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Posted Sun, 07 May 2023 22:19:13 GMT by
I have indefinite leave to remain in the UK and have lived here for 8 years. I am 37 years old. I have a superannuation fund in New Zealand in New Zealand. Because I will be establishing myself permanently in the UK, I would like to transfer this pension from NZ to the UK to put in a SIPP. The New Zealand fund says that the only way I can move the money is to extract it to a New Zealand bank account, and then transfer the money myself into a UK account, and then into a SIPP. They are unable to make the transfer directly from their fund to a UK fund. My question: because I am under the age to access my pension, I am wondering if I withdraw the NZ money to my bank account, if it will be charged tax, even though I move it into a SIPP? If it would be charged tax, what tax would it be classified as? Thank you!
Posted Fri, 12 May 2023 14:57:11 GMT by HMRC Admin 5
Hi,

As the contributions are made from funds that have already been taxed, then no further tax will be due. this will be seen as capital.

Thank you.

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