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Do I have to pay tax on my pension I get from the U.K. if I

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Do I have to pay tax on my pension I get from the U.K. if I live in Australia
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I'm Keith and happy to help you with your question.
According to the Australian Taxation Office:
'Most pensions and annuities have both taxable and tax-free components.'
The tax free components would be similar to the UK's 25% of your pension pot being available tax free as a lump sum on retirement whilst the balance, usually invested in an annuity, is taxed as income.
Your UK pensions would thus be taxable emoluments in Australia. However, under the Double Taxation Treaty between the UK and Australia any tax deducted by the UK would be allowed as a tax credit against any liability to Australian tax on the same income stream. The Treaty ensures that the same income is not taxed in both jurisdictions. Remember UK State Pensions, though taxable, are paid gross.
If you are thinking of moving to Australia please remember to submit a form P85 to your tax office as you quit these shores for good. HMRC will then make you non resident in the UK for taxation purposes and help simplify matters.
I do hope I have shown you a possible way forward.
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3613
Experience: FCCA FCMA CGMA ACIS
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Expert:  bigduckontax replied 2 years ago.
Thank you for your support.

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