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Posted Sun, 02 Jun 2024 00:17:56 GMT by Neil Batie
Hi As I understand it, the UK rules allow me to transfer out of the current QROP into a non QROP Australian Super fund, as there is a five year rule for transfers without tax implications, if the QROP was established prior to 6th April 2017. "An onward transfer from a QROPS/former QROPS to another overseas scheme that is not a QROPS will not give rise to UK tax charges where: • the (original) transfer from the UK scheme took place before 6 April 2017 and • at the time of the onward transfer the member has been resident outside the UK for five complete and consecutive UK tax years." My 5 complete tax years should have expired in April 2022 so I should be able to leave QROPs without tax impact. If anyone thinks otherwise - please shout out. But my main question is with respect to the subsequent reporting period of a further 5 years ( through to April 2027) where I wam unsure what the reporting obligations would be and on whom: ie my non-QROP scheme would have no arrangement to report to HMRC. 1. I am assuming that my current pension Trustee will need to notify HMRC of the rollover into my Australian super fund ( non QROP ) - If they don't - is there any implications on me? We aren't on the best of terms 2. Would my Australian super fund ( non QROP ) need to notify you of key events, eg: a) benefits draw down b) 5 year summary report Is this correct or is there no longer a reporting requirement once I move into the non QROP Australian scheme. Note that I have a pre-existing Australian Super fund, with Australian generated income that I am planning to move the UK QROP funds into and expect to keep them in there permanently as a merged fund with the Australian money. Many thanks in advance. Neil
Posted Tue, 04 Jun 2024 15:55:40 GMT by HMRC Admin 10 Response
Hi
Once you cross the five-year threshold, your QROPS is generally no longer subject to UK tax rules (barring any future changes in legislation) as such, the pension company doesnt need to inform HMRC of what happens. You should check the tax laws of Australia if any payments are then taken.

 

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