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Found a guy operating out of Spain
Just to clarify - the purpose of these convoluted moves would be to give you access today to funds that are currently tied up in your pension until you retire - Yes?Can this be done? Found a guy operating out of Spain stating it can be done and due to the legistlation here it can be done by transfering pensions to the UK and from there to New Zealand and then back into my bank account.
Sounds too good to be true, does anyone have any experience of this?
long term non UK residents
. Transfers of this kind are considered regulatory arbitrage.
Transfers of this kind are considered regulatory arbitrage.
Bronte said:What does that sentance mean.
From the date of this letter, a transfer payment to an overseas arrangement, or from an overseas arrangement (in respect of any residual amount relating directly or indirectly to the original transfer) the primary purpose of which is or was to enable a member of an occupational pension scheme to circumvent the provisions of Part 30 of the Taxes Consolidation Act 1997 (TCA 1997) shall contravene this condition.
The Revenue Commissioners will initiate a compliance programme in relation to overseas transfers and where they become aware that a transfer of this kind has been made or received they shall invoke the provisions of section 772(5) of the TCA 1997 in relation to the occupational pension scheme concerned.
In that regard, an overseas transfer payment made from or to an occupational pension scheme shall be deemed to have contravened the condition until the contrary is demonstrated to the satisfaction of the Revenue Commissioners.
I'm not sure they can simply state they regard this as a breach of TCA 1997. Court would have to decide this as it is not specifially noted in the Act.
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