Buddy Transfer - One member missed the 12 month deadline
PeterM
Member
Does anyone know if one member misses the 12 month deadline for being a member of the receiving scheme, i.e that member was in the receiving scheme for more than 12 months, (actually a member for 16 month before the transfer value was paid), does it affect the other member who did transfer within the 12 months?
Also is it worth speaking to HMRC to see if they will let the member who missed the deadline keep their protected tax-free cash?
Comments
If you look at the block transfer conditions it doesn't say both transferees have to meet the 12 month rule
https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm062240
My view is you apply the rule to each individual and one would meet the condition and one not.
Approaching HMRC I think would be pointless they will probably just direct you to the scheme and the rules are crystal clear.
Thanks Les, much appreciated.
No probs. Was bored on my sun lounger!