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20 April 2017
Standard Life is open for QROPS Business
Irish Revenue approved the amendment to our QROPS Synergy Buy out Bond policy provisions allowing us to operate the new 25% ‘overseas transfer charge’ introduced in the UK Finance Bill 2017. Please note that this charge will, in general, only apply where an individual moves outside the European Economic Area.
In addition to the above:
- the period in which UK tax charges can apply has been extended from 5 to 10 years. This means that an individual must have ceased being resident in the UK in the tax year of the payment or any of the previous 10 UK tax years where the transfer was received on or after 6th April 2017. For transfers received prior to this date the 5 year residency rule continues to apply.
- payments out of funds transferred to a QROPS on or after 6 April 2017 will be subject to UK tax rules for five tax years after the date of transfer, regardless of where the individual is resident. This means that funds have to remain in the QROPS for 5 years before a retirement or a transfer payment to another QROPS or non QROPS product can be processed.
If you require any further information please contact the Technical Solutions team at firstname.lastname@example.org or your Standard Life Business Manager.