OVERSEAS PENSIONS: GOVERNMENT ATTACKS TAX ADVANTAGES
We reported last month on a flurry of new publications affecting the tax treatment of overseas pension schemes, including draft secondary and primary legislation; implementing the policy intention briefly set out in a paper accompanying the Autumn Statement. This article explores in more detail what is proposed in draft legislation published for comment, which is to remove from 6 April 2017, so far as the UK government is able, tax advantages presently enjoyed by overseas pensions over UK registered

pension schemes and corresponding incentives to transfer.

A. Finance Bill 2017 proposals for overseas pensions

Clause 11 and Schedule 3 of the Finance Bill 2017, published as a consultation draft for comment up to 1 February 2017, propose changes to the UK tax charges that arise on overseas pension savings. This includes where payments are made out of funds that have had UK tax relief, and

where foreign pensions and lump sums are paid to UK residents. The changes also provide for no new pension saving in Section 615 schemes and align the tax treatment for registered pension schemes whether based in or outside the UK.

It is intended that these measures will come into force from 6 April 2017.

The proposed legislation will . . .

13 Jan 2017   Check other news items



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