Selling gold - taxes

[chiang mai]

I've been out of the UK tax system for the past ten years so I can't begin to imagine how it all works today - I've recently begun recieving private pension payments from the UK and 20% tax is being deducted at source. Since I don't have any UK arising income I reckon I should be able to get these payments paid gross of tax, the question is how to go about it! Almost certainly this has to be done via HMRC, question is how, is there a single point of contact for overseas ex-pats? Any tips/pointers/contact details gratefully recieved.

Thanks in advance

[meatboy]

hi cm.you should get intouch with the H.M.REVENUE&CUSTOMS the area that handles your tax affairs.

you should have a ref.no.and check with who is paying your pension.

as long as your not over the personel allowance the private co.should not stop any tax.

there is a tel.no for non residents,make sure you have your national ins.no.and the tax ref.

eg.ni.TH 45-67-89 A,private no.092/dps.[doctors pension scheme.

[chiang mai]

hi cm.you should get intouch with the H.M.REVENUE&CUSTOMS the area that handles your tax affairs.

you should have a ref.no.and check with who is paying your pension.

as long as your not over the personel allowance the private co.should not stop any tax.

there is a tel.no for non residents,make sure you have your national ins.no.and the tax ref.

eg.ni.TH 45-67-89 A,private no.092/dps.[doctors pension scheme.

Thanks MB, the tax reference number is a problem as is knowing which area deals/dealt with my affairs, I haven't a clue on either point - but I do know my NI number

[wordchild]

hi cm.you should get intouch with the H.M.REVENUE&CUSTOMS the area that handles your tax affairs.

you should have a ref.no.and check with who is paying your pension.

as long as your not over the personel allowance the private co.should not stop any tax.

there is a tel.no for non residents,make sure you have your national ins.no.and the tax ref.

eg.ni.TH 45-67-89 A,private no.092/dps.[doctors pension scheme.

Thanks MB, the tax reference number is a problem as is knowing which area deals/dealt with my affairs, I haven't a clue on either point - but I do know my NI number

i would have thought your pension administrator is your best starting point.They are the ones deducting the tax and they must be informing HMRC about this.

you will still be subject to UK tax, as the UK/Thailand double taxation treaty excludes pension income, however you can make use of your personal allowance.

[chiang mai]

hi cm.you should get intouch with the H.M.REVENUE&CUSTOMS the area that handles your tax affairs.

you should have a ref.no.and check with who is paying your pension.

as long as your not over the personel allowance the private co.should not stop any tax.

there is a tel.no for non residents,make sure you have your national ins.no.and the tax ref.

eg.ni.TH 45-67-89 A,private no.092/dps.[doctors pension scheme.

Thanks MB, the tax reference number is a problem as is knowing which area deals/dealt with my affairs, I haven't a clue on either point - but I do know my NI number

i would have thought your pension administrator is your best starting point.They are the ones deducting the tax and they must be informing HMRC about this.

you will still be subject to UK tax, as the UK/Thailand double taxation treaty excludes pension income, however you can make use of your personal allowance.

I'll start with that angle and see where it takes me, thanks.

[ThaidDown]

As your pension payments have just started you may be on an emergency tax code, as the pension provider will not have valid pension code for you from your tax office.

For me, my monthly pension notification slip contains 'Tax Code' Tax Office Tel No.' and Tax Office Ref' every month, suggest first have a further look at your monthly pension advice, if no info then,as said, contact your pension provider.

Edited April 18, 2013 by ThaidDown

[meatboy]

yes cm.get intouch with your pension provider they will tell you the area that they are sending your tax to.and ask them for a form for you to fill in declaring your a non tax payer.if your pension is paid into a uk.bank the inland rev.will send the refund to them.

[Billmont]

If after checking you find that you still have to pay UK tax then most likely your private pension can be transferred to a QROPS and then it will be paid tax free. This is providing that you have not already set up an annuity, however best to check your personal circumstance with a financial advisor.To try to save 20% tax is certainly worth all the effort.

[chiang mai]

Thanks for your input, the pension company has already contacted me and said it's basically down to me to debate the matter with HMRC, they provide the following address for anyone who needs it:

HM Revenue & Customs

Centre for Non-Residents (CRN)

Fitz Roy House

PO Box 46

Nottingham

NG2 1BD

So I've just fired off the first letter in what might be a whole series, big sigh! Also, thanks for the suggestion re QROPS but the pot in question was too small to be worthwhile for QROPS plus it's already in drawdown.

