Thursday, 09 March 2017 09:20
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: