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Overseas Transfer Charge

At Spring Budget 2017 the government announced that from 9 March 2017 a new 25% overseas transfer charge applies to some overseas pension transfers that were previously tax free.

From 9 March 2017 the overseas transfer charge will affect:

•  members of pension schemes requesting an overseas transfer
•  UK pension scheme administrators making overseas transfers
•  overseas scheme managers making and receiving transfers

HMRC will deem existing QROPS to continue to meet the ‘qualifying’ requirement to be a QROPS until 13 April 2017. If, by the 13 April 2017, HMRC has not received the new undertaking the overseas scheme will automatically cease to be a QROPS.

From 14 April 2017 HMRC will suspend the ROPS notifications list and publish an updated list on 18 April 2017.

Further information is available here:
 
https://www.gov.uk/government/publications/qualifying-recognised-overseas-pension-schemes-charge-on-transfers

At Spring Budget 2017 the government announced that from 9 March 2017 a new 25% overseas transfer charge applies to some overseas pension transfers that were previously tax free.

 

From 9 March 2017 the overseas transfer charge will affect:

 

  • members of pension schemes requesting an overseas transfer

  • UK pension scheme administrators making overseas transfers

  • overseas scheme managers making and receiving transfers

     

    HMRC will deem existing QROPS to continue to meet the ‘qualifying’ requirement to be a QROPS until 13 April 2017. If, by the 13 April 2017, HMRC has not received the new undertaking the overseas scheme will automatically cease to be a QROPS.

     

    From 14 April 2017 HMRC will suspend the ROPS notifications list and publish an updated list on 18 April 2017.

     

Further information is available here:

 

https://www.gov.uk/government/publications/qualifying-recognised-overseas-pension-schemes-charge-on-transfers

At Spring Budget 2017 the government announced that from 9 March 2017 a new 25% overseas transfer charge applies to some overseas pension transfers that were previously tax free.

 

From 9 March 2017 the overseas transfer charge will affect:

 

  • members of pension schemes requesting an overseas transfer

  • UK pension scheme administrators making overseas transfers

  • overseas scheme managers making and receiving transfers

     

    HMRC will deem existing QROPS to continue to meet the ‘qualifying’ requirement to be a QROPS until 13 April 2017. If, by the 13 April 2017, HMRC has not received the new undertaking the overseas scheme will automatically cease to be a QROPS.

     

    From 14 April 2017 HMRC will suspend the ROPS notifications list and publish an updated list on 18 April 2017.

     

Further information is available here:

 

https://www.gov.uk/government/publications/qualifying-recognised-overseas-pension-schemes-charge-on-transfers

Link to Scottish Government Website