Tax on drawdown from foriegn pension account
#1
Tax on drawdown from foriegn pension account
Hi,
I'm in the process of planning a return to the UK after 12 years in Australia.
During our time here both my wife and I have accumulated some funds in Australian superannuation accounts.
When we turn 60 we can draw them down or even fully out tax-free, if, that is, we are Aus tax residents at the time, however we plan to come back before that age.
So, at 60 in the UK we will start drawing down these funds to use as part of our retirement income, I'm guessing they will be subject to UK income tax? If so will it be all of it or just the capital gain? Any chance of using the double-taxation arrangements?
I also hold some equities which I'll be gradually selling down, as far as I understand it these will be subject to CGT, the gain being calculated from when I bought them, even if this was before I returned to the UK?
I'm in the process of planning a return to the UK after 12 years in Australia.
During our time here both my wife and I have accumulated some funds in Australian superannuation accounts.
When we turn 60 we can draw them down or even fully out tax-free, if, that is, we are Aus tax residents at the time, however we plan to come back before that age.
So, at 60 in the UK we will start drawing down these funds to use as part of our retirement income, I'm guessing they will be subject to UK income tax? If so will it be all of it or just the capital gain? Any chance of using the double-taxation arrangements?
I also hold some equities which I'll be gradually selling down, as far as I understand it these will be subject to CGT, the gain being calculated from when I bought them, even if this was before I returned to the UK?
#2
Re: Tax on drawdown from foriegn pension account