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  • RE: QROPS 5 Year Tax Rule

    I'm still not clear on the 5 year rule. I understand that if I move and transfer my pension at the same time, the 5 year residency rule applies from the day I arrive. However, if I moved 20 years ago and have been a Canadian resident for tax purposes since then, and only moved my UK pension last year, have I already met the 5 year requirement by virtue of my residency period in Canada or does the 5 year clock start ticking when the pension is moved. Thanks Dave
  • RE: QROPS 5 Year Tax Rule

    Hello - I've read through the thread but I'm not sure my questions have been answered. I relocated to Canada 20 years ago and have been resident for tax purposes there throughout. I transferred my DB pension under the QROPS scheme in 2022. I'd like to start drawing GBP.5,000 monthly from that balance but want to ensure I'm not liable to UK tax (I will pay Canadian tax on those withdrawals). There is no intent to withdraw large lump sums at any time and I will only be using the balance to support the monthly withdrawal. Will this trigger any UK tax consequences and, if so, at what point are those consequences avoidable. Thanks for any insights.