(This note is not part of the Regulations)
These Regulations amend section 244C of the Finance Act 2004 to ensure the effective operation of Part 4 of the Act after the withdrawal of the United Kingdom from the European Union. They correct an omission in S.I. 2019/689 to ensure that a recognised transfer or onward transfer to a qualifying recognised overseas pension scheme (“QROPS”) established in Gibraltar continues to be excluded from the overseas transfer charge under Part 4 of the Act, in accordance with the rest of section 244C.
The Regulations have retrospective effect from IP completion day pursuant to the power in section 90(3) of the Finance Act 2019.
A Tax Information and Impact Note covering the overseas transfer charge was published on 8 March 2017 and is available at https://www.gov.uk/government/publications/qualifying-recognised-overseas-pension-schemes-charge-on-transfers/qualifying-recognised-overseas-pension-schemes-charge-on-transfers. It remains an accurate summary of these impacts that apply to this instrument.