OpenLegislation

Regulation 14ZCA Further information provided by scheme administrators on recognised transfers to overseas schemesF1F2

United Kingdom

(1)

This regulation applies if there is a recognised transfer from a registered pension scheme to a qualifying recognised overseas pensions scheme.

(2)

The scheme administrator of the registered pension scheme must provide the scheme manager of the qualifying recognised overseas pension scheme with a statement—

(a)

stating whether or not F3an overseas transfer charge arose on the transfer, and

(F4b)

in a case where an overseas transfer charge arose in the case of the transfer, stating—

(i)

the transferred value of the transfer,

(ii)

whether the charge arose under section 244AC or 244IA, and

(iii)

the amount of the charge, and

(c)

in a case where the transfer is excluded from the overseas transfer charge under section 244AC by or under any of sections 244B to 244H, the section under which it is so excluded.

(3)

The requirement under paragraph (2) is to be complied with before the end of the 31 days beginning with the date of the transfer.

(4)

Paragraph (5) applies if overseas transfer charge on the transfer is repaid to the scheme administrator of the registered pension scheme.

(5)

The scheme administrator of the registered pension scheme must provide the scheme manager of the qualifying recognised overseas pension scheme with—

(a)

a copy of the statement under paragraph (2),

(b)

a statement that the original statement is inaccurate and that the overseas transfer charge on the transfer has been repaid to the scheme administrator, and

(c)

the reason why the transfer is excluded from the charge.

(6)

The requirement under paragraph (5) is to be complied with before the end of the 31 days beginning with the date of the repayment.

Annotations

Textual amendments

F1

Regs. 14ZA-14ZE inserted (6.4.2015) by Taxation of Pensions Act 2014 (c. 30), Sch. 1 paras. 87, 91(a) (with Sch. 1 para. 91(b))

F2

Reg. 14ZCA inserted (with effect in accordance with Sch. 4 para. 25 of the amending Act) by Finance Act 2017 (c. 10), Sch. 4 para. 24(7) (with Sch. 4 para. 24(8))

F3

Words in reg. 14ZCA(2)(a) substituted (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 118(a), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)

F4

Reg. 14ZCA(2)(b)(c) substituted for reg. 14ZCA(2)(b) (for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 9 paras. 118(b), 124 (with Sch. 9 paras. 125-132A) (as amended by S.I. 2024/356, regs. 1, 4)