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Posted Tue, 26 Jul 2022 08:57:05 GMT by diana bosworth
Hi, I now live in the UK but I lived and worked in Australia for over 12 years. I have Australian super that has already been taxed by the ATO. I wish to be able to access this money once I retire. Please advise if this amount will be taxed if I access as a regular income stream? Please also advise if it will taxed as a lump sum, if I was able to with draw it and bring it to the UK. Can this lump sum from Australian super be transferred over to a UK pension scheme. If so what are the tax implications of doing that. I do not want to be taxed twice on the same money. It seems to me the rules are so complicated that accountants int he UK dont understand the rules I await your reply. 
Posted Tue, 26 Jul 2022 11:12:23 GMT by HMRC Admin 17

Hi,
 
Yes this will be liable to UK income tax but you can claim foreign tax credit relief for the Austalian tax already paid.

Not all UK pension companies accept transfers.

You may therefore want to review :

PTM102400 - Transfers: transfers to a QROPS: when the overseas transfer charge arises due to a change in circumstances after a transfer  

or contact the Pensions helpline on 0800 731 0469   .

Thank you.
Posted Mon, 15 Aug 2022 13:00:59 GMT by diana bosworth
hi I understand the tax will be 25% if i withdraw it as a lump sum if i withdraw smaller amounts what would be the Uk tax implications? for example if i was to withdraw equivalent of £12,000 and if i didn't earn any other income as the amount i have in RRSPs isnt huge i dont want to find it i have lost it all in tax
Posted Tue, 16 Aug 2022 12:58:25 GMT by HMRC Admin 17

Hi,
 
Article 17 of the UK/Australia double taxation agreement, states that trivial commutation lump sum payments made from a
UK pension or annuity, are taxable in the UK. 

Set Payments made to an individual at regular intervals, are taxable in the other state. 

The double taxation agreement can be found  at:

Australia: tax treaties  .

Thank you.

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