Reclaiming the overseas pension transfer charge

SI 2019/774 detail the conditions and process for claiming a repayment of the overseas transfer charge when the charge was either paid in error or a change in the individual’s circumstances means the original transfer has now become exempt from the charge. Previously it has been possible to reclaim the charge but the regulations have formalised the process.

The regulations confirm that a repayment claim must be in writing using a form issued by HMRC. It must include the name date of birth and address of the person making the claim as well as their National Insurance number. Various other requirements about the charge must also be included. The repayment will be made to the member the scheme administrator or scheme manager who paid the charge.

The regulations came into force on 25 April. 

The 25% charge has applied...