IRD Changes Tax Rules For UK Pensions

The IRD have changed the tax rules on UK Pension transfers.

If you have a Personal or Company UK Pension then you need to seek urgent advice if you want to reduce the risk of a large tax penalty.

Also, the NZ Superannuation Scheme rules have changed as of 1 December 2016. Find out if these changes have affected you.

Any lump sums or transfers within the first 4 years of becoming a New Zealand tax resident will be exempt from any tax charge.  This also includes returning New Zealanders who could qualify for the general 4 year tax exemption.

After the 4 year exemption there is an Inland Revenue Department scheduler sliding scale tax arrangement which based on how long you have been in New Zealand, and under this new arrangement  the longer you have been in New Zealand the higher the tax liabilities will be.

Don’t delay! Talk to us now about transferring your UK Pension, and you’ll be glad you did.

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