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bigduckontax, Accountant
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I am a UK national aged 67, and have just returned to the UK

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I am a UK national aged 67, and have just returned to the UK having lived overseas for the last 40 years. I had subscribed to the UK Government Pension and I now receive a State Pension. I also have built up a portfolio valued at US dollars two million of off-shore corporate bonds, equities and unit trusts, which I would like to maintain and manage myself. My question is: can I set up a SIPP and transfer all or part of my portfolio to the SIPP? Thanking you in advance for your respsonse
Antony Maw
Hello, I am Keith, one of the experts on Just Answer, and happy to help you with your question.
First point, you incur no tax when you transfer your overseas holdings to the UK. Once they are here however any income received is taxable. You will be liable for UK taxation on all income earned world wide.
Hargreaves Lansdowne have the following advice upon SIPPs:
'Which pensions can you transfer?
You can transfer most types of pension to the Vantage SIPP (the total combined value of pensions being transferred must be £1,000 or more), normally without needing advice. These include:
Personal and stakeholder pensions
Retirement Annuity Contracts (RACs)
Other SIPPs
Most Additional Voluntary Contribution plans (AVCs) including Free Standing AVCs
Executive Pension Plans (EPPs)
Most paid-up occupational money purchase pensions
Old protected rights pensions accrued from contracting out of the State Second Pension or SERPS (State Earnings Related Pension)
Pensions in drawdown'
Unfortunately, your investments do not appear to be in the form of a pension fund so the scenario you suggest cannot be undertaken. Your funds are not available for transfer unless they are already in some sort of pension fund.
You will be limited to the normal annual allowance for input into a SIPP, about 0.45 of 1% of your investments.
I am so sorry to have to rain on your parade.
Customer: replied 2 years ago.

Thank you for your reply. Presumably, however, I would be allowed to buy Premium Bonds to the value of GBP40,000 and transfer these into the SIPP? Are there any other form of non-taxable investments I cold purchase?

Premium Bonds are a tax free National Savings product in any event. The 2014 Budget expressed an intention to raise the limit to 50K, but no date was given for this extension. There are also Savings Certificates, cash ISAs and a few other tax free products, but the annual maxima in these is low. Your local Post Office will have all the detail on these although for cash ISAs the building society will probably be a better bet and the comparison web sites will tell you the best rates available for these at present.
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