deVere Investor Insight - Q1 2021

Investor Insight // Q1 - 2021 13 The UK has many tax treaties with other jurisdictions which means, in general depending on the source of your income, that you should not be taxed on the same income in both countries and that is basically what a tax treaty does. It lists certain income and situations and provides a guide on which country will tax your income. Under the tax treaty between the UK and Vietnam, generally pensions paid in consideration of past employment to a tax resident of Vietnam and any annuity paid to such a tax resident, shall be taxable only in Vietnam and not the UK. As the DTA allocates the taxing rights to Vietnam which can exempt the income from Vietnamese tax (if conditions are satisfied), it is possible the pension could be received without taxation in Vietnam. I live in Vietnam & have a SIPP with in Vietnam when I take the benefits a UK provider. Could you tell me if please? I am likely to be taxed in the UK or It’s highly likely we can help you as we have a specialist team in Zurich assisting clients around the world who hold Swiss pensions. It is possible to review the Canton the pension is held in and it is possible, depending on the circumstances to switch to another pension provider in another Canton. I also believe it’s worth noting that the pension is currently likely to be held in a vested benefits account which currently pays an interest rate of 0.01%. Therefore, most clients could transfer the pension outside of Switzerland due to the limited growth prospects and it is possible to take the pot as a lump sum at preferential tax rates. The individual is then free to invest the capital in a suitable investment solution in their country of residence. This solution works very well as the local deVere Adviser works with our specialist team in Zurich to find the most suitable solution to fit each individual. Having lived & worked in Switzerland for about 10 years, I hold a Swiss company pension. I‘ve now left Switzerland and do not intend to return. Is it possible to transfer or take benefits?