot out in cash in NZ at some stage in the future and gain the 22% tax break top up from the UK IRD-it almost sounds to good to be true !!!!!!!!!!!!!!!!!
Or is that too simple ?????????/
Thanks again guys-incredible amount of food for thought.:cheers

Steve

[MarkS]

Ok, I've read that link from Hulse more clearly now, and as I understand it (which isn't very much!) I think the 3 year think applies to new payments into the scheme. If you'd only paid into your QFPA whilst in the UK, I don't think it would be taxable at any point. So you don't pay tax if "the consideration for the entitlement" (i.e. the payments into the scheme) "is provided to the foreign entity" (i.e. paid to the pension company) at a time when the person is not resident in New Zealand (i.e. before you get here!). But I'm on extremely shakey ground here, and am probably talking nonsense.

Steve, you'd have to be very careful in that instance that the excess money really could be "liberated" tax free in the future. Seems like a very risky basis on which to make an investment decision to me - you're leaving yourself subject to complex rules that could be changed at any time. Personally, I'd rather bank that money and use it to pay down the mortgage, invest in non-pension schemes, etc. But that's just me...

[MarkS]

I've just read the IR257 leaflet (http://www.ird.govt.nz/resources/file/ebc73a411bfe97f/IR257.pdf) again. That seems pretty clear to me:


A QFPA interest is an investment in an overseas private pension scheme
that meets all the following four criteria:
1. The investment is in an overseas superannuation scheme or life insurance
policy and entitles you to a pension either now or in the future.
2. The investment (including all contributions) was made:
– when you were not resident in New Zealand, or
– within four years of the start of the income year in which you
became a New Zealand tax resident, or
– from the proceeds of a superannuation fund that were transferred
either in anticipation of you leaving New Zealand or after you
have left.
3. There are restrictions on assigning future benefi ts (except for
matrimonial transfers).
4. There are restrictions on the investment being surrendered, charged or
borrowed against.

.....

If no pension or other income is received from the scheme, there will be no
taxable income.


That seems to say to me that pretty much any UK pension would not be taxed until you start to receive an income from it, as long as you don't pay into it uch more than three years after getting here. Very good news if true! It can't be that simple though, surely...?

[roddixon]

Many thanks again MarkS for your input:nice1
Another potential option would be to "draw" on the pension -have it paid into my UK bank account-and never declare it on my NZ tax return, what the IRD don't know about can't be taxed:clap
I could then utilise the funds on trips back to the UK.
Is this a real option or would it be discovered ?????
I must admit it's only a thought as I heavily favour transferring the pensions to NZ and trying to withdraw them in their entirety after the elapsed timescales discussed on this thread-I discussed this with my company pension provider today and he thought "it's too good an opportunity-there must be a catch" !!!!!!
I understand the legislation can change at any time however...........
Thanks again

Steve

[gonzo]

I don't think there is a catch as such, other than the income on the NZ scheme will be subject to your rate of tax (incidentally the newly announced tax rate on managed funds means you may only pay tax at 30% compared to 39% if that is your marginal rate. I know Mark s has posted on the difference between compounding taxfree and after tax not being that great, however I am told that the annual tranfser value uplift is approx 9% p.a tax free which may prove very difficult to replicate in NZ Perhaps it is a great deal! however I think you need to be sure that the pot will last. Final salary schemes are virtually impossible to get your hands on in the UK as you are aware and at the age of 50 you may need to finance another 40yrs plus of living costs. You also need to consider that $NZ/ sterling exchange rate is volatile and that the currency might be the key determinent of whether it is a good idea or not particularly if you intend to spend time out of NZ.

[MarkS]

Steve, if you're going to mess with the revenue like that then you're a braver man than me!

