BillW

Marisa, HMRC provide a worked example here https://www.gov.uk/hmrc-internal-manuals/employment-income-manual/eim75550 Looks interesting but needs a trained brain to get it right. Bill

I don't think what is proposed in that newspaper story is illegal, it does include full disclosure to HMRC, but yes it is complicated to a layman like me and appropriate further advice from a suitably qualified person will be sought. I believe I have the relevant data. One of the things I learned during my working life was that I can give the same data to different engineers and get quite different answers to a problem and am guessing the same could be true for asking an appropriate expert to interpret and apply the appropriate HMRC calculations if its done wrong and HMRC do not agree then that could be a problem. Does anybody know if its possible to get a calculation done and ask HMRC if its been done correctly before formally submitting it ? For example work "with" HMRC rather than against them - I will always remember one particular river diversion project where the statutory authorities were included in the calculations and asked their opinions on the plans before any dirt was excavated - that's an intelligent way to work with statutory authorities. Bill

Ken Alan and Marisa, Thanks for the various replies ........ Have a read of this, written in 2023 in the Telegraph - seems to imply that lump sum withdrawals are possible if you have access to the data to do the calculations required https://www.telegraph.co.uk/money/tax/tax-hacks/draw-down-australian-pension-savings-taxed-twice-uk/ admittedly I don't know much about that calculation but happy to investigate and learn about it. Just gotta wade through the relevant HMRC page a dozen times.

Hello, 5 years since the last message posted. Any huge changes to policies or workarounds or ideas in that time ? I do get the impression that there are ways of minimising the tax you pay on Australian super in the UK but it requires some planning and consulting with a specialist accountant or tax agent well before the move to the UK and this can be very expensive. HMRC have a forum where Aussies keep asking variations on this question for the last 4 years and HMRC responses are basically "You are taxed on your worldwide income" and there are various references to HMRC web pages that can be quite difficult for a layperson to understand. Worth a look if you have not seen it before. Took me a while to understand the differences between UK and Australian retirement systems UK : No tax on the deposits, no tax on earnings, taxed on the way out Australia : Taxed on the deposits, taxed on the earnings, no tax on the way out I read somewhere that the double tax agreement gives the UK the right to tax you on your Australian pension if your are resident in the UK I have seen hints in various places that one lump sum withdrawal per year might be a partial workaround and could be useful if you have nor set up the allocated pension yet - ie if you are still in accumulation. So any new ideas from anybody ? Any consultants or accountants you can recommend ? Bill

Hello, Anybody had any interesting experiences or revelations since the last post was made ? This is interesting https://www.gov.uk/government/publications/pension-tax-for-overseas-pensions/pension-tax-for-overseas-pensions#chapter-2---taxation-of-payments-from-foreign-pension-schemes-or-annuities Relevant section is approx half way down the page titled "Changes to taxation of pension payments" Am currently wading through it attempting to reduce it into everyday vernacular English. Bill

Thanks Alan, PM sent.

Hello, Our shift delayed by ill elderly relatives, but still keen to better understand issues discussed in this thread. I had the impression that significant changes took place in UK in 2016 regarding retirement funding. Anybody know if those changes impacted upon the issues discussed in this thread ? Will do some googlng. My current understanding is that its probably best to cash out all super prior to end of May in Australia and land in UK with a bank account (setting up that bank account is a different story) full of cash in Mid April thereby avoiding any possibility of HMRC making any claim on the money we have already paid tax on in Australia. It would then be necessary to sign up for the appropriate retirement funding products in UK. Is there a list of forum sponsors somewhere where I can access contact details for accountants / tax advisors / financial planners that are qualified to give co-ordinated advice relevant to both countries ? In my various discussions with these sorts of professionals its been very difficult to find a one stop shop, there is always the need for bringing in a second or third company because no single company can give me appropriate advice regarding best way to exit Australia and enter UK with retirement funds. I now see that when buying a house in UK some real estate agents are asking you to prove that you are not a money launderer, and we have been warned by our bank (Westpac) that an international transfer ie proceeds of sale of house + super cashouts, can be delayed whilst people check that the money is "clean" - Anybody ever had those issues ? Bill

Thanks for the post. Has anybody recently managed to open an account under this new law ? Will be in UK next May and will give it a try. Bill

Hello, Am keen to learn about any financial planning / tax traps that seem to be hinted at in the above postings. Any known good threads I should read ? Am currently searching through all posts that mention superannuation - Anybody got any recomendations regarding companies they found helpful, giving good advice, when they made the shift ? Bill

Aaaargh frustrating. Ok Have sent query to HMRC pesnions section. Thanks Marisa Bill

.............. and here is the gloriously detailed response to my various questions that I sent to HMRC Dear Sir, Thank you for contacting the HMRC Residence Team. You have not supplied HMRC with sufficient information to verify your identity, so we are only able to give you general advice and nothing specific to your personal circumstances. The information that you require is covered under Form SA109. A hyper-link to this form is attached for your information and use: https://www.gov.uk/government/publications/self-assessment-residence-remittance-basis-etc-sa109

I can second that. We easily opened an account with Lloyds in Jersey at a time when high street banks refused to let us open a new joint account or have me a co-signatory on my wifes existing account because we were not resident in UK. My wife had an account with bank of scotland who recommended Loyds after informing us that they could accept me as a co-signature on the original account. Bill Fill out a few forms and post them, thats it, done. Bill

Marisa and WInter1, Thanks for the comments. Everybody is different and has different circumstances. Some people might take 1 lump sum once only when they retire Our plan that works well in Australia calls for me to take annual lump sum withdrawal from a fund full of undeducted dollars instead of a regular pension. From what I have learned on this forum so far this may not be as effective in UK for various reasons The strategies outlined in this thread are interesting http://www.pomsinoz.com/forum/financial-advice-ask-vista/165251-australian-age-pension-information-thread.html Regards Bill

Anybody know if the distinction between deducted and undeducted funds has any relevance to how the UK taxes the withdrawals ? I have asked HMRC and am waiting for an answer but was wondering if someone had already had an answer. Bill

Marisa, Thanks - thats an old post from when I first found this forum. This question is discussed and covered very well on the other thread Bill