Part 3 Non-UK Schemes
Finance Act 2024 (2024 c 3) | Legislation

Part 3 Non-UK Schemes

Amendments of Part 4 of FA 2004

43

Part 4 of FA 2004 (pension schemes etc) is amended as follows.

44

In section 244 (non-UK schemes: application of certain charges), after “under this Part†insert “, and under Part 9 of ITEPA 2003 (pension income),â€.

45

For section 244A (overseas transfer charge) substitute—

“244AA Overseas transfer charge: introduction

A charge to income tax, to be known as the overseas transfer charge, arises under the following sections—

(a)     section 244AC (overseas transfer charge: transfers where no exclusion applies);

(b)     section 244IA (overseas transfer charge: transfers exceeding available allowance).

244AB Overseas transfer charge: interpretation

(1)     In this section and in sections 244AC to 244N—

“former QROPS†means a scheme that has at any time been a QROPS;

“onward transfer†means (subject to subsection (3)) a transfer of sums or assets held for the purposes of, or representing accrued rights under, an arrangement under a QROPS or a former QROPS in relation to a member so as to become held for the purposes of, or to represent rights under, an arrangement under another QROPS in relation to that person as a member of that other

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