I know Mark s has posted on the difference between compounding taxfree and after tax not being that great

I hope I haven't said that - I was talking complete rubbish if I did (which is far from unknown of course). The difference between tax-free and taxed compounding is scarily massive. Take for example an investment that grows at 7% each year (roughly the long-term real return on the stock markets). Under the FIF rules, you'd pay about 1.7% of the fund in tax each year (33% of 5%), bringing the net growth down to 5.3%. Over 30 years, that's the difference between your investment growing by 761% overall or growing 470%! Over 40 years, you'd have only half as much money in the pot compared to what you could have had without tax.

So, my pension is staying in the UK for as long as it's growing tax free (which could be a lot more than 4 years if the QFPA stuff above is right). If it becomes taxable under the FIF rules, then I may or may not move it over, it becomes a bit more complicated there. (Chief problem is management fees here are high - that could potentially wipe out the tax saving.)

I am told that the annual tranfser value uplift is approx 9% p.a tax free which may prove very difficult to replicate in NZ

I don't understand what you mean here?

I think you need to be sure that the pot will last. Final salary schemes are virtually impossible to get your hands on in the UK as you are aware and at the age of 50 you may need to finance another 40yrs plus of living costs.

Absolutely - this is key. I'd be very surprised if it was worth transferring the final salary scheme, the guarantees you get with those are very valuable. And financing what could be a very long retirement (life expectancy for 65 year olds has increased hugely in the last 30 years, for example) from a pot of money is quite scary. Inflation is the big enemy there. People in the UK buying non-indexed linked annuities with their pension funds are potentially in for a hard time as the years roll by. So, the first problem is amassing a big enough pot by the time you get fed up of working. The next problem is managing to live off that money for potentially four decades :confused:

[gonzo]

Hi Mark s
thanks for your comments

Originally Posted by gonzo
I am told that the annual tranfser value uplift is approx 9% p.a tax free which may prove very difficult to replicate in NZ

I was repeating what the scheme administrators told me in relation to my own scheme by way of example the transfer value of the scheme in january 2002 was 188,000 sterling and this has now grown (as of april 2007) i.e. 6years as the transfer value is updated at 31st March each year to just over 300,000. I guess it depends on the movement in the RPI over the period (and any caps on each individual scheme in relation to the maximum adjustment )and reflects how much closer in time one is to those benefits being crystallised ie the scheme vests.

I think your understanding of the current NZ legislation is correct and I have also reread the IR257 document again which implies that no tax will ever be payable on the scheme until it pays benefits.

I suppose one of the key advantages of the NZ arrangement is that it is not a wasting asset and that the pot can be transferred to ones dependants. Also it allows you to be potentially very agressive in scheme asset allocation.

[incredible hulse]

Ok, I've read that link from Hulse more clearly now, and as I understand it (which isn't very much!) I think the 3 year think applies to new payments into the scheme. If you'd only paid into your QFPA whilst in the UK, I don't think it would be taxable at any point. So you don't pay tax if "the consideration for the entitlement" (i.e. the payments into the scheme) "is provided to the foreign entity" (i.e. paid to the pension company) at a time when the person is not resident in New Zealand (i.e. before you get here!). But I'm on extremely shakey ground here, and am probably talking nonsense.


Spoke to a Financial advisor on this again and he confirmed that the FIF rules kick in on UK pension after being NZ tax resident for 3 years (I am unsure how the 4 yr exemption affects this as this does not apply to me) - this is on growth of fund and not only new contributions. He maybe incorrect but seemed 100% certain on it and also stated it was a little known fact and quite well hidden. Happy to share the contact by PM if anyone wants further info.

[roddixon]

Many thanks MarkS and gonzo for your detailed replies...........:nice1
I was only jesting about trying to outwit the NZ IRD:D
However it does raise a question...........
From MarkS from previous post.......

