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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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About International Adviser

As HM Revenue & Customs clamps down on the Qrops transfer market with a 25% tax charge, technical guru Brendan Harper gives his verdict on the latest international pension developments, The Fry Group’s top financial advisers in Singapore and Hong Kong talk about their fee-based approach and Old Mutual International’s Peter Kenny explains their new focus on high net worth clients.
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