Section 244IA | Overseas transfer charge: transfers exceeding available allowance

(1)The overseas transfer charge arises where—

(a)a transfer to a QROPS is made that is—

(i)within section 244AC(2)(a) or (b), or

(ii)an onward transfer within section 244AC(2)(c) in relation to which the original transfer is a transfer within paragraph (b) of the definition of “original transfer” (see section 244AB(1)),

(b)the transfer is excluded from the charge under section 244AC by or under any of sections 244B to 244H, and

(c)the transferred value (determined in accordance with section 244K) exceeds the amount of the member’s overseas transfer allowance that is available on the making of the transfer.

(2)The overseas transfer charge also arises where—

(a)a transfer of the kind mentioned in subsection (1)(a) is made to a QROPS,

(b)a charge under section 244AC (“the original charge”) arises in relation to the transfer,

(c)a person liable to the original charge becomes entitled under section 244M to a repayment in respect of the original charge, and

(d)the transferred value (determined in accordance with section 244K) exceeds the amount of the member’s overseas transfer allowance that is available on the making of the transfer.