HMRC Admin 19 Response

Hi Arijit Banerjee,

There is no Income Tax implications on the transfer or money from one bank account to another. However, if you become a UK tax resident and you continue to receive money from this pension fund then this would be reportable and subject to tax in the UK. 

Thank you.

Hi Kuni,

Currency conversion from one bank account to another does not incur Income tax. Neither does converting US dollars to British pounds. 

Thank you.

Hi,

You would not need to pay Income Tax but you may wish to talk to our bank regarding their charges. 

Thank you.

Hi Solo,

If this is similar to a gift, there are no income tax implications for you, there may be some for your mother if she receives interest.

You may wish  to check the tax rules with the tax authoriites in Sweden. 

Thank you.

Hi R C,

Suparannuations are classed as pensions for UK purposes and would therefore be taxed as such.

If the tax amount of 65% is based on a visa then you may wish to speak to the home office regarding this.

In terms of how the funds are paid you would need to speak to the fund holders.

Our pension scheme services also deal with pension administrations so they  may be able to help further:
Pension schemes 

Thank you.

Hi JJMurph,

Superannuations are treated as pension income. If you are a UK tax resident then this will need to be reported through a Self Assessment tax return. You can also show the tax paid on this and we then give foreign tax credit releif so that you are not taxed twice on the same income. 

Thank you.

Hi,

We need to look at the Double Taxation agreement with each country separately. UK/Singapore agreement - please see article 18 which states that the pension is taxable in the country the recipient is resident.

UK/Singapore Double Taxation Agreement 

Thank you.

Hi SHina,

There are no UK income tax implications but you will neEd to check with the bank for any charges.

Thank you. 

 

Hi,

As per Article 17 of the tax treaty between UK/Hong Kong, any pension payment arising in Hong Kong, paid to a UK resident, is taxable only in Hong Kong. This income will therefore not need to be reported to the UK. 

UK/HONG KONG DOUBLE TAXATION AGREEMENT AND PROTOCOL

Thank you

Hi,

The UK/Hong Kong treaty provides that all pensions which arise in Hong Kong are taxable only in Hong Kong, please see the link below:
DT9207

Therefore there is no liability to UK tax for a Hong Kong pension paid after 5 April 2011. 

Thank you.