Chwilio Deddfwriaeth

Finance Act 2024

 Help about what version

Pa Fersiwn

 Help about advanced features

Nodweddion Uwch

Changes over time for: Paragraph 45

 Help about opening options

Alternative versions:

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 2024, Paragraph 45. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

Amendments of Part 4 of FA 2004U.K.

45For section 244A (overseas transfer charge) substitute—

244AAOverseas transfer charge: introduction

A charge to income tax, to be known as the overseas transfer charge, arises under the following sections—

(a)section 244AC (overseas transfer charge: transfers where no exclusion applies);

(b)section 244IA (overseas transfer charge: transfers exceeding available allowance).

244ABOverseas transfer charge: interpretation

(1)In this section and in sections 244AC to 244N—

  • former QROPS” means a scheme that has at any time been a QROPS;

  • onward transfer” means (subject to subsection (3)) a transfer of sums or assets held for the purposes of, or representing accrued rights under, an arrangement under a QROPS or a former QROPS in relation to a member so as to become held for the purposes of, or to represent rights under, an arrangement under another QROPS in relation to that person as a member of that other QROPS;

  • original transfer”, in relation to an onward transfer, means (subject to subsection (3))—

    (a)

    the recognised transfer or relieved relevant non-UK scheme transfer in respect of which the following conditions are met—

    (i)

    it is from a registered pension scheme or a relieved relevant non-UK scheme to a QROPS,

    (ii)

    the sums and assets transferred by the onward transfer directly or indirectly derive from those transferred by it, and

    (iii)

    it is more recent than any other recognised transfer or relieved relevant non-UK scheme transfer in respect of which the conditions in sub-paragraphs (i) and (ii) are met, or

    (b)

    where there is no such recognised transfer or relieved relevant non-UK scheme transfer, the relevant transfer (see paragraph 1(6) of Schedule 34) in respect of which the following conditions are met—

    (i)

    it is from a relevant non-UK scheme (see paragraph 1(5) of Schedule 34),

    (ii)

    it is a transfer of the whole or part of the UK tax-relieved fund (see paragraph 3 of Schedule 34) of a member of the scheme,

    (iii)

    it is to a QROPS, and

    (iv)

    the sums and assets transferred by the onward transfer directly or indirectly derive from those transferred by it;

  • QROPS” means a qualifying recognised overseas pension scheme;

  • recognised transfer” has the meaning given by section 169;

  • the relevant period” means—

    (a)

    in the case of a recognised transfer or a relieved relevant non-UK scheme transfer made on 6 April in any year, the five years beginning with the date of that transfer,

    (b)

    in the case of any other recognised transfer or relieved relevant non-UK scheme transfer, the period consisting of the combination of—

    (i)

    the period beginning with the date of the transfer and ending immediately before the next 6 April, and

    (ii)

    the five years beginning at the end of that initial period,

    (c)

    in the case of an onward transfer, the period—

    (i)

    beginning with the date of the transfer, and

    (ii)

    ending at the end of the relevant period for the original transfer (see paragraphs (a) and (b) or, as the case may be, paragraphs (d) and (e)),

    (d)

    in the case of a relevant transfer that—

    (i)

    is made on 6 April in any year, and

    (ii)

    is the original transfer for an onward transfer,

    the five years beginning with the date of the relevant transfer, and

    (e)

    in the case of a relevant transfer that—

    (i)

    is made otherwise than on 6 April in any year, and

    (ii)

    is the original transfer for an onward transfer,

    the period consisting of the combination of: the period beginning with the date of the relevant transfer and ending immediately before the next 6 April; and the five years beginning at the end of that initial period;

  • relieved relevant non-UK scheme” means a pension scheme that is a relevant non-UK scheme within the meaning of sub-paragraph (5) of paragraph 1 of Schedule 34 in respect of which at least one of paragraphs (a) to (c) of that sub-paragraph applies;

  • relieved relevant non-UK scheme transfer” means a transfer, other than a block transfer, of sums or assets held for the purposes of, or representing accrued rights under, an arrangement under a relieved relevant non-UK scheme in relation to a relieved member of the scheme so as to become held for the purposes of, or to represent rights under, an arrangement under a QROPS in relation to that person as a member of that QROPS;

  • ring-fenced transfer fund”, in relation to a QROPS or former QROPS, has the meaning given by paragraph 1 of Schedule 34.

