UK SIPP query
Jul 24th 2013, 6:31 pm
#1
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Joined: Jan 2009
Location: Picton, ON
Posts: 194
UK SIPP query
I have a SIPP in the UK, and am drawing an income using flexible drawdown. (If that sounds like gibberish, now might be a good time to stop reading - it's a bit technical I'm afraid!)
I don't pay UK tax (I get the pension gross and pay tax in Canada) so what happens when I die? My plan has always been to sell everything in the SIPP and take the money over to Canada the moment my health starts getting iffy (as is permitted under flexible drawdown) to stop HMRC snaffling 55% of the SIPP when I die. But can they do this, as I don't pay UK tax? I guess there's a strong possibility that they can, as they know that the SIPP exists and they will know that I die (because of my other pensions). Does anyone know?
The saving grace is that at least I won't get run over by a bus - there aren't any buses in this part of Ontario!
I don't pay UK tax (I get the pension gross and pay tax in Canada) so what happens when I die? My plan has always been to sell everything in the SIPP and take the money over to Canada the moment my health starts getting iffy (as is permitted under flexible drawdown) to stop HMRC snaffling 55% of the SIPP when I die. But can they do this, as I don't pay UK tax? I guess there's a strong possibility that they can, as they know that the SIPP exists and they will know that I die (because of my other pensions). Does anyone know?
The saving grace is that at least I won't get run over by a bus - there aren't any buses in this part of Ontario!
