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bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4803
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Having previously worked in South Africa years, my

Customer Question

Having previously worked in South Africa for many years, my South African pension is still invested there.
I need to find out what the tax implications are in the UK. Whether of not I need to pay tax here in the UK, etc.. What would be the process if I wanted to bring those investments to the UK while avoiding paying too much tax?
Whenever I have asked such questions of an IFA and of my accountant, they have been unable to give me any sensible answers beyond 'Have lots of holidays in Cape Town and spend the money' !
Who should I be talking to? HMRC? a Tax Accountant? IFA? Pensions company??
I believe their may also be a deadline at the end of December this year, by which time all forieng assets need to have been declared to HMRC, and would very much like to keep myself on the right side of the law...
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. If you spend more than 183 days in the UK in any one tax year then you are liable to UK taxation on your world wide income. You should declare your SA pension on your annual self assessment tax return. Under the Double Taxation Treaty between the UK and SA, which precludes the same income stream being taxed in both jurisdictions, any SA tax paid will be allowed as a tax credit against any UK liability. Transferring funds from SA to the UK is outside the scope of UK taxation, but you should warn your bank of the source of incoming funds to preclude any money laundering investigations a large sum might trigger. I do hope that I have been able to set your mind at rest on this matter.