Finance Act 2024

Amendments of Part 4 of FA 2004

57 (1) Section 244K (amount of charge) is amended as follows.

(2) For the heading substitute “Meaning of “transferred value””.

(3) For subsection (1) substitute—

“(1A) The transferred value, in relation to a transfer within section 244AC(2), is to be determined in accordance with this section.”

(4) In subsection (2), in the words after paragraph (b), for “(5)” substitute “(6)”.

(5) In subsection (3), in the words after paragraph (b), for “(5)” substitute “(6)”.

(6) After subsection (3) insert—

“(3A) If the transfer is a transfer from a relieved relevant non-UK scheme, the transferred value is the total of—

(a) the amount of any sums transferred that are attributable to the member’s UK tax-relieved fund (see paragraph 3 of Schedule 34), and

(b) the value of any assets transferred that are attributable to that fund,

but this is subject to subsections (6) to (9).”

(7) In subsection (4), in the words after paragraph (b), for “(5)” substitute “(6)”.

(8) Omit subsections (5) and (10).