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16 February 2021
Tax status of personal pension for dual citizen.
I am a dual UK/Australian citizen who has moved back to the UK for a few years and I am currently a UK tax resident. I am 55 and retired and will draw down 25% tax-free from my self-invested personal pension (SIPP) which I have just transferred from a defined benefit scheme.
I have two questions:
- will I be liable to tax on this when I move back to Australia; and
- do I have to declare it to the Australian Taxation Office this tax year?
I look forward to hearing from readers.
Query 19 696 – Dualist.
Tax is payable in Australia and is reportable to the Australian Tax Office.
Once the reader relocates to Australia they would generally become tax resident in Australia after six months. However it will be necessary to consider whether the reader is also tax resident in the UK under the...
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