Early withdraw from New Zealand superannuation scheme due to permanent emigration to the UK

Hi, I am a New Zealand/British dual citizen living in the UK since 2001 and UK resident for tax purposes. I have some money in a NZ mutual fund superannuation scheme which is taxed annually on the returns in NZ. The normal age of retirement that you can access these funds is 60. As I have been in the UK for a long time the scheme has an option to withdraw the funds early on grounds of permanent emigration, This would be completed by paying the funds as a cash lump sum via bank transfer into my UK bank account. My question is will this incur any tax liability in the UK as the funds have already had tax paid in New Zealand? Thank you.

Can anyone help with this?

Hi Macca32,
Please have a look a the guidance on offshore funds at HS265.
HS265 Offshore funds
Thank you. 

 

Hi Admin 25, Thanks I have just had a look and I don’t think that applies. It is just some money from pension contributions I made when I was still in NZ and I have never payed into it from the UK. I am assuming that I won’t have to pay tax as I have payed tax on it in NZ already and there is a double tax treaty between the UK and NZ. I think my actual question is will I still need to declare the money anywhere in my self assessment return? Thank you.

Hi,
Please have a look at article 19 of the UK / New Zealand tax treaty: (assets.publishing.service.gov.uk/media/5a7f9f8ae5274a2e8ab4d4c8/1983_New_Zealand_UK_as_amended_in_2007_-_in_force.pdf).  
It means that if you are resident in the UK and receive a pension from a New Zealand based pension, then it is taxable in the UK and not New Zealand.  If tax is deducted from it in New Zealand, you will need to claim a repayment of tax from the NZ tax authorities.
You can apply to HMRC for a certificate of residence to provide to the NZ tax authorities at How to apply for a certificate of residence to claim tax relief abroad.  
This means that you will need to declare the NZ pension in a self assessment tax return each year.
Thank you.