There doesn't seem to be a straight Financial section of the Forum
A simple question:
If I had a zillion pounds in a UK pension fund and decided to draw the lot of it out as a lump sum. Given that I opt for 5% tax. Would I just have to declare it with income for that year and pay 5% of it?
This is a tad hypothetical. For a friend. At a small commission. Mostly Keo.
There doesn't seem to be a straight Financial section of the Forum
A simple question:
If I had a zillion pounds in a UK pension fund and decided to draw the lot of it out as a lump sum. Given that I opt for 5% tax. Would I just have to declare it with income for that year and pay 5% of it?
This is a tad hypothetical. For a friend. At a small commission. Mostly Keo.
From my experience if you take out more than £10K a year you have to pay UK tax on it.
There doesn't seem to be a straight Financial section of the Forum
A simple question:
If I had a zillion pounds in a UK pension fund and decided to draw the lot of it out as a lump sum. Given that I opt for 5% tax. Would I just have to declare it with income for that year and pay 5% of it?
This is a tad hypothetical. For a friend. At a small commission. Mostly Keo.
From my experience if you take out more than £10K a year you have to pay UK tax on it.
Let me know where to collect the KEO.
Spanner. You don't do emails. Can you elaborate on that? I always thought, once you were here, you paid local tax on all of your World income. Why do you have to pay in the UK?
There doesn't seem to be a straight Financial section of the Forum
A simple question:
If I had a zillion pounds in a UK pension fund and decided to draw the lot of it out as a lump sum. Given that I opt for 5% tax. Would I just have to declare it with income for that year and pay 5% of it?
This is a tad hypothetical. For a friend. At a small commission. Mostly Keo.
From my experience if you take out more than £10K a year you have to pay UK tax on it.
Let me know where to collect the KEO.
Spanner. You don't do emails. Can you elaborate on that? I always thought, once you were here, you paid local tax on all of your World income. Why do you have to pay in the UK?
Unless you have an NT tax code, the UK tax authorities will tax you before you get your dosh. You can claim it back when you apply for the NT tax code.
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I've just assisted one of my clients doing this. depending on the type of scheme you may have to pay a UK adviser to write a report recommending the transfer. Theoretically you can draw the cash and reclaim tax withheld in UK.
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