Consultation outcome

Draft legislation: the Pension Schemes (Application of UK Provisions to Relevant Non-UK Schemes) (Amendment) Regulations 2018

From:
HM Revenue & Customs
Published
3 November 2017
This consultation has concluded

Detail of outcome

This consultation contributed to The Pension Schemes (Application of UK Provisions to Relevant Non-UK Schemes) (Amendment) Regulations 2018.

Original consultation

Summary

This technical consultation seeks comments on how changes to payment rules for relevant non-UK schemes (RNUKS) will affect member's funds.

This consultation ran from
to

Consultation description

Following legislation introduced in Schedules 3 and 4 to the Finance Act 2017 the government is consulting on changes to the overseas pension scheme rules. The changes are to determine how funds benefiting from UK tax relief are calculated and how the amount subject to UK tax charges is reduced.

These changes are necessary following introduction of the:

  • overseas transfer charge from 9 March 2017
  • revised member payment provisions from 6 April 2017

The draft regulations are about:

  • calculation of the new ‘ring-fenced transfer fund’
  • calculation of the new ‘ring-fenced taxable asset transfer fund’
  • rules determining the order in which the reductions are made

A draft explanatory memorandum is also provided.

Documents

The Pension Schemes (Application of UK Provisions to Relevant Non-UK Schemes) (Amendment) Regulations 2018

PDF, 477 KB, 11 pages

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Explanatory memorandum to Pension Schemes (relevant non-UK schemes)(amendment) Regulations 2018

PDF, 151 KB, 5 pages

Published 3 November 2017

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