HMRC Admin 5 Response
Joined: 8/20/2019
-
RE: UK Tax on Australian Superannuation
Hello.
You can find out more information regarding the remittance basis in our helpsheet here
Remittance basis 2020 (HS264)
If you’re taxable on the remittance basis, you’re liable to UK tax in the normal way on your UK source income and gains.
But you’re only liable to UK tax on any remittances (amounts) of foreign income and gains that you remit to the UK (see below for what we mean by ‘remitted to the UK’).
If you choose to be taxed on the remittance basis you must include these remittances on your tax return.
You should also be aware of the new rules on deemed domicile as this may make a difference to your situation either now or in the future -
Deemed Domicile rules
Thank You. -
RE: UK Tax on Australian Superannuation
Hello VALPICK1.
You are correct in stating that if you are resident in the UK and receive a monthly pension from Australia this will become reportable and liable to tax under the UK rules and not in Australia.
We cannot give you financial planning on a different option for you.
Thank You. -
RE: Money transfer
Hello.
There are no income tax implications with you moving Capital from one bank to another.
The interest you receive from the accounts are taxable income.
Thank You.