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Digital Subscriptions > > Spring Budget slaps 25% charge on transfers to foreign schemes

Spring Budget slaps 25% charge on transfers to foreign schemes

• Fee affects Qrops outside the EEA where the scheme and pension holder do not reside in the same country

• Pension holders moving to the same country in which the Qrops is domiciled will escape the charge

The UK’s overseas pension transfer market was rattled by chancellor Philip Hammond in the spring Budget when he unveiled an unexpected 25% charge on transfers to foreign schemes.

The charge, which took effect on 9 March, relates predominately to transfers to registered and qualifying recognised overseas pension schemes (Qrops) outside the European Economic Area (EEA) and where the scheme and pension holder do not reside in the same non-EEA country.

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