Part 4U.K.Pension schemes etc

Modifications etc. (not altering text)

C7Pt. 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)

C9Pt. 4 applied (21.7.2009) by Finance Act 2009 (c. 10), Sch. 35 para. 18

C10Pt. 4 modified (19.7.2011) by Finance Act 2011 (c. 11), Sch. 18 para. 14(3)

C11Pt. 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)

C12Pt. 4 modified (17.7.2014) by Finance Act 2014 (c. 26), Sch. 6 para. 1(2)(3)

C13Pt. 4: power to amend conferred (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), s. 4(3)

C14Pt. 4 modified (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 1

C15Pt. 4 modified (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 9(2)

C16Pt. 4 modified (13.2.2025 with effect in relation to the tax year 2024-25 and subsequent tax years) by The MPs’, Senedd and Assembly Pension Schemes (Tax) Regulations 2025 (S.I. 2025/52), regs. 1(2)(3), 6

Chapter 6U.K.Schemes that are not registered pension schemes

Modifications etc. (not altering text)

[F1Non-UK schemes: the overseas transfer chargeU.K.

Textual Amendments

F1Ss. 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

244JPersons liable to chargeU.K.

(1)In the case of a recognised transfer to a QROPS, the persons liable to the overseas transfer charge are—

(a)the scheme administrator of the registered pension scheme from which the transfer is made, and

(b)the member,

and their liability is joint and several.

[F2(1A)In the case of a relieved relevant non-UK scheme transfer, the member is liable to the overseas transfer charge.]

(2)In the case of an onward transfer, the persons liable to the overseas transfer charge are—

(a)the scheme manager of the QROPS, or former QROPS, from which the transfer is made, and

(b)the member,

and their liability is joint and several.

(3)Subsections (1) and (2) are subject to subsection (4), and subsections (2) and (4) are subject to subsection (5).

(4)If a [F3recognised transfer to a QROPS or an onward transfer] is one required by section 244B or 244C to be initially assumed to be excluded by that section but an event occurring before the end of the relevant period means that the [F3recognised transfer to a QROPS or an onward transfer] is not so excluded, the persons liable to the overseas transfer charge in the case of the [F3recognised transfer to a QROPS or an onward transfer] are—

(a)the scheme manager of any QROPS, or former QROPS, under which the member has, at the time of the event, ring-fenced transfer funds in which any of the sums and assets referred to in section 244K(6) in the case of the transfer are represented, and

(b)the member,

and their liability is joint and several.

(5)The scheme manager of a former QROPS is liable to the overseas transfer charge in the case of a transfer (“the transfer concerned”) only if the former QROPS—

(a)was a QROPS when a relevant inward transfer was made, and

(b)where a relevant inward transfer was made before 9 March 2017, was a QROPS at the start of 9 March 2017;

and here “relevant inward transfer” means a recognised or onwards transfer to the former QROPS (at a time when it was a QROPS) of sums and assets which, to any extent, are represented by sums or assets transferred by the transfer concerned.

(6)A person is liable to the overseas transfer charge whether or not—

(a)that person, and

(b)any other person who is liable to the charge,

are resident or domiciled in the United Kingdom.]

Textual Amendments

F2S. 244J(1A) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 55(2), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17))

F3Words in s. 244J(4) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 55(3), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17)