The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006

[F1 Computation of a member’s taxable asset transfer fund U.K.

3A.— (1) The amount of a member’s taxable asset transfer fund under a relevant non-UK scheme (“the RNUKS”) is the sum of—

(a) the amount crystallised F2 ... on the transfer from a UK registered pension scheme to the RNUKS; and

(b) so much of the member’s taxable asset transfer fund under any other relevant non-UK scheme as has been transferred to the RNUKS without being subject to the unauthorised payments charge.

(2) Accordingly, the member’s taxable asset transfer fund (“TATF”) shall form part of the member’s relevant transfer fund (“RTF”), except in a case where the member’s RTF consists solely of a UK tax-relieved fund which has been transferred to the RNUKS.

[F3 (3) For the purposes of this regulation, the “amount crystallised” on a transfer from a UK registered pension 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

F1 Reg. 3A inserted (retrospective to 6.4.2006) by The Pensions Schemes (Application of UK Provisions to Relevant Non-UK Schemes)(Amendment) Regulations 2006 (S.I. 2006/1960), regs. 1(2), 5

F2 Words in reg. 3A(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(4)(a), 124 (with Sch. 9 paras. 125-132)

F3 Reg. 3A(3) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 62(4)(b), 124 (with Sch. 9 paras. 125-132)