Section 244G | Exclusions: avoidance of double charge, and transitional protections

(1)A recognised transfer to a QROPS is excluded from the overseas transfer charge if it is made in execution of a request made before 9 March 2017.

(2)An onward transfer (“the current onward transfer”) is excluded from the overseas transfer charge under section 244AC if—

(a)the charge has been paid on the original transfer and the amount paid is not repayable, or

(b)the charge has been paid on an onward transfer (“the earlier onward transfer”) in respect of which the conditions in subsection (4) are met and the amount paid is not repayable, or

(c)the original transfer was made before 9 March 2017, or

(d)the original transfer was made on or after 9 March 2017 in execution of a request made before 9 March 2017.

(3)An onward transfer is excluded from the overseas transfer charge under section 244AC so far as the transfer is made otherwise than out of the member's ring-fenced transfer funds under the scheme from which the onward transfer is made.

(4)The conditions mentioned in subsection (2)(b) are—

(a)that the earlier onward transfer was made before the current onward transfer,

(b)that the earlier onward transfer was made after the original transfer, and

(c)that all the sums and assets transferred by the current onward transfer directly or indirectly derive from those transferred by the earlier onward transfer.

(5)An onward transfer is excluded from the overseas transfer charge under section 244AC where—

(a)the overseas transfer charge under section 244IA(1) arose in relation to the original transfer, and

(b)none of the member’s overseas transfer allowance was available on the making of the original transfer.