Amendments of Part 4 of FA 2004U.K.
51(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.”