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Drawdown pensions from UK

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16 minutes ago, hotandsticky said:

 

 

3.85% currently on cash ISA's with Trading212.

 

 

Immediate access  (but can't top up again if you have already used your £20k p.a. ISA allowance).


That's a good return.

I put my pension into Wise - the £20k p.a. limit would be restrictive but I could use it for the first £20k.

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  • I do.  But i was scrolling through the Aviva app the day and saw an alert on the drawdown page saying something along the lines of 'contact us if you plan to retire abroad - the rules may be different

  • I have a Hargreaves Lansdown SIPP in income drawdown. I make payments to my U.K. bank account and then transfer what I need to Thailand using Wise. You can also make payments direct from your pension

  • My pension drawdowns are taxed at source by Hargreaves Lansdown using the tax code provided by HMRC. You are right about filing a Thai tax return if you are in Thailand for 180 days or more in a tax y

2 hours ago, topt said:

I don't disagree. Unfortunately they seem to be the only subset of countries where that is the case and has often been reported on here by those who do so.

And there you have it. Enforced by the home country.........(but I believe of benefit to the tax payer to pay in Thailand rather than Norway?)

This is generally not the case for others.

Yes, some might in fact save money being taxed in Thailand. Depends on your income of course. But lower end state pensions are without taxes in Norway up to 270.000 kroner (860k-ish baht) , so in Thailand you'll be taxed quite a bit from that. But it's pretty progressive above 270k. From a high end state pension, maybe adding some private pension, there are usually quite a bit to save being taxed in Thailand instead.

 

It's generally not as bad as people think to be taxed in Thailand. And no one will end up being taxed twice with a DTA without being reimbursed.

56 minutes ago, hotandsticky said:

Immediate access  (but can't top up again if you have already used your £20k p.a. ISA allowance).

I dont know about Trading212 but if it's a Flexible ISA then any money taken out of it can be re-deposited during the same Tax Year, even if you've already used your £20k p.a. ISA allowance.

 

https://www.gov.uk/individual-savings-accounts/withdrawing-your-money#:~:text=If your ISA is 'flexible,if your ISA is flexible.

 

Worth mentioning that Non-UK Tax residents cannot open a new ISA or add any money to their existing ISAs. 

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