Section 244M | Repayments of charge on subsequent excluding events

(1)This section applies if—

(a)the overseas transfer charge under section 244AC arose on a transfer at the time the transfer was made, and

(b)at a time during the relevant period for the transfer, circumstances arise such that, had those circumstances existed at the time the transfer was made, the transfer would at the time it was made have been excluded from the charge by sections 244B to 244F or under section 244H.

(2)Any amount paid in respect of charge on the transfer is to be repaid by the Commissioners for Her Majesty's Revenue and Customs so far as not already repaid.

(3)Subsection (2) does not give rise to entitlement to repayment of, or cancellation of liabilities to, interest or penalties in respect of late payment of charge on the transfer.

(4)Repayment under this section to the scheme administrator of a registered pension scheme, or the scheme manager of a QROPS or former QROPS, is conditional on prior compliance with any requirements to give information to the Commissioners, about the circumstances in which the right to the repayment arises, that are imposed on the prospective recipient under section 169 or 251 (but repayment is not conditional on compliance with any time limits so imposed for compliance with any such requirements).

(5)Repayment under this section is not a relievable pension contribution.

(6)Repayment under this section to the member is conditional on making a claim, and such a claim must be made no later than one year after the end of the relevant period for the transfer concerned.

(7)The Commissioners for Her Majesty's Revenue and Customs may by regulations make provision for or in connection with claims or repayments under this section, including provision—

(a)requiring claims,

(b)about who may claim,

(c)imposing conditions for making claims, including conditions about time limits,

(d)as to additional circumstances in which repayments may be made,

(e)modifying the operation of any provision of the Tax Acts, or

(f)applying any provision of the Tax Acts (with or without modifications).