Simon Whitehead and Sarah Tulip (Joseph Hage Aaronson) consider the
implications, and legality, of the new 25% tax on transfers to pensions outside the UK.
What are the rules on transferring pensions overseas?
If you have a pension in the UK which you wish to transfer overseas (for example because you have retired to sunnier climes) the current rules provide that you may do so on condition that you transfer your pension to a qualifying recognised overseas pension scheme (QROPS). Regulation 3 of the Pension Schemes Regulations SI 2006/206 sets out the requirements that a pension scheme must satisfy in order to be recognised as a QROPS. The Finance Act 2004 Part 4 provides that a transfer of a pension from the UK to a QROPS is not subject to UK tax (up to the lifetime allowance)....
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Simon Whitehead and Sarah Tulip (Joseph Hage Aaronson) consider the
implications, and legality, of the new 25% tax on transfers to pensions outside the UK.
What are the rules on transferring pensions overseas?
If you have a pension in the UK which you wish to transfer overseas (for example because you have retired to sunnier climes) the current rules provide that you may do so on condition that you transfer your pension to a qualifying recognised overseas pension scheme (QROPS). Regulation 3 of the Pension Schemes Regulations SI 2006/206 sets out the requirements that a pension scheme must satisfy in order to be recognised as a QROPS. The Finance Act 2004 Part 4 provides that a transfer of a pension from the UK to a QROPS is not subject to UK tax (up to the lifetime allowance)....
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
