{
  "url": "https://openlegislation.uk/relevant-overseas-schemes-transfer-of-sums-and-assets-regulations-2018/note",
  "json_url": "https://openlegislation.uk/relevant-overseas-schemes-transfer-of-sums-and-assets-regulations-2018/note.json",
  "legislation": "uksi/2018/372",
  "legislation_title": "The Relevant Overseas Schemes (Transfer of Sums and Assets) Regulations 2018",
  "legislation_url": "https://openlegislation.uk/relevant-overseas-schemes-transfer-of-sums-and-assets-regulations-2018",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations make provision in relation to the transfer of sums and assets by relevant overseas schemes under Part 4 of the Finance Act 2004 (c. 12).\nRegulation 1 provides for the citation and commencement of the Regulations, and regulation 2 for the interpretation of certain terms used in them.\nRegulation 3 makes provision in relation to a relevant overseas transfer in respect of a scheme pension or drawdown pension to which a member of a relevant overseas scheme has become entitled (“the original pension”). After a transfer of sums or assets in respect of the original scheme pension from a relevant overseas scheme to another relevant overseas scheme or a registered pension scheme, where another scheme pension (“the new pension”) is provided the new pension is to be treated as the original scheme for the purposes prescribed in the table.\nWhere a transfer of sums or assets that represent a member’s flexi-access drawdown fund or member’s drawdown fund is made from a relevant overseas scheme to another relevant overseas scheme or a registered pension scheme, the new pension is to be treated as the original scheme for the purposes prescribed in the table. .\nRegulation 4 prescribes transfers within regulation 3 for the purposes of paragraph 2(4) of Schedule 28 to the Finance Act 2004 (c. 12) (scheme pension: satisfying conditions) to avoid an unauthorised payments charge on the transfer.\nA Tax Information and Impact Note covering this instrument was published on 8 March 2017 (Qualifying recognised overseas pension schemes charge on transfers) alongside draft Schedule 4 to Finance Bill 2017 and is available on the website gov.uk website https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins. It remains an accurate summary of the impacts that apply to this instrument.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2018/372/note",
    "retrieved_at": "2026-10-28T23:00:05.405663+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "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."
}