Declaring pension transfer on 2048 question

(Martin Gray) #1

I am not yet of state pensionable age but did reach the age of 55 last summer.
I transferred my UK defined contribution pension scheme to a QROP in Malta, which was then immediately sold off to purchase an Assurance Vie. That Assurance Vie now pays me a quarterly sum.
This the first Declaration des Revenue s since; the above was all done during the 2018 French tax year.
I understand how to declare the income from the Assurance Vie, but I am striggling to work how I should declare the transfer out on my French declaration. Neither my expert comptable nor the tax office at the Prefecture know where on the forms it should be declared. They both think that it might be declarable somewhere but are not aware of where. Has anyone had to declare the aane recently and able to advise where on the forms this should go?

(Simon Armstrong) #2

Martin - you need to be taking professional advice as there seems to be some confusion - starting with the tax declaration form 2048 which is used by notaires to declare capital gains. Secondly - direct transfers into QROPS or AV schemes are not ‘normally’ viewed as taxable in themselves. It is however really important that details of AV contracts concluded outside France are declared on your regular 2042 main return. Growth portions of withdrawal also need to be declared relevant to how long the AV has been held and when the funds / deposits were invested.

As I say - take professional advice - as an observation I find it really odd that a pension fund was transferred to a QROPS and immediately ‘sold-off’ (as you put it) to invest in an AV. Bugger’s muddle springs to mind…