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WHAT A CARVE UP

The UK government spring Budget poses fresh taxation challenges and requirements for overseas pensions holders

Chancellor Philip Hammond’s Spring Budget contained a game-changingannouncement in relation to UK pension transfers to overseas schemes. These sit alongside the proposals contained in the 2016 autumn statement on the tax treatment of overseas pension schemes.

The most radical proposal was the introduction of a transfer tax of 25% of the transfer value, where a UK pension fund is transferred to a Qrops on or after 9 March 2017, unless it meets one of a series of criteria for exemption. The charge is levied on the net transfer value, after deduction of any lifetime allowance charge (where relevant). The conditions for exemption are:

• both the member and the Qrops are resident in the same country after the transfer;

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