PCLS on a QROPS

I have a QROPS which was funded by UK tax relieved funds (via a transfer from a UK registered scheme in 2016). I am now UK resident. The Relevant Transfer Fund (RTF) was 400k, and it is now worth 600k. Is the maximum PCLS 25% of the RTF or 25% of the current value. So is PLCS 100k or 150k?

Hi

It is based on the current value.

Thank you

Hi, I have a UK tax relieved QROPS which on transfer used 73% of my LTA on transfer in 2013. The fund has grown to circa £2m and I would now like to put the pension into payment as a UK tax resident. Since 2013 I have a UK SIPP in payment that has taken my LTA to 101% of IP2016 £1.25m. My QROPS regulations allow for a maximum tax free PCLS of 30% (circa £600K) but would the maximum tax free PCLS be 25% of the fund as a UK tax resident or would the tax free PCLS be limited to 25% of £1.25m (IP2016)? Thank you.

Hi,

We can only provide general information and guidance in this forum. For an answer to a detailed question of this nature, you would need to contact our Self Assesment team or seek professional advice.

Self Assessment: general enquiries

Thank you.