"Absolutely - this is key. I'd be very surprised if it was worth transferring the final salary scheme, the guarantees you get with those are very valuable. And financing what could be a very long retirement (life expectancy for 65 year olds has increased hugely in the last 30 years, for example) from a pot of money is quite scary. Inflation is the big enemy there. People in the UK buying non-indexed linked annuities with their pension funds are potentially in for a hard time as the years roll by. So, the first problem is amassing a big enough pot by the time you get fed up of working. The next problem is managing to live off that money for potentially four decades"

So..............
My understanding is that NZ has no "tax free allowance"-so eventually I could "draw" on the pension and have it paid into a UK bank account-BUT every penny will be subject to tax whilst I'm resident in NZ (hence the quip about not declaring such income on my tax return)

To my mind-I intend to return to NZ permanently as soon as my house sells (another subject :wah ) so if my pension starts to pay out an income-because I'm back living in NZ-I'm taxed on every penny; yet if I'm able to transfer the "pot";and after following the timescales highlighted on this post- I can access the full value of the "pot" tax free-sure I'm giving up an income for life-yet I'd like to think I'm financially astute enough too realise this and make the "pot" work for me-

I suppose there is no "right or wrong answer" with this-just depends on your attitude to risk or indeed inclination.................

Great replies again:yes -much food for thought

Steve

[MarkS]

Ok, well Trigirl and I have just spent the last hour or so actually reading the legislation (not much fun), and we've come to a few conclusions. As always, these may be fatally flawed, so don't act on anything here!

The main source for all of this is the Income Tax Act 2004 (http://legislation.govt.nz/libraries/contents/om_isapi.dll?clientID=3673966948&infobase=pal_statutes.nfo&record={420D4}&hitsperheading=on&softpage=DOC) on the legislation.govt.nz site, specifically sections EX36 and EX37.

Firstly, I'm not sure that the QFPA regime even exists any more. That's all documented in the Income Tax Act 1994, which was repealed and fully replaced by the 2004 act (section YA1). The 2004 act doesn't mention QFPAs at all (except to compare a new section with the QFPA section in the 1994 act). That would mean that the IR257 leaflet on the IRD site no longer applies. However, that's dated September 2006, which is very confusing. I'm going to send a message to the IRD asking them about the validity of this leaflet.

So, sections EX36 and EX37 seem to be the current laws on what's taxable and not taxable. I'm really not qualified to explain these to anyone (given I don't understand them fully myself!), but I think it's probably good news for most people here. I'd encourage anyone interested to take a read and see what they can make of it.

I also can't reconcile what Hulse's adviser is telling him with what I've just read. I'd be looking for a second opinion there, or at least having him produce some authoritative source to back up what he claims.

Hope that helps anyway, this whole subject is rendered far more complex by there being out-of-date information on the web. If I can clarify with the IRD the status of the QFPA stuff I'll be feeling a bit happier.

One thing all this has definitely proven to me - I'll be paying to talk to a tax lawyer (and certainly not just a "financial adviser") before long to try to sort some of this out.

[incredible hulse]

Unfortunately it was a second opinion (well third actually but that was from a total shark of an FA in Surrey who I wouldn't trust..). The first thing that led me to check this was this article http://www.ird.govt.nz/technical-tax/questions/questions-general/qwba-qualifying-foreign-private-annuity.html

I do not profess to be an expert in this by any means but the following line had me wary :

'New residents with interests in foreign pension plans simply have 3 years before they must return FIF income.'

As you say the tax lawyer could be the best to call

[roddixon]

Thanks for the great links MarkS and incredible hulse-guess what I'll be reading over the bank holiday week-end.............
I'll continue to dig into this subject and see what I can find out from this side (UK) whilst I'm still here-
I second the idea that we need to consult a tax lawyer-and propose that we also pour a stiff drink !!!!!!!!!!!!!!!!!:D

The answers and thoughts from you guys has been invaluable..........:cheers

Steve

[MarkS]

Hi Hulse,

I know what you're saying, but that link is from 2001 so is a bit dated now. There being no mention of QFPAs at all in the 2004 act is pretty significant I think. I'm going to try to get in touch with the IRD this week and try to confirm if the QFPA regime is still in place or not.

Steve - I hope you've got something else more interesting to do with your bank holiday as well!