What is the situation regarding a QROPS pension upon death with beneficiaries residing in the UK? Are the funds inherited by UK beneficiaries subject to taxation?
Thanks for the video. Q. What if you moved from the UK to Australia and you didn’t want to transfer your UK pension to Australia? …Could you still take drawdown income into your UK bank account, pay tax if due, and then do a personal overseas bank transfer to Australia? Many thanks!
Hello Thank you for your comment. Yes, there is no obligation to transfer a pension to a QROPS, and you could keep your pension in the UK, or move it to another, more suitable, UK Pension. You can then go through standard PAYE system to pay tax, and obtain an NT Code to get tax paid gross, and sort out the tax manually in Australia.
What is the situation regarding a QROPS pension upon death with beneficiaries residing in the UK? Are the funds inherited by UK beneficiaries subject to taxation?
Thanks for the video. Q. What if you moved from the UK to Australia and you didn’t want to transfer your UK pension to Australia? …Could you still take drawdown income into your UK bank account, pay tax if due, and then do a personal overseas bank transfer to Australia? Many thanks!
Hello
Thank you for your comment.
Yes, there is no obligation to transfer a pension to a QROPS, and you could keep your pension in the UK, or move it to another, more suitable, UK Pension. You can then go through standard PAYE system to pay tax, and obtain an NT Code to get tax paid gross, and sort out the tax manually in Australia.