QROPS: the three time limit rules

It's taken me a while to get to grips with the QROPS time-limit rules. I still have a few outstanding questions though. First the rules: 1. 10 year non-UK residency rule. 10 full UK tax years must have passed, which means you have to remain non-UK resident in the year of withdrawal as well (unless you finesse the split-year rules). 2. 5 year transfer rule. 5 calendar years from transfer. 3. Overseas Transfer Charge (OTC). 5 full UK tax years. Have to remain resident in the same country as the funds. 25% tax **applied to the funds remaining in your fund after your withdrawal**. I.e. if you're over 55 and withdraw the lot, you won't be penalised. Say I was 55 and so could withdraw the full amount under flexi-access. I do that. I'm non-UK resident, and resident where the funds are. So the OTC is irrelevant. Let's say I withdraw in 2024/25, and that only the 10 year non-UK rule is still in play. a. Am I safe from tax &/or penalties? b. Does that change if I return to the UK on 6 April 2025? c. Is a Double Tax Agreement relevant to any of this? Many thanks.

Hi,

HMRC cannot comment on future events as legislation may change.

Thank you.

Thanks for your reply. Let's assume I've just made the withdrawal yesterday. Do you have an answer to (a), (b), and/or (c), assuming no change to current laws?

Hi,
As previously advised, HMRC cannot comment on future events as legislation may change.
Thank you.