[sustento]

If your pension income arises in the UK then you will have to pay income tax on that pension. You are entitled to set off your personal tax allowance against that income.

[chiang mai]

If your pension income arises in the UK then you will have to pay income tax on that pension. You are entitled to set off your personal tax allowance against that income.

Thanks, that was the purpose of my letter to HMRC.

[howzat]

I already talked with my pension provider and UK tax office and whilst their is a double taxation agreement with UK and Thailand it doesn't include pensions which have to be taxed in U.K.

[chiang mai]

I already talked with my pension provider and UK tax office and whilst their is a double taxation agreement with UK and Thailand it doesn't include pensions which have to be taxed in U.K.

But, as stated above, the tax that is deducted at source can be offset against the personal allowance and recovered.

[BlackPuddingBertha]

I think I would be inclined just to let them tax it at source and then reclaim it using form R43 in mid-April every year. Seems a lot simpler than having to actually talk to HMRC.

R43 is just downloaded, completed and posted back, and then you get the refund a few weeks later.

[chiang mai]

I think I would be inclined just to let them tax it at source and then reclaim it using form R43 in mid-April every year. Seems a lot simpler than having to actually talk to HMRC.

R43 is just downloaded, completed and posted back, and then you get the refund a few weeks later.

Thanks for that, that was the process I was looking for at the outset. But now I've written to HMRC I've got nothing to loose by asking if they will allow gross payments, I hate as a a matter of principle letting HMRC have use of my funds, even if it is only temporary.

[meatboy]

cm.if you need to talk to them in the uk.i spent hrs.on the phone when selling our house,bought a CAT phonenet,

international calling card about 1baht a min.

[chiang mai]

cm.if you need to talk to them in the uk.i spent hrs.on the phone when selling our house,bought a CAT phonenet,

international calling card about 1baht a min.

Thanks but I draw the line at writting letters, speaking to them or holding hands is definitely off limits.

[personchester]

Any payment from the UK is basically taxable to all expats, thus all individuals must make annual

PAY AS YOU EARN tax returns with HMRC to get matters sorted in order to establish your updated "PA"

(Personal Allowance)

In the meantime Pension Providers have no option other than to deduct the 20% tax up to the annual sum of 32,010. thus every monthly pension payment gets the 20% deduction.

40% tax is deducted for annual payments up to the figure of 150.K. and 45% for any figure above 150.K.

The Pension Providers can not alter this until they get your appropriate tax details from HMRC.

Therefore get in touch with HMRC in order to get matters sorted > www.hmrc.gov.uk/incometax <

then you will get your PA and depending on your pension income the PA could make you 100% tax free.

[sustento]

Get in touch with HMRC and explain your situation.They'll offset any tax allowances that you have against your pensions. I called them last week because my circumstances have changed and they did it on the phone while I was talking to them.

Edited April 19, 2013 by sustento

[personchester]

Thanks for your input, the pension company has already contacted me and said it's basically down to me to debate the matter with HMRC, they provide the following address for anyone who needs it:

HM Revenue & Customs

Centre for Non-Residents (CRN)

Fitz Roy House

PO Box 46

Nottingham

NG2 1BD

So I've just fired off the first letter in what might be a whole series, big sigh! Also, thanks for the suggestion re QROPS but the pot in question was too small to be worthwhile for QROPS plus it's already in drawdown.

The former is correct, but the latter is not, because drawdown does not prevent entering QROPS.

[chiang mai]

Thanks for your input, the pension company has already contacted me and said it's basically down to me to debate the matter with HMRC, they provide the following address for anyone who needs it:

HM Revenue & Customs

Centre for Non-Residents (CRN)

Fitz Roy House

PO Box 46

Nottingham

NG2 1BD

So I've just fired off the first letter in what might be a whole series, big sigh! Also, thanks for the suggestion re QROPS but the pot in question was too small to be worthwhile for QROPS plus it's already in drawdown.

The former is correct, but the latter is not, because drawdown does not prevent entering QROPS.

But that particular pot remains too small for it to be cost effective under QROPS, it's only circe GBP 45K