³ÉÈËÓ°Òô

Overseas pension schemes ― taxable events


Produced by a Tolley Personal Tax expert
Personal Tax
Guidance
tag-icon Autumn Budget 2024

Overseas pension schemes ― taxable events


Produced by a Tolley Personal Tax expert
Personal Tax
Guidance
tag-icon Autumn Budget 2024
imgtext

This guidance note provides support for those needing to report taxable events in relation to overseas pension schemes that are not registered in the UK. It provides an overview only, with reference to further research materials. You may need to take specialist advice.

The tax treatment of income from foreign pensions is discussed in the Foreign pension income guidance note.

HMRC guidance on reporting pension savings tax charges, including those arising on overseas pensions, can be found in HMRC Helpsheet HS345. See also PTM113200.

Significant changes have been made to the UK taxation of overseas pensions, broadening the application of UK tax to overseas pensions. Most of the changes in this legislation apply from 6 April 2017, but some provisions (for example, the overseas transfer charge below) date from 9 March 2017. See also Simon’s Taxes E7.248–E7.248B.

The abolition of the lifetime allowance charge from 6 April 2023 created circumstances under which transfers from registered pension schemes to a qualifying recognised overseas pension scheme (QROPS) would be entirely tax-free. To remedy this, an 'overseas

Access this article and thousands of others like it
free for 7 days with a trial of Tolley+™ Guidance.

TAKE A FREE TRIAL
Powered by
  • 03 Nov 2024 14:20

Home/ Tolley Tax Guidance/ Personal Tax / Additional information supplementary pages

Popular Articles

Owner-Managed Businesses

Wholly and exclusively

Wholly and exclusivelyFor both income tax and corporation tax purposes, one of the fundamental conditions that must be satisfied for an item of expenditure to be deductible, is that it must incurred ‘wholly and exclusively’ for the purposes of the trade, profession or vocation. References to CTA

14 Jul 2020 14:00 | Produced by Tolley Read more Read more

Exemption ― insurance ― overview

Exemption ― insurance ― overviewThis guidance note provides an overview of the VAT treatment of insurance products and should be read in conjunction with the Insurance ― specific transactions and Exemption ― insurance ― brokers and agents guidance notes.Is insurance exempt from VAT?Supplies of

Read more Read more
Owner-Managed Businesses

Interest on late paid tax

Interest on late paid taxIntroductionInterest on late paid tax is a compulsory charge set out in legislation to reflect the interest which would have accrued to the Exchequer had the correct amount of tax been paid at the right time.Harmonised legislation was introduced in 2009 to:•set statutory

14 Jul 2020 12:00 | Produced by Tolley in association with Philip Rutherford Read more Read more