I have posted here before, but to be honest, I am not really following the threat.
I have been in living and working Australia for quite a time, and I am now considering returning to the UK in retirement.
Retirement for the over 60s in Australia is generally tax free, so I haven’t really given much consideration to the matter.
There is a requirement for UK residents to pay tax on any lump sum received from superannuation. Therefore, if I need to take a lump sum, doing so before I move to the UK would seem sensible.
It appears to me that a small about of planning could negate my need to pay any tax; by not being a UK resident in the year that I receive the lump.
In the web site advice it is written. 2.2 Second automatic overseas test. You’ll be non-UK resident for the tax year if you were resident in the UK for none of the 3 tax years before the current tax year, and spend fewer than 46 days in the UK in the tax year.
Am I correct in assuming that if I spend less than 46 days in the UK (I do not have family ties or a residence); for example, if I move back on 1st March 2024 I will pay no UK tax on any lump sum that I take in the current tax year.
I have a similar question to ones already posted on this space.
There are a lot of exchanges here, and I apologise if I have missed response that I am after.
I am English living and working in Australia, and have Australian Superannuation. I am thinking of moving back to the UK when I retire. I am not sure if this is a permanent move, so would like to keep my Super in Australia just in case.
Currently my fund is in the Accumulation phase which is taxed. When I finish work I can move the funds into retirement phase (invested in a mix of growth assets) which is tax free; and it is from this that I will receive a regular payment.
I understand that the regular payment is taxed as income. How is growth in the main fund treated?