Contributing to a SIPP when living overseas.

Mr_Brillo

Hi - Hope someone will be able to give an answer to this.

I have had a SIPP since 2000, when I ran my own business and was living in the UK. I now live in NZ and want to make sure that I have done everything I should have regarding contributions etc.

I understood that I was able to make the basic annual contribution for 5 tax years after I moved from being tax resident in the UK to being tax resident in NZ during 2006.

As I only had the money to make the first contribution, that's all I did and for the next few years have not made any.

As the 5th Y/E is coming up, and I do now have the cash to pay all the other basic annual contributions, can I consolidate them and claim the relief on all 4 years, and what would the total amount be? I know there is a proposal regarding the "Carry forward of unused annual allowance" in an upcoming fianace bill, but am unsure how this affects me.

Also, and I know it's a long shot - anyone who has moved their SIPP to an NZ QROPS - how does making contributions to a SIPP, once you have left the UK, affect your Tax position in NZ?

Thanks in advance.

property.advert

Can't help with your question but I'm all ears regarding anything to do with QROPS.

Mr_Brillo

Thanks, NZ and UK Tax authorities tightening up and NZ$ /GB£ exchange rate make this not a good one at the moment. As I now live in NZ, if I did transfer, it would be for my retirement anyway, so the attraction of being able to get a larger tax free lump sum is not really an issue. I am looking for long term growth within my SIPP and will transfer when the GB£ has strengthened, which will hopefully be within the next 5-10 years!