Overseas Transfers

HMRC have updated their guidance on overseas transfer charge and the conditions that apply for the transfer charge to be applied or refunded.

Transfers-in to UK schemes from overseas schemes are gaining momentum. HMRC have also confirmed the positon for record keeping for overseas transfers-in:

Transfers into your scheme

You don’t need to report transfers into your scheme, but HMRC might ask you for information about the pension savings you’ve received.

The scheme manager or scheme administrator transferring the pension savings to your QROPS will tell you if the overseas transfer charge applied and how much tax was paid. They’ll also tell you if the transfer wasn’t taxable and the reason why.

Keep this information for 5 tax years after the date of the transfer in case the scheme member’s circumstances change and overseas transfer charge needs to be paid or repaid.

Source: https://www.techlink.co.uk/