July 5 2016. For UK Pension Transfers to Australian QROPS, made between 6 April 2015 to 30 June 2015 (inclusive), HMRC has confirmed such transfers WILL NOT be subject to any UK tax charges in relation to the transfer. For transfers made after 30 June 2015, no relief has been provided by HMRC in relation to any UK tax charges that may arise from the transfer.
For a copy of our Free UK Pensions E-book – click here Contains information about the latest (2015) QROPS regulations and tax implications.
Sterling Planners’ clients who made a UK pension transfer into an Australian QROPS Superannuation scheme (i.e. BT SuperWrap or e-Clipse Super) between 5 April 2015 and 30 June 2015, will now be able to invest those funds and/or deposit those funds into the relevant receiving scheme account (if they were being kept in the scheme’s holding account awaiting the HMRC decision.)
We will be in direct contact with any impacted clients to discuss the options and next steps.
Thank you for your patience – we truly appreciate the frustration and angst that has been caused by the ongoing concerns since HMRC first announced the potential for penalties to be applied to UK transfers post 5 April 2015. Although it has taken HMRC a long time to make a final ruling on this topic, we are very pleased that their decision results in a positive outcome for our clients.