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Posted Tue, 01 Nov 2022 13:24:25 GMT by Stephen Parker
I am a UK citizen currently living in Australia for the last 15 years. I also have Australian citizenship. I am looking at returning to live in the UK in 2023. I am able to access my Australian Superannuation tax free on 7 July 2023 and intend at that time to cash out my superannuation into my Australian bank account prior to transferring it to a UK bank account. I understand that if I return to the UK after transferring my superannuation to my Australian bank account there would be no UK tax implication. Am I able to return to the UK earlier than 7 July 2023 without any UK tax implication so that I can but a house etc.
Posted Thu, 03 Nov 2022 17:48:53 GMT by HMRC Admin 10
Hi
As long as you are not resident in the UK for tax purposes, when the transfer of your superannuation takes place, there will be no tax liability.
There is no tax liability to transferring money from a foreign bank account to a UK bank account.
There is no tax relief for the costs incurred in converting currencies to pounds sterling.
You do not need to notify HMRC of the transfer, unless the transfer is cash.
Guidance on this can be found at :
Take cash in and out of the UK
Thankyou.
Regards.

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