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A UK-domiciled taxpayer worked in Australia for many years, but has returned to the UK. He has an Australian pension fund, which is not subject to tax in Australia but is in the UK
My client is UK-domiciled but was resident and worked in Australia for many years; however he and his wife have now retired back to the UK.
They have an Australian pension fund which is not subject to tax in Australia. Between them they receive approximately £50 000 per year which has been declared in the UK since they became resident.
The client has recently asked about the implications of withdrawing some of the capital from the pension fund to invest in inheritance tax efficient investments. This set me thinking about the whole pension set up.
My client has advised that there is no Australian tax charge on withdrawing funds from the pension and because it is not a qualifying recognised overseas pension scheme (QROPS) it appears that there are no UK tax implications of withdrawing the capital.
I am assuming that part of...
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