Computation of a member’s relevant transfer fundU.K.
3.—[F1(1)] The amount of a member’s relevant transfer fund under a relevant non-UK scheme (that scheme being referred to here as “the RNUKS”) is the sum of—
(a)the amount crystallised F2... on the transfer from a UK registered [F3pension] scheme to the RNUKS; and
(b)so much of the member’s UK tax-relieved fund under any other relevant non-UK scheme as has been transferred to the RNUKS but has not been subject to the unauthorised payments charge; and
(c)so much of the member’s relevant transfer fund under any other relevant non-UK scheme as has been transferred to the RNUKS—
(i)without being subject to the unauthorised payments charge; F4...
F4(ii). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F5(2) For the purposes of this regulation, the “amount crystallised” on a transfer from a UK registered scheme to a relevant non-UK scheme is the aggregate of the amount of any sums transferred and the market value of any assets transferred.]
Textual Amendments
F1Reg. 3 renumbered as reg. 3(1) (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 62(3)(a), 124 (with Sch. 9 paras. 125-132)
F2Words in reg. 3(1)(a) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 62(3)(b)(i), 124 (with Sch. 9 paras. 125-132)
F3Word in reg. 3(1)(a) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 62(3)(b)(ii), 124 (with Sch. 9 paras. 125-132)
F4Reg. 3(c)(ii) and word omitted (retrospective to 6.4.2006) by virtue of The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes)(Amendment) Regulations 2006 (S.I. 2006/1960), regs. 1(2), 4
F5Reg. 3(2) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 62(3)(c), 124 (with Sch. 9 paras. 125-132)
Commencement Information
I1Reg. 3 in force at 6.4.2006, see reg. 1(1)