UK tax relief for impacted clients
HMRC indicated a decision will be made in June on the UK tax treatment of transfers to Australian ROPS on or after 6 April 2015. They confirmed a consistent approach will be applied to all Australian ROPS, but further details of the approach are yet to be confirmed. In addition HMRC:
- confirmed it has the information needed from Australian ROPS;
- could not confirm the cut-off date for determining which transfers may be provided with UK tax relief, if any; and
- were unable to commit to an application process for UK tax relief, or if relief will be provided automatically to clients falling within certain parameters.
More information will follow as soon as it is available.