Section 244F Exclusion: receiving scheme is an overseas public service scheme

(1)

F1A transfer to a QROPS is excluded from the overseas transfer charge F2under section 244AC if—

(a)

the QROPS is an overseas public service pension scheme, and

(b)

when the transfer is made, the member is an employee of an employer that participates in the scheme.

(2)

A QROPS is an “overseas public service pension scheme” for the purposes of this section if—

(a)

either—

(i)

it is established by or under the law of the country or territory in which it is established, or

(ii)

it is approved by the government of that country or territory, and

(b)

it is established solely for the purpose of providing benefits to individuals for or in respect of services rendered to—

(i)

that country or territory, or

(ii)

any political subdivision or local authority of that country or territory.

(3)

For the purposes of this section, an employer participates in a QROPS that is an overseas public service pension scheme if the scheme has effect so as to provide benefits to or in respect of any or all of the employees of the employer in respect of their employment by the employer.

Annotations

Textual amendments

F1: Ss. 244A-244N and cross-heading inserted (with effect in accordance with Sch. 4 para. 25 of the amending Act) by Finance Act 2017 (c. 10), Sch. 4 para. 11
F2: Words in . 244F(1) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 50, 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4; and (18.11.2024 for the tax year 2024-25 and subsequent tax years) by S.I. 2024/1012, regs. 1(2)(3), 17)