HMRC makes it easier for expats to reclaim QROPS transfer charge

Pedro Gonçalves
clock • 2 min read

HM Revenue & Customs has published details on how expats who have wrongly paid the QROPS overseas transfer charge can reclaim it. The Pension Schemes (Information Requirements - Repayment of Overseas Transfer Charge) Regulations 2019 came into force last month. Although the option to reclaim the charge has always been available, the regulations lay out a more formal procedure. The overseas transfer charge - a 25% tax on the value of a QROPS pension transfer -  comes due when a retirement saver switches a UK or existing QROPS to a QROPS that is not based in the country where they live....

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