Close International comments on Australian tax change
Rex Cowley, head of marketing at Close International, comments on Australian tax change:
“The change to the Australian Tax Rules are a reminder of the fluidity of tax systems around the world and the implication that changes may have to individuals circumstances. For anybody looking to hold a QROPS, they need to remember that the implications on tax are typically 3-dimensional. In other words, they need to be cognisant of the implication from a UK perspective, the jurisdiction in which the QROPS is domiciled and the tax environment in their country of residence. This again shows the complexity of International pension planning and anyone looking to transfer their UK pension to a QROPS should only do so under advice."
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