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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.