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

244CExclusion: F2receiving scheme in EEA state F7or Gibraltar, and member resident in UK or EEA state

1

This section applies to a transfer to a QROPS established in an EEA state F8or Gibraltar.

2

If the transfer is a recognised transfer F9or a relieved relevant non-UK scheme transfer, the transfer is excluded from the overseas transfer charge F10under section 244AC if during the relevant period—

a

the member is resident in F6a relevant territory (whether or not the F4same relevant territory throughout that period), and

b

there is no onward transfer—

i

for which the recognised transfer F11or relieved relevant non-UK scheme transfer is the original transfer, and

ii

which is not excluded from the charge.

3

If the member is resident in F6a relevant territory at the time of the recognised transfer F12or relieved relevant non-UK scheme transfer mentioned in subsection (2), it is to be assumed for the purposes of this section that the member will be resident in F6a relevant 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 (2) 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.

4

If the transfer is an onward transfer (“transfer B”), the transfer is excluded from the overseas transfer charge F13under section 244AC if during so much of the relevant period as is after the time of the onward transfer—

a

the member is resident in F6a relevant territory (whether or not the F5same relevant territory at all those times), 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 B, and

ii

is not excluded from the charge.

5

If the member is resident in F6a relevant territory at the time of transfer B, it is to be assumed for the purposes of subsection (4) that the member will be resident in F6a relevant territory during so much of the relevant period as is after the time of transfer B; but if, at a time before the end of the relevant period, the transfer ceases to be excluded by subsection (4) 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 B is treated as charged at that time.

F36

In this section “relevant territory” means the United Kingdom or an EEA state.