PrisonMike Posted February 24, 2020 Share Posted February 24, 2020 Hi everyone Hopefully a couple of easy questions to answer for the seasoned members here - We hold a SIPP and ISAs in the UK and understand that we are not allowed to make any further payments into these whilst we are living in Australia and are tax residents here. Are we correct in assuming that? Moreover, we've recently been paid some divided into one of the SIPPs and I was wondering if we are allowed to re-invest it into the assets we hold? Surely that must be okay? And, if we choose to add a new holding to our ISA/SIPP (switch out a bad performing one for a new holding, use money of sale) without adding any money into our UK pots, are we correct to assume that that is okay as well? Many thanks for your kind help. Mike Quote Link to comment Share on other sites More sharing options...
rammygirl Posted February 24, 2020 Share Posted February 24, 2020 You can’t move an isa as you can’t open a new one to move the money to.  Any isa interest should be declared to ATO.  With a SIPP it depends what is in it. Ours is a pension and it can continue to be invested with switches of shares by our representatives in the UK. As soon as any funds are released be it lump sum or pension tax is due in Australia.  1 1 Quote Link to comment Share on other sites More sharing options...
PrisonMike Posted February 24, 2020 Author Share Posted February 24, 2020 9 hours ago, rammygirl said: You can’t move an isa as you can’t open a new one to move the money to.  Any isa interest should be declared to ATO.  With a SIPP it depends what is in it. Ours is a pension and it can continue to be invested with switches of shares by our representatives in the UK. As soon as any funds are released be it lump sum or pension tax is due in Australia.  Thanks for your reply! We wouldn't want to open up a new one, but rather add or sell holdings we have within an existing ISA - with that in mind, do you know if that's okay to do when living overseas? I can't imagine you would basically be stuck with badly performing funds forever and aren't allowed to readjust....that doesn't really make sense Our SIPP is a pension as well and holds funds, no individual stocks. It's all managed online so we would be able to switch shares/sell ourselves and wouldn't need to go via representatives in the UK. We also are not eligible to release any funds yet for another few decades, so that would not be applicable for us. How are the rules looking on this re the SIPP? Thanks again. Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted February 26, 2020 Share Posted February 26, 2020 Hi PrisonMike Regards SIPPs/foreign super funds (so long as they meet the definition of a foreign super fund (by default UK Pensions should)) then the tax treatment of these in Australia is essentially deferred until such time as either or a lump sum or income is taken at retirement and assessed accordingly at that time. Regards ISA's, Australia does not recognise UK ISA's (tax wrappers) and therefore as I understand it these investments would be treated like any investment portfolio is treated for tax purposes in Australia. Regards Andy   1 Quote Link to comment Share on other sites More sharing options...
PrisonMike Posted February 26, 2020 Author Share Posted February 26, 2020 Hi Andrew, Many thanks for your help! So I understand that it would be fine to move things around within an existing UK Self Investment Pension (SIPP) pot. What we would need to check with our provider is if we are allowed to make any additional contributions to it whilst living in Oz. Understood regarding the ISA. Thank you. Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted February 27, 2020 Share Posted February 27, 2020 (edited) 6 hours ago, PrisonMike said: Hi Andrew, Many thanks for your help! So I understand that it would be fine to move things around within an existing UK Self Investment Pension (SIPP) pot. What we would need to check with our provider is if we are allowed to make any additional contributions to it whilst living in Oz. Understood regarding the ISA. Thank you. Yes that's a good point you make as I am aware of some pension providers that do not permit contributions to be made if the member is a non-resident and in fact I have also heard of a situation whereby a member was no longer able to transact so you should absolutely check with them prior to leaving.  Good luck. Edited February 27, 2020 by Andrew from Vista Financial 1 Quote Link to comment Share on other sites More sharing options...
deanblb Posted February 27, 2020 Share Posted February 27, 2020 Hi if it helps we moved to Australia from the UK last July. I have a SIPP with you invest and a stocks and shares ISA with Hargreaves Lansdown. Both have allowed me to purchase new shares and funds from dividends but I am not allowed add any new  money to either account All the best 1 1 Quote Link to comment Share on other sites More sharing options...
PrisonMike Posted February 27, 2020 Author Share Posted February 27, 2020 12 hours ago, deanblb said: Hi if it helps we moved to Australia from the UK last July. I have a SIPP with you invest and a stocks and shares ISA with Hargreaves Lansdown. Both have allowed me to purchase new shares and funds from dividends but I am not allowed add any new  money to either account All the best Amazing - that does help indeed! Thank you Quote Link to comment Share on other sites More sharing options...
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