Spring Budget 2017: Treasury aligns tax regime for foreign and UK schemes

According to documents published on the Treasury's website, transfers to qualifying recognised overseas pension schemes (QROPS) will be subject to a 25% tax charge from 9 March.     Similarly, the policy will applies to payments out of QROPS and cover the period of five full tax years following the date of transfer, from 6 April. The measure first announced last November in the Autumn Statement is designed to "support the government's objective of promoting fairness in the tax system", said the Treasury. Read more of our Spring Budget 2017 coverage here It estimates the changes ...