PIP in Trust for Non Resident

kippermoose

Years ago Granny set up PIPs for her 3 grandkids in Trusts.
Grandkids all have joint Aus/UK citizenship. No 1 was born in UK, no 2 in Holland and no 3 in Oz. All have been effectively lifelong residents in Oz.

Granny is now minded to let them all have their money as cash or transfer the PIPs as they have matured.

Can a PIP be transferred to a non resident UK citizen?

If cash is transferred to Oz bank accounts the Aus taxman takes a big swipe as income tax. How can this be avoided? UK bank accounts for the kids? (ages 28 to 21)? Transfer the PIP as above?

How best to do this tax wise?

xylophone

What do you mean by PIP? Assuming that this is some kind of "investment plan", were these accounts held in Bare Trust? Discretionary Trust?

DrSyn

I do wish people would name these things before using the abbreviation, when they can apply to a number of things.

As they mentioned kids and Trusts, its not going to be the governments Personal Independence Payment (PIP)

More likely its a Personal Investment Plan it could be the one sold by the Halifax or sold by several UK Friendly Societies.

http://www.friendlysocieties.co.uk/index.htm

What kind of trust?