Government introduces legislative measure on overseas pensions to tackle tax avoidance
David Gauke, Exchequer Secretary to the Treasury, has today announced a change in legislation to prevent tax avoidance.
David Gauke, Exchequer Secretary to the Treasury, has today announced a change in legislation to prevent tax avoidance. The measure will prevent individuals from taking advantage of a tax loophole that would have emerged today had the Government not taken action.
The measure will close an unintended tax loophole for UK residents transferring pension savings overseas. Further details can be found on HMRC’s website.
Legislation, which will have effect from today, will be introduced in Finance (No.3) Bill.
Exchequer Secretary to the Treasury, David Gauke MP said:
The Government has set out a clear strategy on preventing tax avoidance. We will not hesitate to take action to stop those who seek to take unfair advantage of unintended tax loopholes. Today’s measure demonstrates our commitment to act quickly to close these.
Notes for editors
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More details on this change can be found on the HMRC website.
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A Written Ministerial Statement confirming this measure will be made at the first opportunity following Parliamentary recess.
Non-media enquiries should be addressed to the Treasury Correspondence and Enquiry Unit on 020 7270 4558 or by e-mail to public.enquiries@hm-treasury.gov.uk
Media enquiries should be addressed to the Treasury Press Office on 020 7270 5238.