{
  "url": "https://openlegislation.uk/finance-act-2004/section-244K",
  "json_url": "https://openlegislation.uk/finance-act-2004/section-244K.json",
  "legislation": "ukpga/2004/12",
  "legislation_title": "Finance Act 2004",
  "legislation_url": "https://openlegislation.uk/finance-act-2004",
  "path": "section/244K",
  "kind": "section",
  "number": "244K",
  "heading": "Meaning of “transferred value”",
  "text": "(1A) The transferred value, in relation to a transfer within section 244AC(2), is to be determined in accordance with this section.\n(2) If the transfer is from a registered pension scheme established in the United Kingdom, the transferred value is the total of—\n(a) the amount of any sums transferred, and\n(b) the value of any assets transferred,\nbut this is subject to subsections (6) to (9).\n(3) If the transfer is from a registered pension scheme established in a country or territory outside the United Kingdom, the transferred value is the total of—\n(a) the amount of any sums transferred that are attributable to UK-relieved funds of the scheme, and\n(b) the value of any assets transferred that are attributable to UK-relieved funds of the scheme,\nbut this is subject to subsections (6) to (9).\n(3A) If the transfer is a transfer from a relieved relevant non-UK scheme, the transferred value is the total of—\n(a) the amount of any sums transferred that are attributable to the member’s UK tax-relieved fund (see paragraph 3 of Schedule 34), and\n(b) the value of any assets transferred that are attributable to that fund,\nbut this is subject to subsections (6) to (9).\n(4) If the transfer is from a QROPS or former QROPS, the transferred value is the total of—\n(a) the amount of any sums transferred that are attributable to the member's ring-fenced transfer funds under the scheme, and\n(b) the value of any assets transferred that are attributable to the member's ring-fenced transfer funds under the scheme,\nbut this is subject to subsections (6) to (9).\n(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(6) If the transfer is one initially assumed to be excluded by section 244B ... but an event occurring before the end of the relevant period means that the transfer is not so excluded, the sums and assets mentioned in whichever of subsections (2) to (4) is applicable include only those that at the time of the event are represented in any of the member's ring-fenced transfer funds under any QROPS or former QROPS.\n(7) If the operator pays a charge under section 244AC or 244IA on the transfer and does so—\n(a) otherwise than by deduction from the transfer, and\n(b) out of sums and assets held for the purposes of, or representing accrued rights under, the scheme from which the transfer is made,\nthe transferred value is the amount specified in subsection (7A).\n(7A) The amount mentioned in subsection (7) is the aggregate of—\n(a) the chargeable portion,\n(b) the gross-up amount, and\n(c) the non-chargeable portion (if any).\n(7B) In subsection (7A)—\n“the chargeable portion” is—\n(a)in a case where the amount of the overseas transfer charge in relation to the transfer is to be determined under paragraph (a) of section 244JA(1), an amount equal to so much of the transferred value of the original transfer mentioned in that paragraph as did not exceed the amount of the member’s overseas transfer allowance that was available on the making of the original transfer;\n(b)in a case where the amount of the overseas transfer charge in relation to the transfer is to be determined under paragraph (b) of section 244JA(1), the amount given by subsections (2) to (6);\n(c)in a case where the amount of the overseas transfer charge in relation to the transfer is to be determined under section 244JA(2), so much of the amount given by subsections (2) to (6) as exceeds the amount of the member’s overseas transfer allowance that is available on the making of the transfer;\n“the gross-up amount” is an amount equal to one third of the chargeable portion;\n“the non-chargeable portion” is—\n(a)the amount given by subsections (2) to (6), less\n(b)the chargeable portion.\n(8) If the operator pays a charge under section 244AC or 244IA on the transfer and does so by deduction from the transfer, the transferred value is the amount given by subsections (2) to (6) before the deduction.\n(9) If the member pays a charge under section 244AC or 244IA on the transfer, the transferred value is the amount given by subsections (2) to (6) without any deduction for the charge.\n(10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(11) In this section—\n“the operator” means—\n(a)the scheme administrator of the scheme from which the transfer is to be made if that scheme is a registered pension scheme, or\n(b)the scheme manager of the scheme from which the transfer is to be made if that scheme is a QROPS or former QROPS;\n“UK-relieved funds”, in relation to a registered pension scheme established in a country or territory outside the United Kingdom, has the meaning given by section 242B.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "S. 244K(1A) substituted for s. 244K(1) (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 57(3), 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)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Word in s. 244K(2) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 57(4), 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)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Word in s. 244K(3) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 57(5), 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)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "S. 244K(3A) inserted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 57(6), 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)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Word in s. 244K(4) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 57(7), 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)"
    },
    {
      "type": "F",
      "label": "F7",
      "text": "S. 244K(5) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 57(8), 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)"
    },
    {
      "type": "F",
      "label": "F8",
      "text": "Words in s. 244K(6) omitted (with effect in accordance with s. 32(6) of the amending Act) by virtue of Finance Act 2025 (c. 8), s. 32(3)(b)(6) (with s. 32(7)(8))"
    },
    {
      "type": "F",
      "label": "F9",
      "text": "Words in s. 244K(7) substituted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024 (S.I. 2024/356), regs. 1, 3(4)(a)"
    },
    {
      "type": "F",
      "label": "F10",
      "text": "Words in s. 244K(7) substituted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024 (S.I. 2024/356), regs. 1, 3(4)(b)"
    },
    {
      "type": "F",
      "label": "F11",
      "text": "S. 244K(7A)(7B) inserted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024 (S.I. 2024/356), regs. 1, 3(5)"
    },
    {
      "type": "F",
      "label": "F12",
      "text": "Words in s. 244K(8) substituted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024 (S.I. 2024/356), regs. 1, 3(6)"
    },
    {
      "type": "F",
      "label": "F13",
      "text": "Words in s. 244K(9) substituted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024 (S.I. 2024/356), regs. 1, 3(7)"
    },
    {
      "type": "F",
      "label": "F14",
      "text": "S. 244K(10) omitted (for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2024 (c. 3), Sch. 9 paras. 57(8), 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)"
    },
    {
      "type": "F",
      "label": "F15",
      "text": "S. 244K heading substituted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 57(2), 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)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2004/12/section/244K",
    "retrieved_at": "2026-10-29T09:17:16.113356+00:00",
    "licence": "OGL-UK-3.0",
    "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
    "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
  }
}