##Javascript (ES6), 9393 92 bytes
t=>((t=1440+evalt=eval(t.replace(/.*?(.)?(..):(..)/g,'$1($2*60+$3)'+720')))/60%24|0)+':'+(t/10%6|0)+t%10
###Test cases
let f =
t=>((t=1440+evalt=eval(t.replace(/.*?(.)?(..):(..)/g,'$1($2*60+$3)'+720')))/60%24|0)+':'+(t/10%6|0)+t%10
console.log(f("08:50 UTC-06:00")); // 2:50
console.log(f("09:42 UTC+05:45")); // 15:27
console.log(f("06:42 UTC+13:00")); // 19:42
console.log(f("02:40 UTC-10:00")); // 16:40
console.log(f("17:25 UTC+09:00")); // 2:25