| [Sch 34 and the Pension Schemes (Application of UK Provisions to Relevant Non UK-Schemes) Regulations 2006 (SI 2006/207)]-] |
Schedule 34 provides for certain charging provisions in Part 4
of the Finance Act 2004 to apply in certain circumstances to
members of non-UK pension schemes that are not
registered pension schemes.
This is necessary because there are circumstances in which
an overseas pension scheme that is not a registered pension scheme
will contain funds that have benefited from UK tax relief. For
example, where a migrant individual comes to the UK as a member of
an overseas pension scheme, any subsequent contributions to their
overseas scheme may benefit from UK tax relief just like
contributions to a registered pension scheme. Also, funds in an
overseas pension scheme which have built up in a registered pension
scheme before being transferred to the overseas pension scheme may
equally have benefited from UK tax relief.
The schedule applies three main types of charge to members
of non-UK schemes. These are the various charges referred to as the
member payment charges and the taxable property unauthorised
payment charge (see
RPSM13102100), the
annual allowance charge (see
RPSM13102300) and the
lifetime allowance charge (
RPSM13102500).
However, for members of non-UK pension schemes, these
charges are targeted only at payments that relate to the part of
the member's overseas pension fund that has benefited from UK tax
relief.
Schedule 34 modifies the way the charges operate to
facilitate their application to these non-UK schemes, and further
modifications are contained in The Pension Schemes (Application of
UK Provisions to Relevant Non-UK Schemes) Regulations 2006 (SI
2006/207).
This chapter explains how these charges apply to certain
members of non-UK pension schemes as if they were members of
registered pension schemes. The schedule 34 modifications of the
charging provisions are described in
RPSM13102100 to
RPSM13102600. The modifications
provided for in the regulations referred to above are described in
RPSM13102700 onwards.
| Glossary ( RPSM20000000) |
