C1C2C3C4C6C7C8C9C10C11C12C13C14C15C16Part 4Pension schemes etc

Annotations:
Modifications etc. (not altering text)
C8

Pt. 4 modified (1.7.2008) (N.I.) (with effect in accordance with reg. 1 of the amending Rule) by The Health and Social Care (Pension Scheme) Regulations (Northern Ireland) 2008 (S.R. 2008/256), regs. 1, 124(1) (with regs. 134, 258)

C10

Pt. 4 applied (21.7.2009) by Finance Act 2009 (c. 10), Sch. 35 para. 18

C11

Pt. 4 modified (19.7.2011) by Finance Act 2011 (c. 11), Sch. 18 para. 14(3)

C12

Pt. 4 applied (with modifications) (with application in accordance with Sch. 22 para. 1 of the amending Act) by Finance Act 2013 (c. 29), Sch. 22 para. 1(2)

C13

Pt. 4 modified (17.7.2014) by Finance Act 2014 (c. 26), Sch. 6 para. 1(2)(3)

C14

Pt. 4: power to amend conferred (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), s. 4(3)

C15

Pt. 4 modified (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 1

C16

Pt. 4 modified (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 9(2)

C5Chapter 6Schemes that are not registered pension schemes

Annotations:
Modifications etc. (not altering text)

F1Non-UK schemes: the overseas transfer charge

Annotations:
Amendments (Textual)
F1

Ss. 244A-244N 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. 11

244BExclusion: member and receiving scheme in same country

1

A recognised transfer to a QROPS F2or a relieved relevant non-UK scheme transfer is excluded from the overseas transfer charge F3under section 244AC if during the relevant period—

a

the member is resident in the country or territory in which the QROPS F4to which the transfer is made is established, and

b

there is no onward transfer—

i

for which the recognised transfer is the original transfer F5or relieved relevant non-UK scheme transfer, and

ii

which is not excluded from the charge.

2

If the member is resident in that country or territory at the time of the transfer mentioned in subsection (1), it is to be assumed for the purposes of subsection (1) that the member will be resident in that country or territory during the relevant period; but if, at a time before the end of the relevant period, the transfer ceases to be excluded by subsection (1) otherwise than by reason of the member's death—

a

that assumption is from that time no longer to be made, and

b

the charge on the transfer is treated as charged at that time.

3

An onward transfer to a QROPS (“transfer A”) is excluded from the overseas transfer charge F6under section 244AC if during so much of the relevant period as is after the time of transfer A—

a

the member is resident in the country or territory in which the QROPS is established, and

b

there is no subsequent onward transfer that—

i

is of sums and assets which, in whole or part, directly or indirectly derive from those transferred by transfer A, and

ii

is not excluded from the charge.

4

If the member is resident in that country or territory at the time of transfer A, it is to be assumed for the purposes of subsection (3) that the member will be resident in that country or territory during so much of the relevant period as is after the time of transfer A; but if, at a time before the end of the relevant period, the transfer ceases to be excluded by subsection (3) otherwise than by reason of the member's death—

a

that assumption is from that time no longer to be made, and

b

the charge on transfer A is treated as charged at that time.