Three years ago, Alun and Beth emigrated to New Zealand from their home in Bristol, United Kingdom. They both had pensions; Beth, a final salary pension scheme through her NHS nursing position and Alun, a private company pension. Both made sure to transfer their pensions but they didn’t realise they needed to inform Inland Revenue. They were confused about the four year exemption period and the impact this had when they formally became tax residents.
- We were able to confirm eligibility for the transitional residents exemption.
- We were able to inform them of their ongoing New Zealand and United Kingdom tax obligations.
- Organise a lump sum drawdown of pensions without deduction of United Kingdom PAYE.