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Posted Fri, 09 Dec 2022 10:30:27 GMT by viha
Hello, I am UK resident and tax payer. I do not have any plan to move any overseas country. I have a question regarding Pensions. I have some cash money in India and would like to invest those money in ROPS registered pension scheme. I have these questions please. (1) Can I receive tax relief via self assessment for the money invested in ROPS pension scheme in India ? (2) do I have to pay the "Overseas transfer charge" which is 25% of the value of the investment? Thank you, Viha
Posted Mon, 12 Dec 2022 15:44:59 GMT by HMRC Admin 10
Hi
Information regarding recognised overeseas pension schemes can be found at :
Check the recognised overseas pension schemes notification list
HMRC cannot guarantee these are ROPS or that any transfers to them will be free of UK tax.
It’s your responsibility to find out if you have to pay tax on any transfer of pension savings.  
Tax relief is given on pensions, to encourage saving, to provide benefits in later life.  
You can find out more at :
Overseas pension schemes
Thankyou.
Regards.
Posted Fri, 30 Dec 2022 12:53:58 GMT by viha
Hi HMRC Admin 10, Thank you for replying. Do I have to pay the "Overseas transfer charge" which is 25% of the value of the investment that I invest with ROPS ? or this transfer charge is only for QROPS? I am planning to invest in Indian pension scheme that is registered as ROPS with HMRC. I need to understand if I need to pay 25% Overseas transfer charge for this please. Thank you,
Posted Fri, 06 Jan 2023 08:41:54 GMT by HMRC Admin 20
Hi viha,

This would be for your pension company to confirm. If so they must  - 
If an overseas transfer charge applies, you must tell the scheme member within 90 days of the transfer:

the date of the transfer
that an overseas transfer charge applies to the transfer
the amount of the transfer that’s subject to the overseas transfer charge
the amount of tax that needs to be paid
if the tax has been paid - state how much you’ve paid and the date you paid it
if you intend to pay the charge - state the amount you’ll pay
If an overseas transfer charge doesn’t apply you must tell the scheme member within 90 days of the transfer:

the date of the transfer
that the overseas transfer charge doesn’t apply to the transfer
the reason why the overseas transfer charge doesn’t apply
If the charge does not apply because the individual is resident in the same country as the QROPS or the individual is resident in the UK, Gibraltar, or a country within the EEA, and the scheme is based in the EEA or Gibraltar, you must tell the scheme member within 90 days:

when the period in which the overseas transfer charge may apply ends (known as the relevant period)
how the tax charge may apply within that period.

Thank you

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