SCHEDULES

C2C1SCHEDULE 32Registered pension schemes: benefit crystallisation events—supplementary

Annotations:
Modifications etc. (not altering text)

F1Avoiding double counting of refunded amounts of overseas transfer charge

Annotations:
Amendments (Textual)
F1

Sch. 32 para. 2A and cross-heading inserted (with effect in accordance with Sch. 4 para. 25 of the amending Act) by Finance Act 2017 (c. 10), Sch. 4 para. 18

2A

1

This paragraph applies where an amount of overseas transfer charge is repaid (whether or not under section 244M) to the scheme administrator of one of the relevant pension schemes.

2

The amount crystallised by the first benefit crystallisation event that occurs in respect of the individual and a benefited scheme after receipt of the repayment is to be reduced (but not below nil) by the amount of the repayment.

3

If the amount of the repayment exceeds the reduction under sub-paragraph (2), the excess is to be set sequentially until exhausted against the amounts crystallised by subsequent benefit crystallisation events occurring in respect of the individual and a benefited scheme.

4

In sub-paragraphs (2) and (3) “benefited scheme” means—

a

the scheme to which the repayment is made, and

b

any other pension scheme if as a result of a recognised transfer, or a chain of two or more recognised transfers, sums or assets representing the repayment are held for the purposes of, or represent rights under, that other scheme.