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British retirement pension

British retirement pension

Old Jan 18th 2007, 5:35 am
  #16  
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Default Re: British retirement pension

Originally Posted by JAJ View Post
It's not illegal or even fraudulent to leave funds overseas. There are no exchange controls in New Zealand.

However, income tax obligations must be complied with regardless.
Are you saying that if he keeps his bank account and has his pension paid into the UK account would be ok. Would he still have to pay income tax to the NZ tax man if his money was banked in the UK?
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Old Jan 18th 2007, 6:02 am
  #17  
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Default Re: British retirement pension

Originally Posted by tom's mum View Post
Are you saying that if he keeps his bank account and has his pension paid into the UK account would be ok. Would he still have to pay income tax to the NZ tax man if his money was banked in the UK?
Wouldn't it be best to call the IRD direct about this... when it is something this important, asking the opinions of random people may not give you the advice you require.
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Old Jan 18th 2007, 9:08 am
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Default Re: British retirement pension

Originally Posted by JAJ View Post
If you live in a country that taxes worldwide income, that is illegal tax evasion.
whoops don't do that then! LOL( I didn't knowing suggest you do something illegal)
Seems like you'll end up paying tax on uk pension
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Old Jan 18th 2007, 3:24 pm
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Default Re: British retirement pension

I'd speak to a tax expert and see what options you have for avoiding paying it without doing anything illegal. The rich get away with it so worth a try.
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Old Jan 18th 2007, 3:39 pm
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Default Re: British retirement pension

[QUOTE=helinuk;4297059]( I didn't knowing suggest you do something illegal)

- sometimes 'spell check' isn't enough- ! 'I didn't knowingly suggest that you do something illegal'
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Old Jan 21st 2007, 6:40 am
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Default Re: British retirement pension

Thankyou everyone for your advice. My parents are thinking hard about their options and may go to see an expert etc.
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Old Jan 21st 2007, 3:55 pm
  #22  
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Default Re: British retirement pension

Originally Posted by tom's mum View Post
Are you saying that if he keeps his bank account and has his pension paid into the UK account would be ok. Would he still have to pay income tax to the NZ tax man if his money was banked in the UK?
If New Zealand taxes worldwide income, then he must pay New Zealand tax. Where he chooses to leave the funds physically is up to him and no-one will care.

But you would need to check the Double Tax Agreement to see if there are special rules for pensions paid from the UK to a New Zealand resident.
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Old Jan 21st 2007, 9:07 pm
  #23  
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Default Re: British retirement pension

Hi there Toms Mum.
The subject of pensions is a concern for many of us.

Here is a link to the New Zealand Inland Revenue. The link points to a download file about NZ Residents with Overseas Government Pensions i.e. the UK.

Have a read of this guide. Its IR258

NZ IRD LINK HERE

You may also want to look through this NZ IRD guide. Its about overseas private pensions. Its IR257

LINK LINK TO THE GUIDE IS HERE

Overseas ex-pat pensions are frozen. Eva Hubble leads the fight against this.

Read about it in the TELEGRAPH ARTICLE FROZEN PENSIONS

Look HERE to see what UK Inland Revenue has to say about having your UK pension abroad.

You may find it advisable to seek advice from a quality company here in NZ that specialise in transferring pensions. They will have the up to the minute rules re overseas pensions at their fingertips. I do know of a reputable one in Wellington but am not sure if I am allowed to mention the firm on the forum. If you require the name please PM me.

Perhaps also investigate Trust Funds and Offshore trust funds. Its not something I know anything about, but I do know that many older Kiwis set up trust funds , much more so than in the UK in fact.
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