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Cyprus Eastern Forum Index » Exchange Money & Rates » Money question
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Money question 
Post: #1   PostPosted: Fri Jan 20, 2017 6:55 pm Reply with quote
Mr Tibbs
Joined: 14 Apr 2011
Posts: 8124
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Location: ROC

 
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.

Laughing

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Post: #2   PostPosted: Fri Jan 20, 2017 7:18 pm Reply with quote
mouse
Joined: 08 Oct 2005
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Location: kapparis,cyprus

 
If you had that amount of money I wouldn't worry about it. Wink

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Re: Money question 
Post: #3   PostPosted: Fri Jan 20, 2017 7:32 pm Reply with quote
spanner
Joined: 07 Aug 2008
Posts: 5507
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Mr Tibbs wrote:
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.

Laughing


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.

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Post: #4   PostPosted: Fri Jan 20, 2017 7:52 pm Reply with quote
Mr Tibbs
Joined: 14 Apr 2011
Posts: 8124
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Location: ROC

 
Just between you, me and Mouse (looks both ways). It's for Woody. Wink

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Re: Money question 
Post: #5   PostPosted: Fri Jan 20, 2017 8:21 pm Reply with quote
Mr Tibbs
Joined: 14 Apr 2011
Posts: 8124
Pictures: 0
Location: ROC

 
spanner wrote:
Mr Tibbs wrote:
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.

Laughing


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?

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Post: #6   PostPosted: Fri Jan 20, 2017 8:26 pm Reply with quote
Woodrow Why?at
Joined: 04 Oct 2008
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Location: Ayia Thekla

 
Mr Tibbs wrote:
Just between you, me and Mouse (looks both ways). It's for Woody. Wink


That's you sacked as my Financial Advisor - that was meant to be confidential!! Evil or Very Mad

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Post: #7   PostPosted: Fri Jan 20, 2017 9:00 pm Reply with quote
Mr Tibbs
Joined: 14 Apr 2011
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Location: ROC

 
Woodrow Why?at wrote:
Mr Tibbs wrote:
Just between you, me and Mouse (looks both ways). It's for Woody. Wink


That's you sacked as my Financial Advisor - that was meant to be confidential!! Evil or Very Mad


Jeez Woody! It's just, you know, a few bottles of vin rouge!

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Post: #8   PostPosted: Fri Jan 20, 2017 9:34 pm Reply with quote
Woodrow Why?at
Joined: 04 Oct 2008
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Location: Ayia Thekla

 
It's not the cost of the wine, it's the betrayal! Crying or Very sad

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Re: Money question 
Post: #9   PostPosted: Mon Jan 23, 2017 7:28 am Reply with quote
FSB Properties
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Mr Tibbs wrote:
spanner wrote:
Mr Tibbs wrote:
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.

Laughing


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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Post: #10   PostPosted: Mon Jan 23, 2017 7:40 am Reply with quote
Kmas100
Joined: 25 Apr 2013
Posts: 237
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Location: Larnaca

 
I seem to recall there also being a ceiling cap too.. It's approx 1m. So if your pension is over that there are related tax issues too
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Post: #11   PostPosted: Mon Jan 23, 2017 8:35 am Reply with quote
Mr Tibbs
Joined: 14 Apr 2011
Posts: 8124
Pictures: 0
Location: ROC

 
Kmas100 wrote:
I seem to recall there also being a ceiling cap too.. It's approx 1m. So if your pension is over that there are related tax issues too


It would be nice to have that "problem" Laughing

Thanks to everybody for the help.

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Post: #12   PostPosted: Tue Jan 24, 2017 11:55 am Reply with quote
eddiewizz
Joined: 09 Apr 2008
Posts: 1462
Pictures: 1
Location: Oroklini and MANCHESTER UK

 
Mr Tibbs have Emailed you, have all the info you need

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Post: #13   PostPosted: Wed Oct 11, 2017 2:30 pm Reply with quote
gazzaga
Joined: 23 Oct 2009
Posts: 53
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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.

PM me if you need more info.
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Money question 
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