Returning after 14 years tax on transferring my cash
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. |
Re: Returning after 14 years tax on transferring my cash
Originally Posted by selborne
(Post 12378937)
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. |
Re: Returning after 14 years tax on transferring my cash
Thank goodness, I was really dreading having to pay twice.
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Re: Returning after 14 years tax on transferring my cash
Originally Posted by selborne
(Post 12378948)
Thank goodness, I was really dreading having to pay twice.
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 Consequently (as I'll be buggered if I'll pay tax twice on these funds) all my Australian superannuation will be withdrawn as a cash payment. |
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