How does someone who is an overseas resident confirm their LTA?
A. A transfer to a QROPS will be a benefit crystallisation event under section 216 FA 2004 and will give rise to a lifetime allowance charge if the amount transferred exceeds the individual’s unused lifetime allowance (LTA). The LTA to which everyone is entitled is £1.5 million in 2006/07 and will rise to £1.8 million in 2010/11. The figure for subsequent years will be obtainable from the HMRC Website at that time. Where an individual has used some of their LTA on a previous crystallisation of their rights the UK scheme administrator will at that time have informed them of the percentage of LTA that they have used up. Where an individual has in certain circumstances notified HMRC of their entitlement to an enhancement of their LTA they will have been informed by HMRC of the additional percentage of LTA to which they are entitled.
Related Questions
- I am a national from a country other than Switzerland or those included within the EEA or the Agreed Overseas Territories, and am resident in the UK, am I eligible to pay the UK course or module fee?
- How long can a legal permanent resident stay overseas withouth a re-entry permit?
- How does someone who is an overseas resident confirm their LTA?
