Elizabeth
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RE: Australian superannuation preserved benefit taxable in UK?
Thank you, that's helpful -
Australian superannuation preserved benefit taxable in UK?
I’m an British-Australian dual national and have lived in the UK for the last 25 years, with no intention to return to Australia. When I left Australia I left my superannuation pot as ‘preserved benefit’ which I understood I couldn’t access before I turned 55. Since then the money has been earning interest which, I understand, is taxed in Australia. As I’m now over 60 I want to access the money. My Australian super fund says they cannot pay me a pension in the UK but that I can take the money as a lump sum (or successive lump sums). Will this money be subject to UK taxation? If so, as I’m not currently earning, would my tax free allowance mean I could bring in an amount tax-free up to the tax-free threshold each year? I believe similar questions have been asked before, but as everyone’s circumstances are different, I’m not completely certain that previous HMRC responses apply to my case.