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UK Pension - Tax Implications

UK Pension - Tax Implications

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Old Feb 15th 2017, 12:53 pm
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Default UK Pension - Tax Implications

Please can someone give some advice.
I am permanent resident in South Africa (for last 27 years) and I have a small private (SIPS) pension in the UK which matures in 2019 when I'm 65 but I can take it now.
What I want to know is if I take it all as a lump sum will I pay any tax on the proceeds in the UK ?
I'm pretty sure that if I bring it into SA it is tax exempt, just not sure about the UK side.

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Old Mar 23rd 2017, 2:52 pm
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Default Re: UK Pension - Tax Implications

Hi Steve,
There is a dual tax agreement between South Africa and the United Kingdom. If you bust the pot you will be liable to pay tax. You are entitled to take 25% tax free. The remaining amount would be taxed at your marginal rate. However the first £11,500 is tax free. You would be liable to pay the tax in the UK and any proceeds you bring in to South Africa there will be no tax payable. However you will need to put it on your tax return here.

Regards Ian
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