Schedules
Schedule 9Pensions
Part 3Non-UK schemes
57Amendments of Part 4 of FA 2004
1
Section 244K (amount of charge) is amended as follows.
2
For the heading substitute “Meaning of “transferred value””
.
3
For subsection (1) substitute—
1A
The transferred value, in relation to a transfer within section 244AC(2), is to be determined in accordance with this section.
4
In subsection (2), in the words after paragraph (b), for “(5)” substitute “(6)”
.
5
In subsection (3), in the words after paragraph (b), for “(5)” substitute “(6)”
.
6
After subsection (3) insert—
3A
If the transfer is a transfer from a relieved relevant non-UK scheme, the transferred value is the total of—
a
the amount of any sums transferred that are attributable to the member’s UK tax-relieved fund (see paragraph 3 of Schedule 34), and
b
the value of any assets transferred that are attributable to that fund,
but this is subject to subsections (6) to (9).
7
In subsection (4), in the words after paragraph (b), for “(5)” substitute “(6)”
.
8
Omit subsections (5) and (10).