South African expats in the United Kingdom who cash out their retirement savings back home could see those funds being taxed in the UK at rates as high as 45%.
In March, the UK’s governing Conservative party put forward proposals to get rid of the current tax breaks that UK-resident non-domiciled (non-doms) enjoy.
The new amendments would focus on taxing foreign income and gains on a residence basis, writes City Wire. If approved, from 6 April 2025, UK-based Saffas will be taxed on SA-earned income – whether that comes from disposing of SA assets, or withdrawing SA retirement…
