Iíve taken my small pension early and was wondering what best to do with regards paying tax on it. Iím not a pensioner and wonít be for another 12 years. (Unless they move the goal posts!!)
So, not sure whether to leave it taxed in the uk or not.
Iíve read your article but these things send my head into a spin.
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As you're a permanent resident, you must register to pay tax in Cyprus. To ensure you pension is paid without the deduction of tax, you need to complete a DT-Individual Form.
When you visit the Tax Office to register, take this form with you. They will complete it and send it to the UK and (eventually) you will receive your pension from the UK without any tax being deducted - and possibly a tax refund.
You will need some Revenue Stamps from the Post Office for the form. I can'tt remember how much these cost, may be someone else has a better memory than myself.
You will need complete another DT-Individual form in the future for your state pension.
Is your current pension a Government Service Pension (received by retired UK civil servants, armed forces personnel, NHS staff, teachers, local government employees, police etc.)?
You will need to work out which is the best option for you - Cyprus or UK.
If it's Cyprus you need to write to HMRC as described in the above article.
I still cannot see how this is a Christmas present , if you do decide to have your government pension taxed in the U.K. and any other pensions taxed in Cyprus , surly when you fill in your Cyprus tax form you have to declare your worldwide income ? ?
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