Daiput

I am resident in the uk for tax purposes , but hold Australian dual nationality. I have my superannuation fund in Australia , I pay tax at 15% on all income I receive within the fund to the Australian Tax Office. Am I able to offset that tax paid against my UK tax liability, as income/growth within a pension fund is not subject to tax in the UK

It seems there are an awful lot of people on here that are affected by what seems a double taxation on Australian pensions. As an Australian citizen and past resident, I was encouraged to put some of my already taxed savings into my superannuation fund. As this was already taxed on the way in , I was able to draw the entire fund tax free at pension age . Having returned to the uk (after four years) as a permanent resident now find that withdrawals are taxable even though all of the fund was made up from savings accumulated in the uk from taxed income . So as an instance say I earned when I was originally uk resident £2000 one month, after tax say £1600 of which I saved £800 in the uk . When I moved to Australia I put that £800 (of which I had already paid £200 in uk tax) Into my super fund. But having returned to uk and wish to draw it I will have to pay a further £160 in income tax (£800 x 20%) so my original £1000 earned is now only worth £640 having paid £360 in tax. This is totaly unfair and will affect many pensioners who have superannuation funds in Australia, taxing them twice which is unjust. Who can we all write to and lobby to have this ruling investigated and changed?

So what if I switch from one fund manager to another? That same way the fund would be liquidated and reinvested but no cash benefit to me the same scenario

I think you have misunderstood, it would merely be swapping the pension fund out of the managed fund and into property which would still be classed as pension in Australia. It would not be withdrawing the fund for personal use nor moving the proceeds to the uk

A dual citizen of Australia and UK now resident in UK for tax purposes, my pension fund is in Australia with a fund manager, if I was to withdraw that fund and reinvest the proceeds in a rental property in Australia as a pension fund, would the encashment of the fund be treated as a taxable event in the UK ?

Thank you for the reply , however Article 17 of the tax treaty is of no relevance, a withdrawal of a lump sum fro the pension fund would be purely that, a withdrawal, a non regular withdrawal of funds deposited from savings into the pension fund. From your earlier response it would appear that this is not subject to UK tax as it is merely a withdrawal of previously taxed contributions introduced to the account. Could you please give a definitive answer without reference to the articles as they generally do not cover the question asked or are too ambiguous .

So are you saying that if you took any amount of lump sum from a super fund based in Australia say once a year , there would be no tax liability in the uk whether it was deposited In an Australian bank account or remitted to the uk, as long as it was not a regular , say monthly , withdrawal?

I read somewhere that if money is withdrawn from an Australian pension fund as a lump sum by a dual citizen now resident in the uk and is placed in an Australian bank deposit account, that this is not taxable as it is considered as savings , is this correct?

HMRC Admin 19 I am not asking for financial advice I am asking a question on a tax related matter solely

https://community.hmrc.gov.uk/public/c0225cb5-410d-ea11-a811-000d3a7ed2f2/forum-posts In reply to admin 10 above , are you therefore saying if I was to withdraw the initial capital input into the pension fund , but leave any capital growth in the fund, there would be no tax payable on the original capital investment as long as id not touch any growth element