Hogan Lovells

Key Dates

Draft regulations issued for consultation on 3 November 2017.

Consultation closed on 15 December 2017.

The draft Pension Schemes (Application of UK Provisions to Relevant Non-UK Schemes) (Amendment) Regulations 2018 expected in force in 2018, with provisions relating to the overseas transfer charge to have retrospective effect from 9 March 2017.


Summary

HMRC is consulting on amendments to the Pension Schemes (Application of UK Provisions to Relevant Non-UK Schemes) 2006/207, following changes made by the Finance Act 2017 (see below). Amendments made by the draft regulations include setting out how a member's "ring-fenced transfer fund" is to be calculated when assessing liability for the new overseas transfer charge.

Background: Finance Act 2017

The Finance Act 2017 made various amendments to the Finance Act 2004 and the Income Tax (Earnings and Pensions) Act 2003, including for:



Date Accessed: 03/12/2021