Why Is Sars Coming After Emigrants' Retirement Funds?
Finweek English|14 May 2021
Proposed changes to tax legislation may see retirees’ funds locked in SA for three years.
Bobby Wessels
Why Is Sars Coming After Emigrants' Retirement Funds?

In 2017, more than 7 300 South Africans emigrated to the United Kingdom (UK). Currently, there are more than 250 000 South Africans living in the UK and this number seems to be increasing. The proposed amendments to the withdrawal of retirement interest when an individual ceases to be a tax resident will directly affect those South Africans that are planning to move to the UK as well as those that have recently done so.

These amendments have been proposed due to the nature of the Double Tax Agreement (DTA) between, amongst others, the UK and SA, but apply across the board to other similar DTAs. While the proposal is still in its infancy and admittedly contains some grey areas, there are important points to take note of when planning your relocation.

The Utopian relocation scenario would be for a person not to require their retirement assets to fund their relocation. But for most people, the hard reality is that they rely on their retirement assets to fund their relocation. This concern is greatly exacerbated if these funds would be “trapped” in SA for a period of three years.

Why has the proposal been introduced?

Diese Geschichte stammt aus der 14 May 2021-Ausgabe von Finweek English.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

Diese Geschichte stammt aus der 14 May 2021-Ausgabe von Finweek English.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

WEITERE ARTIKEL AUS FINWEEK ENGLISHAlle anzeigen
THE HEALTH OF SA'S MEDICAL SCHEMES
Finweek English

THE HEALTH OF SA'S MEDICAL SCHEMES

As the Covid-19 pandemic abates, finweek takes a look at the financial performance of some of the largest players.

time-read
7 Minuten  |
5 November 2021
The effect of Gilbertson's departure
Finweek English

The effect of Gilbertson's departure

With Ntsimbintle Holdings now the major shareholder of Jupiter Mines, it could change SA’s manganese industry.

time-read
3 Minuten  |
5 November 2021
Making money from music
Finweek English

Making money from music

Why investors are increasingly drawn to the music industry.

time-read
3 Minuten  |
5 November 2021
Conviction is key
Finweek English

Conviction is key

Sandy Rheeder plays a critical role in Mukuru’s mission to open up financial services to the emerging consumer market in Africa through tailor-made technology solutions and platforms.

time-read
5 Minuten  |
5 November 2021
The post-pandemic toolkit
Finweek English

The post-pandemic toolkit

How CFOs can use technology to support growth.

time-read
4 Minuten  |
5 November 2021
Big city living exodus
Finweek English

Big city living exodus

Mini cities like Waterfall City and Steyn City are redefining city-style apartment living.

time-read
3 Minuten  |
5 November 2021
Big compact, big value
Finweek English

Big compact, big value

Handsome, with a hefty level of standard specification, the roomy Haval Jolion compact crossover is a great value proposition.

time-read
3 Minuten  |
5 November 2021
On barriers to entry
Finweek English

On barriers to entry

There are various ways in which a company or sector can achieve competitive dominance. They usually make for good investments.

time-read
2 Minuten  |
5 November 2021
Fear and greed in one index
Finweek English

Fear and greed in one index

To buck the trend, when markets are hot or cold, is a tough thing to do. However, it can deliver solid returns.

time-read
3 Minuten  |
5 November 2021
Africa's largest data centre facility coming soon
Finweek English

Africa's largest data centre facility coming soon

Vantage Data Centers plans to invest over R15bn for its first African data centre facility in Attacq’s Waterfall City.

time-read
3 Minuten  |
5 November 2021