Tax On Uktate Pension

[malcolmpk]

I am planning to retire to Thailand later this year or early in 2010. I have the UK state pension. 2 company pension and an annuity all of which will be taxed in the UK at the going rate currently 20%. Is it possible to have these pension transferred tax free from a UK bank to a Thai bank and pay the tax in Thailand. I am trying to find out how I can hold on to as much of my hard earned money as possible.

[true blue]

no i tried ,you have to claim tax back every financial year,best to set your tax returns up on line, its a doddle then ,gets you your rebates in about 5 days.

[WeeGB]

Hi Malcom PK, As you're a newbie here, I'd suggest you spend some time looking at topics regarding ATM withdrawal charges, & how to transfer money from the UK to a Thai Bank account. Unfortunately, getting money over here is no longer free, but there are ways to minimise your outgoings when doing so. Good Luck for your future here.

[Penkoprod]

Hi Malcom PK, As you're a newbie here, I'd suggest you spend some time looking at topics regarding ATM withdrawal charges, & how to transfer money from the UK to a Thai Bank account. Unfortunately, getting money over here is no longer free, but there are ways to minimise your outgoings when doing so. Good Luck for your future here.

He's not on about that, but is wanting to know how to get his money UNTAXED from UK, so he can pay it to whomever he chooses (which, i assume is Thailand)

To the OP....you might find banging your head against a brick wall is easier than trying to get your pensions untaxed from UK

The sticking point is that you paid into the funds BEFORE any tax was paid, so therefore are liable to pay it when you draw it. In other words, monies earned in UK are liable to UK tax. Not too sure about the tax situation with your annuity.

So, in all, you have very little chance of getting it gross, i'm afraid.

Penkoprod

[endure]

Any income generated in the UK (which all of your is) is taxable after applying the standard tax allowances.