Manxhaven

Hi Ken, thank you for your reply. I will close the fund, just under $30k, on the proposed date and will let you know the outcome. Regards Colin

Hi Ken, thank you for your reply. I will close the fund, just under $30k, on the proposed date and will let you know the outcome. Regards Colin

Hi Ken, further to the above advice I propose to submit the withdrawal forms on 19th September. This will make 5 years and 1 day from the date the funds were received into the QROPS. Can you please confirm that there has been no change to your previous opinion and that as far as you are aware the complete withdrawal will be clear of UK taxation. Many thanks for your help & advice in this matter. Kind regards Colin

Hi Andy & Ken, further to the above I am now intending to submit the necessary forms for the complete withdrawal of the fund after 5th April 2017. I will be obliged if you will confirm that, in your current opinion, there has been no change to your previous views re the withdrawal and that there should not be any tax penalties for doing so. Many thanks for your help. Kind regards, Colin

My sincere apologies Ken and my belated thanks. Andy I must have had second sight when I wrote my earlier email thanking you. Many thanks to the two of you. Kind regards Colin

Hi Andy, many thanks for your informative reply. As I am in no desperate need for the monies I think I will leave things as they are until 6th April 2017 and then withdraw the amount in full. My apologies for the delay but I have just returned from a 2 week cruise and my emails were not a priority as much as relaxing. Kind Regards Colin

Hi Andy, I have left the funds untouched to date. I asked the fund holding company about them having to inform HMRC but they seemed uncertain and I could not get a definate answer. In view of the fact that a year has passed since I asked the original question has the situation become any clearer as to whether or not I can withdraw the funds and place them on a bank deposit in my own name without having to pay any tax to HMRC. I am now 72 years of age and have never had any benefit from these funds. Regards Colin

Hi Julie, My wife and I have been PR for 3 1/2 years. We both have the medicare cards and the NSW seniors cards. You refer to another card for which one can obtain after 2 years of being PR. I have done a search but am unable to find any reference to anything simlilar. Will you be so good as to explain in detail please. My appologies to any one who I may upset by me asking this on another persons question. Regards Colin

Hi Andy, thank you for your guidance. I get the impression that it will be better for me to leave the fund alone till after 6th April next, ie the new UK tax year when the amendments come into force. In the meanwhile I have asked the super fund holding company about them having to notify HMRC. Regards Colin

Hi, I was born in December 1943. My wife and I took up our permanent residence visas in Oz in October 2011. I had a small 'opted out' UK pension fund which I have never touched and had it moved to a QROPS fund. The funds eventually arrived in September 2012 despite the forms being submitted in the March 2012. The actual amount received was some $28,667 less some $562 fees. I am now 71 years old (wife 70) and not liable to pay tax on our income. I find that some 15% tax is paid by the/my fund on its income. It was suggested that I am entitled to cash in on the fund and invest the money in my own name thus saving the 15% superfund tax. Obviously I do not wish to be met with any penalty tax bill from the UK authorities if I surrender the same. Can I cash in the funds without any tax penalty or do I have to wait for the ten years from the transfer thus taking me to 79 years of age before I can utilise the monies. Any advice/comments will be welcomed. Many thanks in anticipation. Kind regards Colin ps The firm which transferred the monies to the QROPS fund on my behalf has now ceased trading.