Tag Archive: Qrops

Apr 10 2017

25% Tax Penalty on Some QROPS Pension Transfers

HMRC Introduces 25% Tax Charge On Some QROPS Transfers

The Chancellor of the Exchequer used his Spring Budget to announce that, with effect from 9th March 2017, pension transfers by UK residents to QROPS (Qualifying Recognised Overseas Pension Schemes) not in the European Economic Area will be liable for a 25% tax penalty. Philip Hammond said that this policy was being introduced in the interests of “fairness in the tax system.”

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