Hammond cracks down on overseas pensions transfers

People seeking to move their pensions out of the UK could face punitive tax charges under rules unveiled in last week’s budget, with both Britons living abroad and foreign nationals based in the UK potentially affected. New rules on such transfers, which will take effect immediately, will mean savers have to pay a tax charge of 25% on their funds before moving the money, unless the transaction involves only European Economic Area (EEA) countries, or the funds are being moved to a country in which the saver now lives.

The rules are focused on qualifying recognised overseas pension schemes [...]

Merryn

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