Cross-border aspects of taking benefits from a pension scheme

Produced by Tolley in association with

Employment Tax

Guidance

STOP PRESS: At Spring Budget 2024, the Chancellor announced that the remittance basis would be abolished from 6 April 2025, although this only applies to foreign income and gains arising on or after that date. The remittance basis rules still apply to unremitted income and gains arising before that date but remitted later. For more details, see the Abolition of the remittance basis from 2025/26 guidance note.

Introduction

Other guidance notes in this sub-topic have looked at how transfers of UK tax-relieved funds may be made to Qualifying Recognised Overseas Pension Schemes (QROPS) and how contributions can be made to other forms of overseas pension schemes including Qualifying Non-UK Pension Schemes (QNUPS). This guidance note focuses on three matters:

•
receipt of benefits by UK resident members from overseas pension funds,
•
the tax treatment of benefits from a QROPS or QNUPS wherever the member is resident and
•
the taxation of UK pensions received by non-residents

UK resident members taking benefits from overseas pensions

Where a

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Chris Holmes

Tax Director at BDO LLP , Corporate Tax, OMB, International Tax, Personal Tax, Global Mobility

Chris is a Tax Director at BDO LLP, specialising in all aspects of owner managed business, and is recognised as a champion on such diverse topics as transactions, property, and pensions. He also leads the BDO pensions and financial product tax advisory teams and is a consultant in BDO’s tax support for professionals team (advising other accountants, lawyers and tax professionals whether in house or in practice). Chris also contributed to Tolley Guidance Employment Tax module re: pensions.

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