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骋濒辞蝉蝉补谤测听PTM000001

Transfer below available overseas transfer allowance, overseas transfer charge under section 244AC
Transfer above available overseas transfer allowance, overseas transfer charge under section 244IA

Transfer below available overseas transfer allowance, overseas transfer charge under section 244AC

Althea has a UK tax-relieved fund of 拢980,000 under a relieved relevant non-UK scheme. She did not use up any of her lifetime allowance before 6 April 2024 and has not made any previous transfers to QROPS, so she has 100% of the overseas transfer allowance (拢1,073,100) available to her. She wishes to transfer 拢525,000 of her pension rights to a鈥痲ualifying recognised overseas pension scheme鈥�(QROPS).鈥疶his is not a block transfer and none of the exclusions from the overseas transfer charge apply.

As none of the exclusions apply, the transfer will be subject to an overseas transfer charge under section 244AC.

All of the sums being transferred are attributable to Althea鈥檚 UK tax-relieved fund under the scheme, so the 鈥榯ransferred value鈥� = 拢525,000

The overseas transfer charge under section 244AC = 拢525,000 @ 25% = 拢131,250

Amount received by the QROPS = 拢525,000

The member is solely liable to an overseas transfer charge that arises on a relieved relevant non-UK scheme transfer, so Althea will pay the tax due separately.

Transfer above available overseas transfer allowance, overseas transfer charge under section 244IA

Roland has a UK tax-relieved fund of 拢800,000 under a relieved relevant non-UK scheme. This scheme used to be a QROPS and Roland also has under it a relevant transfer fund of 拢530,000, which originated in a recognised transfer from a registered pension scheme made in June 2016.

Roland decides to transfer all of his funds under this scheme to a QROPS. This transfer is not a block transfer. His available overseas transfer allowance at the time of making this transfer is 拢405,000. One of the exclusions from an overseas transfer charge applies to Roland鈥檚 transfer, so it will not be subject to a charge under section 244AC, but there will be a charge under section 244IA as it exceeds his available overseas transfer allowance.

Only the UK tax-relieved fund is in scope of the overseas transfer charge, so the 鈥榯ransferred value鈥� = 拢800,000

The overseas transfer charge under section 244IA = (拢800,000 - 拢405,000) @ 25% = 拢98,750

Amount received by the QROPS = 拢800,000 + 拢530,000 = 拢1,330,000

The member is solely liable to an overseas transfer charge that arises on a relieved relevant non-UK scheme transfer, so Roland will pay the tax due separately.