C1C2C3C4C6C7C8C9C10C11C12C13C14C15C16Part 4Pension schemes etc

Annotations:
Modifications etc. (not altering text)
C8

Pt. 4 modified (1.7.2008) (N.I.) (with effect in accordance with reg. 1 of the amending Rule) by The Health and Social Care (Pension Scheme) Regulations (Northern Ireland) 2008 (S.R. 2008/256), regs. 1, 124(1) (with regs. 134, 258)

C10

Pt. 4 applied (21.7.2009) by Finance Act 2009 (c. 10), Sch. 35 para. 18

C11

Pt. 4 modified (19.7.2011) by Finance Act 2011 (c. 11), Sch. 18 para. 14(3)

C12

Pt. 4 applied (with modifications) (with application in accordance with Sch. 22 para. 1 of the amending Act) by Finance Act 2013 (c. 29), Sch. 22 para. 1(2)

C13

Pt. 4 modified (17.7.2014) by Finance Act 2014 (c. 26), Sch. 6 para. 1(2)(3)

C14

Pt. 4: power to amend conferred (17.12.2014) by Taxation of Pensions Act 2014 (c. 30), s. 4(3)

C15

Pt. 4 modified (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 1

C16

Pt. 4 modified (15.9.2016) by Finance Act 2016 (c. 24), Sch. 4 para. 9(2)

C5Chapter 6Schemes that are not registered pension schemes

Annotations:
Modifications etc. (not altering text)

F1Non-UK schemes: the overseas transfer charge

Annotations:
Amendments (Textual)
F1

Ss. 244A-244N and cross-heading inserted (with effect in accordance with Sch. 4 para. 25 of the amending Act) by Finance Act 2017 (c. 10), Sch. 4 para. 11

244JPersons liable to charge

1

In the case of a recognised transfer to a QROPS, the persons liable to the overseas transfer charge are—

a

the scheme administrator of the registered pension scheme from which the transfer is made, and

b

the member,

and their liability is joint and several.

2

In the case of an onward transfer, the persons liable to the overseas transfer charge are—

a

the scheme manager of the QROPS, or former QROPS, from which the transfer is made, and

b

the member,

and their liability is joint and several.

3

Subsections (1) and (2) are subject to subsection (4), and subsections (2) and (4) are subject to subsection (5).

4

If a transfer is one required by section 244B or 244C to be initially assumed to be excluded by that section but an event occurring before the end of the relevant period means that the transfer is not so excluded, the persons liable to the overseas transfer charge in the case of the transfer are—

a

the scheme manager of any QROPS, or former QROPS, under which the member has, at the time of the event, ring-fenced transfer funds in which any of the sums and assets referred to in section 244K(6) in the case of the transfer are represented, and

b

the member,

and their liability is joint and several.

5

The scheme manager of a former QROPS is liable to the overseas transfer charge in the case of a transfer (“the transfer concerned”) only if the former QROPS—

a

was a QROPS when a relevant inward transfer was made, and

b

where a relevant inward transfer was made before 9 March 2017, was a QROPS at the start of 9 March 2017;

and here “relevant inward transfer” means a recognised or onwards transfer to the former QROPS (at a time when it was a QROPS) of sums and assets which, to any extent, are represented by sums or assets transferred by the transfer concerned.

6

A person is liable to the overseas transfer charge whether or not—

a

that person, and

b

any other person who is liable to the charge,

are resident or domiciled in the United Kingdom.