Brett Griffiths
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RE: QROPS 5 Year Tax Rule
Hi, I am looking to immigrate to Australia and transfer my UK pension plan to a QROPS Fund in Australia. However, I have more than the Australian government's allowance of $330,000 AUD. As this exceeds the cap, The Australian government will require me to withdraw the excess amount above their cap, which is paid to them, and inturn, paid to me. Will the HMRC impose tax on this compulsory withdrawal if it occurs within 5 years of the transfer? Thanks