| [Sch 33] |
After 5 April 2006 Schedule 33 provides relief from UK income
tax on contributions made to an
overseas pension scheme where an individual has
come to the UK as an existing member of that scheme if certain
conditions are met. This is referred to as migrant member relief.
It replaces "corresponding relief".
Individuals can receive relief on contributions made by them
or on their behalf, and on contributions made in respect of them by
their employer, as if the contributions to the overseas pension
scheme were made to a UK
registered pension scheme (see
RPSM13101020). Schedule 33 also
provides that employers may claim a deduction for contributions
made to an overseas pension scheme in respect of employees who are
eligible for migrant member relief (see
RPSM13101030).
Under Schedule 34 the
lifetime allowance and
annual allowance provisions will apply in respect
of contributions to overseas pension schemes that have received
migrant member relief. Member payment charges can also apply to
certain payments from overseas schemes to UK tax resident, and
recently tax resident, individuals out of funds relating to
contributions that have received migrant member relief. This is in
line with the treatment of such payments from a UK registered
pension scheme. Those provisions are explained at
RPSM13102000 onwards.
| Glossary ( RPSM20000000) |