(2)For the purposes of the definition of “relieved relevant non-UK scheme transfer”—

(a)a transfer is “a block transfer” in relation to a member of a pension scheme if it involves the transfer, in a single transaction, of all the sums and assets held for the purposes of, or representing accrued rights under, the arrangements under the scheme which relate to the member and at least one other member of the scheme;

(b)an individual is “a relieved member” of a relieved relevant non-UK scheme if—

(i)any of the contributions in respect of which relief has been given as mentioned in paragraph (a) or (b) of the definition of “relevant non-UK scheme” in paragraph 1(5) of Schedule 34 were contributions paid by or on behalf of, or in respect of, the individual, or

(ii)the individual is the member, or one of the members, who has been exempt from liability to tax as mentioned in paragraph (c) of that definition.

(3)Where, apart from this subsection, there would be different original transfers for different parts of an onward transfer, each such part of the onward transfer is to be treated as a separate onward transfer for the purposes of this section and sections 244AC to 244N.

244ACOverseas transfer charge: transfers where no exclusion applies

(1)The overseas transfer charge arises where—

(a)a transfer within subsection (2) is made to a QROPS, and

(b)the transfer is not excluded from the charge by or under any of sections 244B to 244H.

(2)A transfer to a QROPS is within this subsection if it is—

(a)a recognised transfer,

(b)a relieved relevant non-UK scheme transfer, or

(c)an onward transfer that is made during the relevant period for the original transfer.

(3)Sections 244B to 244H are subject to section 244I (circumstances in which exclusions do not apply).

Yn ôl i’r brig

Options/Cymorth

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open The Whole Schedule

The Whole Schedule you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Schedule as a PDF

The Whole Schedule you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open y Ddeddf Gyfan

Y Ddeddf Gyfan you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

Y Rhestrau you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Mae deddfwriaeth ar gael mewn fersiynau gwahanol:

Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.

Gwreiddiol (Fel y’i Deddfwyd neu y’i Gwnaed): Mae'r wreiddiol fersiwn y ddeddfwriaeth fel ag yr oedd pan gafodd ei deddfu neu eu gwneud. Ni wnaed unrhyw newidiadau i’r testun.

Close

Gweler y wybodaeth ychwanegol ochr yn ochr â’r cynnwys

Rhychwant ddaearyddol: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Dangos Llinell Amser Newidiadau: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Dewisiadau Agor

Dewisiadau gwahanol i agor deddfwriaeth er mwyn gweld rhagor o gynnwys ar y sgrin ar yr un pryd

Close

Rhagor o Adnoddau

Gallwch wneud defnydd o ddogfennau atodol hanfodol a gwybodaeth ar gyfer yr eitem ddeddfwriaeth o’r tab hwn. Yn ddibynnol ar yr eitem ddeddfwriaeth sydd i’w gweld, gallai hyn gynnwys:

  • y PDF print gwreiddiol y fel deddfwyd fersiwn a ddefnyddiwyd am y copi print
  • rhestr o newidiadau a wnaed gan a/neu yn effeithio ar yr eitem hon o ddeddfwriaeth
  • manylion rhoi grym a newid cyffredinol
  • pob fformat o’r holl ddogfennau cysylltiedig
  • slipiau cywiro
  • dolenni i ddeddfwriaeth gysylltiedig ac adnoddau gwybodaeth eraill
Close

Llinell Amser Newidiadau

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

Rhagor o Adnoddau

Defnyddiwch y ddewislen hon i agor dogfennau hanfodol sy’n cyd-fynd â’r ddeddfwriaeth a gwybodaeth am yr eitem hon o ddeddfwriaeth. Gan ddibynnu ar yr eitem o ddeddfwriaeth sy’n cael ei gweld gall hyn gynnwys:

  • y PDF print gwreiddiol y fel deddfwyd fersiwn a ddefnyddiwyd am y copi print
  • slipiau cywiro

liciwch ‘Gweld Mwy’ neu ddewis ‘Rhagor o Adnoddau’ am wybodaeth ychwanegol gan gynnwys

  • rhestr o newidiadau a wnaed gan a/neu yn effeithio ar yr eitem hon o ddeddfwriaeth
  • manylion rhoi grym a newid cyffredinol
  • pob fformat o’r holl ddogfennau cysylltiedig
  • dolenni i ddeddfwriaeth gysylltiedig ac adnoddau gwybodaeth eraill