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Taxation on UK pension lump sum payout (Aged 55 and now reside in SA since 1 Jan 2014)

Posted 28 August 2015 under Tax Questions



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Graeme says:
27 August 2015 at 22:04

I have decided to cash in my Pension Pot in the UK (I was 55 years old in 2014 and therefore can retire) - I have been paid out UK Pound amount 47843 of which tax of UK Pound 19977 was deducted. I now need to recover this tax from the UK and then submit same to SARS. My query is therefore:
1. I need to complete UK/SA double taxation form to apply for relief of income tax at source ie UK and claim back my tax
2. I need to submit??? to SARS for them to calculate tax owed by me - I would however need help with this so as to understand how much tax will be owed (would be interested to know what conversion rate will be used by SARS in the calculation)
3. Can 2 above be done independently of my 2015/2016 submission ie can I complete docs as soon as I have my UK tax reimbursed

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TaxTimTaxTim says:
28 August 2015 at 9:26

Pensions earned outside of SA if they are not related to work performed in SA are exempt from tax in South Africa and therefore you do not need to worry about performing any calculations.


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