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Issue:
4955
/
Categories:
Comment & Analysis
, death benefit
, income tax treatment
, lifetime allowance
, Pensions
Complicated business: Part 3
Key points
- Pension payments to members must fit within the definition of authorised or penal tax rates will apply.
- Purpose of applying for a transitional tax-free amount certificate.
- An overseas transfer charge at 25% applies when specified transfers are made.
- It is important to check that the pension fund in the non-UK jurisdiction will be able to accept the transfer.
This third and final article of my series of articles on the tax treatment of pension lump sums considers some of the finer detail of FA 2024 Sch 9. If you have not yet read my first two articles then I recommend that you do so before reading this one.
The Finance Bill 2023-24 explanatory notes can be invaluable when one needs to interpret the FA 2024 which describes the fundamentals of the new regime. There have now been about 12 HMRC pension scheme newsletters (geared towards...
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