UK Pensions & UPP
May 16th 2005, 8:40 am
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Joined: Jun 2004
Posts: 68
UK Pensions & UPP
Hi,
I am trying to figure out how much Tax is payable in Oz on a British State pension. I understand that UK National Insurance pensions have a UPP (undeducted purchase price) of 8% which means you don't pay tax on the 8%. The bulk of my pension is made up of SERPS (State earnings related pension scheme) but I have been unable to find out if UPP applies to this part. I rang the Tax office but they did not seem to know & said I may have to apply for a private binding ruling. Just wondering if anyone has any experience with SERPS & UPP's.
http://www.ato.gov.au/super/content.....htm&page=8&H8
Thanks
Dave
I am trying to figure out how much Tax is payable in Oz on a British State pension. I understand that UK National Insurance pensions have a UPP (undeducted purchase price) of 8% which means you don't pay tax on the 8%. The bulk of my pension is made up of SERPS (State earnings related pension scheme) but I have been unable to find out if UPP applies to this part. I rang the Tax office but they did not seem to know & said I may have to apply for a private binding ruling. Just wondering if anyone has any experience with SERPS & UPP's.
http://www.ato.gov.au/super/content.....htm&page=8&H8
Thanks
Dave
