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Thread: Tax on pension

  1. #1
    Tribesman's Avatar
    Tribesman is offline Member
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    Sep 2007

    Default Tax on pension

    Hi, Does MotherBear know if tax is deducted from overseas state pensions. Is it true that pensions from overseas is exempt from tax for the first 4 years Sent in family/parent policy last Wensday to London. Just waiting now to hear from them and hope they will accep and everything is ok.

  2. #2
    MotherBear's Avatar
    MotherBear is offline The missing link
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    Jan 2005
    currently Ras al Khaimah, UAE, ex Wales, UK
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    I wonder if point 2 is the one we need because I get the impression that 'superannuation' in NZ is what they seem to call their pension. After the 4 years is up, it looks like we would have to pay tax on our pensions. The following relates only to the 4-year amnesty regarding tax payment.

    Exempt types of foreign income

    Types of foreign income which are temporarily exempt from tax in New Zealand:

    * Controlled foreign company income that is attributed under New Zealand's Controlled Foreign Company (CFC) rules
    * Foreign investment fund income that is attributed under New Zealand's Foreign Investment Fund (FIF) rules (including foreign superannuation)
    * Non-resident withholding tax (for example on foreign mortgages)
    * Approved issuer levy (for example on foreign mortgages)
    * Income arising from the exercise of foreign employee share options
    * Accrual income (from foreign financial arrangements)
    * Income from foreign trusts
    * Rental income derived offshore
    * Foreign dividends
    * Foreign interest
    * Royalties derived offshore
    * Income from employment performed overseas before coming to New Zealand, such as bonus payments
    * Gains on sale of property derived offshore (held on revenue account)
    * Offshore business income (that is not related to the performance of services).

    Have a read through the rest of it and see what you think.

    There is something about double-taxation that is niggling at me. It looks like we may have to apply to be exempted from paying UK taxes as well as NZ tax. It generally seems to apply to non-residents but there is mention of residents, too, if you look below. They use the term 'resident' often but they may mean 'tax resident' rather than permanent resident. Very confusing. Not sure where you stand on taxation matters because I believe you're from Ireland and I don't know if you would be part of the UK taxation system.

    If you are a resident of a country with which the UK has a double taxation treaty, you may be able to claim exemption or partial relief from UK tax on certain types of income from UK sources. The precise conditions of exemption or relief can be found in the text of the relevant treaty.

    From here.
    Mother Bear

    Try to bloom wherever you are planted.

  3. #3
    Tribesman's Avatar
    Tribesman is offline Member
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    Sep 2007

    Default Tax on pensions

    Hi MotherBear,
    Its hard to understand the above, although it seem pensions are exempt?
    We don't pay tax on state pensions in Republic of Ireland . I have emailed the IRD in NZ and see if i can get a sensible answer from them. I think the best thing to do here is go to the pensions office here and see if they can sort my queries out. Will keep the forum posted .
    Last edited by Tribesman; 09-11-2009 at 12:53 AM.

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