I am 75 and a UK resident . I would like to know the taxation position when my children who live in Australia inherit my SIPP on my death. I know if they were in UK the income or lump sums would be taxed at their marginal rate as I would be over 75 on death . Would my SiPP be taxed in UK or Australia when inherited ?. Thank you
Hi @4steve
It depends how it's received. For Australia, we have no inheritance taxes so if your children were to receive a lump sum from your estate, they wouldn't pay tax here.
If they receive amounts from your fund, it'll depend on if they receive a lump sum or an income stream. We'd need to know more info to work out if they'd pay any tax.
You can reach out to us for tailored technical assistance and provide copies of any relevant documents so we can look further into this.
Hi @4steve
It depends how it's received. For Australia, we have no inheritance taxes so if your children were to receive a lump sum from your estate, they wouldn't pay tax here.
If they receive amounts from your fund, it'll depend on if they receive a lump sum or an income stream. We'd need to know more info to work out if they'd pay any tax.
You can reach out to us for tailored technical assistance and provide copies of any relevant documents so we can look further into this.
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