This website use cookies and similar technologies to improve the site and to provide customised content and advertising. By using this site, you agree to this use. To learn more, including how to change your cookie settings, please view our Cookie Policy
Xmas Legs Small Present Present
Pocketmags Digital Magazines
Pocketmags Digital Magazines


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;

Purchase options below
Find the complete article and many more in this issue of -
If you own the issue, Login to read the full article now.