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Hogan Lovells

Transfers to overseas schemes – new rules

25 August 2017

The March 2017 Budget detailed several measures in relation to overseas pension schemes. These reforms, contained in the Finance Act 2017, aim to permit tax free transfers where people have a genuine reason to move their pension abroad, whilst cracking down on illegitimate uses of overseas funds and the potential for pension scams.

A new charge – the overseas transfer charge – has been introduced on transfers to qualifying recognised overseas pension schemes (QROPS) from 9 March 2017, unless the transfer is excluded from the charge. In addition, a scheme which was a QROPS will have stopped being one on 14 April 2017 if it failed to submit a revised undertaking to HMRC. 

To read the full briefing, click here.

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