Private Pension Release UK

[Cranky]

Fry are very good.  Well experienced in expats and, more importantly, returning expats.  

 

Watch out for the 'grey areas' - domicile is a whole can of worms as is 'non-residency' for guys who sail to close to the wind whilst keeping close ties to the UK, like kids in private education, property, cars they use etc.  Simply doing your 'days' outside the country is no longer enough.

[denby45]

5 hours ago, Mario666 said:

Thanks Den.....I am going do my tax return ASAP after April 6th and see what happens.

 

I don't know of The Fry Group but will Google them.

 

For some reason I am unable to PM anyone at the moment, but will keep you posted.

 

Cheers,

 

M

No problem Mario,

 

you will see when you go to their website that these guys are clued up. There is even lots of free information there to get you started.

 

Den

 

[Mario666]

On 3/21/2018 at 5:00 AM, Cranky said:

Seems to me you are asking questions till you get the answer you like.  Stick with your regulated friend and accountant - assuming they are regulated and qualified.

 

To my knowledge, if you exceed your limits and lie on your tax return you are asking for trouble, particularly if you have UK assets the HMRC an seize.   If the pension plan is UK based they will refuse your request to break the law anyway so I can't see how you will benefit.  HMRC will simply refuse the rebate - unless of course you are indeed eligible. 

 

Good luck.

Thanks Cranky for your reply.

 

I am not "asking questions till i get the answer I like"   as you put it.

 

I am asking if anyone actually really knows the situation having done what I am attempting to do.

 

I have no intentions of breaking the law and particularly in any dealings with HMRC.

 

As always on TV when you ask a question like this you get many wildly differing opinions and many people assuming they know the answers.

 

I would therefore only be interested in speaking to someone who has already done this themselves.....No joy so far.

 

Cheers, M.

 

 

 

[Mario666]

On 3/21/2018 at 5:03 AM, Cranky said:

Fry are very good.  Well experienced in expats and, more importantly, returning expats.  

 

Watch out for the 'grey areas' - domicile is a whole can of worms as is 'non-residency' for guys who sail to close to the wind whilst keeping close ties to the UK, like kids in private education, property, cars they use etc.  Simply doing your 'days' outside the country is no longer enough.

Thanks Den,

 

I can assure you that in conjunction with my accountant we have done our due diligence regarding "non-residency" rules and I definitely am classed correctly as non-resident as per the conditions below:

 

"Statutory Residence Test: Key components

There are four essential components to the Statutory Residence Test:

1. How much time you have spent in the UK in a tax year
2. Automatic Overseas Test
3. Automatic UK Tests
4. Sufficient Ties Test

In the simplest terms, you will be considered a non-UK resident for tax purposes if you meet the automatic overseas test and you do not meet the automatic UK test or Sufficient Ties Test."

 

For more detail visit:

https://www.expertsforexpats.com/expat-tax/statutory-residence-test/

 

Many thanks once again for your input.

 

M.

 

[Maximus33]

UK Pensions of any type, whether private or State are normally treated as taxed as earned income in the UK in the tax year of receipt. The only mitigation of this is where there is a double taxation agreement where you are non-resident. Thailand has a DTA but it does not cover pensions and so your UK pension is taxable in the UK. Your tax free allowance and other UK income will be taken into account to calculate the overall tax position.

[WhiteHatPhil]

On 3/6/2018 at 3:42 PM, Cranky said:

Happy to, just send me a PM and I'll recommend an appropriate firm - don't think we're allowed to promote firms here

Hi Cranky. May I also send you a PM for the name of that firm?

[BritManToo]

On 3/2/2018 at 3:59 PM, Mario666 said:

However, if I wish to withdraw any of it ...it is taxed at source as it is treated as PAYE income.

 

old thread.