Part 2 Income Tax on Pension Transfers: Overseas Transfer Charge
Finance Act 2017 (2017 c 10) | Legislation

Part 2 Income Tax on Pension Transfers: Overseas Transfer Charge

Tax charge on transfers to qualifying recognised overseas pension schemes

11

In Part 4 of FA 2004 (pension schemes etc), after section 244 insert—

“Non-UK schemes: the overseas transfer charge

244A Overseas transfer charge

(1)     A charge to income tax, to be known as the overseas transfer charge, arises where—

(a)     a recognised transfer is made to a QROPS, or

(b)     an onward transfer is made during the relevant period for the original transfer,

and the transfer is not excluded from the charge by or under any of sections 244B to 244H.

(2)     Sections 244B to 244H are subject to section 244I (circumstances in which exclusions do not apply).

(3)     In this group of sections, an “onward transfer†is a transfer of sums or assets held for the purposes of, or representing accrued rights under, an arrangement under a QROPS or former QROPS in relation to a member so as to become held for the purposes of, or to represent rights under, an arrangement under another QROPS in relation to that person as a member of that other QROPS.

(4)     In this group of sections “relevant period†means—

(a)

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