Policy paper

Draft legislation (accessible version)

Published 30 October 2024

漏 Crown copyright 2024

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1 Overseas transfer charge: pension schemes in EEA state or Gibraltar

  1. (1) In Part 4 of FA 2004 (pensions) omit section 244C (exclusion from overseas transfer charge where receiving scheme in EEA state or Gibraltar, and member resident in UK or EEA state).
  2. (2) Subsections (3) to (5) contain amendments consequential on the repeal made by subsection (1).
  3. (3) In Part 4 of FA 2004 바카라 사이트�
    1. (a) in section 244J (persons liable to charge), in subsection (4) omit 바카라 사이트渙r 244C바카라 사이트�;
    2. (b) in section 244K (meaning of 바카라 사이트渢ransferred value바카라 사이트�), in subsection (6) omit 바카라 사이트渙r 244C바카라 사이트�.
  4. (4) In the Pension Schemes (Information Requirements for Qualifying Overseas Pension Schemes, Qualifying Recognised Overseas Pension Schemes and Corresponding Relief) Regulations 2006 (S.I. 2006/208) 바카라 사이트�
    1. (a) in regulation 3 (information to be provided to QROPS) in paragraph (2C) 바카라 사이트�
      1. (i) for 바카라 사이트渘either바카라 사이트� substitute 바카라 사이트渘ot바카라 사이트�;
      2. (ii) omit paragraph (b) and the 바카라 사이트渘or바카라 사이트� before it;
    2. (b) in regulation 3AF (information provided by member to QROPS: inward and outward transfers), in paragraph (1)(b)(ii) omit 바카라 사이트渙r 244C바카라 사이트�;
    3. (c) in regulation 3AG (provision of information about liability for overseas transfer charge), in paragraph (2)(d) omit 바카라 사이트渙r 244C바카라 사이트�;
    4. (d) in regulation 3AH (accounting for overseas transfer charge where change of circumstances), in paragraph (1)(a)(ii) omit 바카라 사이트渙r 244C(3)바카라 사이트�.
  5. (5) In the Registered Pension Schemes (Provision of Information) Regulations 2006 (S.I. 2006/567) 바카라 사이트�
    1. (a) in regulation 11BB (information provided by members to scheme administrators), in paragraph (1)(b)(ii) omit 바카라 사이트渙r 244C바카라 사이트�;
    2. (b) in regulation 12A (information provided by scheme administrators to members), in paragraph (2)(d) omit 바카라 사이트渙r 244C바카라 사이트�.

  6. (6) Subject to subsections (7) and (8), the amendments made by this section have effect in relation to transfers made on or after 30 October 2024.

  7. (7) The amendments do not have effect in relation to a transfer that is made 바카라 사이트�
    1. (a) in execution of a request made before 30 October 2024, and
    2. (b) before 30 April 2025.
  8. (8) Where 바카라 사이트�
    1. (a) the repeal made by subsection (1) does not have effect in relation to a transfer, but
    2. (b) the tax consequences of that transfer depend on the tax consequences of a later transfer in relation to which the repeal does have effect,
  9. the tax consequences of the earlier transfer are to be determined as if the repeal did not have effect in relation to the later transfer.
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