Schedules

Schedule 9Pensions

Part 3Non-UK schemes

51Amendments of Part 4 of FA 2004

1

Section 244G (exclusions: avoidance of double charge, and transitional protections) is amended as follows.

2

In subsection (2), in the words before paragraph (a), after “overseas transfer charge” insert “under section 244AC”.

3

In subsection (3), after “overseas transfer charge” insert “under section 244AC”.

4

After subsection (4) insert—

5

An onward transfer is excluded from the overseas transfer charge under section 244AC where—

a

the overseas transfer charge under section 244IA(1) arose in relation to the original transfer, and

b

none of the member’s overseas transfer allowance was available on the making of the original transfer.