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Overseas pensions: anti-avoidance

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The government is to close with effect from 6 April 2011 an ‘unintended tax loophole’ for UK residents transferring pension savings overseas, the Treasury announced.

A new clause in the Finance Bill will prevent avoidance through ‘the interaction of relief for pension savings and the provisions of certain double taxation arrangements,’ HMRC said.

A written ministerial statement confirming the measure will be made after the Commons returns from the Easter recess.