selborne

Can anyone advise me? I will be returning to live the UK after being domiciled as a tax payer in South Africa for 14 years.

I am cashing in my South African retirement savings and will pay tax on that in SA when it gets paid to me, will I have to pay tax on it again when I transfer the amount into a UK bank account.

spouse of scouse

No tax payable on transfer. Any interest the funds generate once you're a tax resident in the UK will form part of your taxable income.

selborne

Thank goodness, I was really dreading having to pay twice.

spouse of scouse

I was planning to draw an income stream from my Australian superannuation in the future. Once I meet the age conditions, this income would be tax free in Australia as it was taxed at source.

However, as I've emigrated to the UK, this income stream/pension would form part of my taxable income. The double tax treaty between the two countries doesn't apply, as the tax is only payable in one country.

Consequently (as I'll be buggered if I'll pay tax twice on these funds) all my Australian superannuation will be withdrawn as a cash payment.