Explanatory note

These Regulations make provision in relation to the repayment of the overseas transfer charge on subsequent excluding events under section 244M of the Finance Act 2004 (c. 12) in respect of transfers to a qualifying recognised overseas pension scheme (“QROPS”).

Regulation 1 provides for citation and commencement.

Regulation 2 provides for interpretation.

Regulation 3 specifies the conditions for making a claim for repayment and the particulars required to be included when making a claim.

Regulation 4 specifies the procedure for processing the claim on the basis of the information provided. It also specifies that a repayment reference number must be issued where the charge is repayable as well as the obligations on the claimant in these circumstances.

Regulation 5 makes provision for an appeal to a decision to refuse the claim.

Regulation 6 specifies to whom the repayment must be made, including when circumstances have changed since the charge was paid. It also provides for the treatment of the repayment of the charge.

A Tax Information and Impact Note covering the overseas transfer charge was published on 8 March 2017 and is available on the website at https://www.gov.uk/government/publications/qualifying-recognised-overseas-pension-schemes-charge-on-transfers/qualifying-recognised-overseas-pension-schemes-charge-on-transfers. It remains an accurate summary of the impacts that apply to this instrument.