[244K Meaning of “transferred value”]
Finance Act 2004 (2004 c 12) | Legislation

[244K  Meaning of “transferred value”]

[[(1A)     The transferred value, in relation to a transfer within section 244AC(2), is to be determined in accordance with this section.]

(2)     If the transfer is from a registered pension scheme established in the United Kingdom, the transferred value is the total of—

(a)     the amount of any sums transferred, and

(b)     the value of any assets transferred,

but this is subject to subsections [(6)] to (9).

(3)     If the transfer is from a registered pension scheme established in a country or territory outside the United Kingdom, the transferred value is the total of—

(a)     the amount of any sums transferred that are attributable to UK-relieved funds of the scheme, and

(b)     the value of any assets transferred that are attributable to UK-relieved funds of the scheme,

but this is subject to subsections [(6)] to (9).

[(3A)     If the transfer is a transfer from a relieved relevant non-UK scheme, the transferred value is the total of—

(a)     the amount of any sums transferred that are attributable to the member's UK tax-relieved fund

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