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  • For UK Pension Transfers (into Australian Superannuation Schemes with QROPS status as at 5 April 2015) made between 6 April 2015 to 30 June 2015 (inclusive), HMRC has now confirmed such transfers WILL NOT be subject to any UK tax charges in relation to the transfer. 
  • For transfers made after 30 June 2015, no relief has been provided by HMRC in relation to any UK tax charges that may arise from the transfer.

We will be in direct contact with any impacted clients to discuss the options and next steps and will keep you updated should any new information come to light.

This is of course, the outcome we had been lobbying for since HMRC first announced the potential for penalties to be applied to UK transfers post 5 April 2015, however, we appreciate that the journey has been an uncertain and frustrating one. Although it has taken HMRC a long time to make a final ruling on this topic, we are relieved that fairness and common sense have  prevailed.