# The Relevant Overseas Schemes (Transfer of Sums and Assets) Regulations 2018, Note: Explanatory note


(This note is not part of the Regulations)
These 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).
Regulation 1 provides for the citation and commencement of the Regulations, and regulation 2 for the interpretation of certain terms used in them.
Regulation 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.
Where 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. .
Regulation 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.
A 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.

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Source: https://www.legislation.gov.uk/uksi/2018/372/note (the official version)
Page: https://openlegislation.uk/relevant-overseas-schemes-transfer-of-sums-and-assets-regulations-2018/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.