[244AB Overseas transfer charge: interpretation]
Finance Act 2004 (2004 c 12) | Legislation

[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 QROPS;

“original transfer”, in relation to an onward transfer, means (subject to subsection (3))—

(a)     the recognised transfer or relieved relevant non-UK scheme transfer in respect of which the following conditions are met—

(i)     it is from a registered pension scheme or a relieved relevant non-UK scheme to a QROPS,

(ii)     the sums and assets transferred by the onward transfer directly or indirectly derive from those transferred by it, and

(iii)     it is more recent than any other recognised transfer or relieved relevant non-UK scheme transfer in respect of which the conditions in sub-paragraphs (i) and (ii) are met, or

(b)     where there is no

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