do you have a pension fund
There were lots of other changes in Pensions legislation over the last couple of years. One of the more “interesting” of which was George Osborne’s change which allows Pensioners to draw down the whole pension in one hit. Whilst quite the opposite national impact to auto enrolment and much press comment on feckless pensioners cashing in to buy Ferrari’s and cruises, in fact the unintended consequences I have seen are rather different. In particular, I suspect Government was expecting to take a very healthy slice of tax often at 40% or 45%; but quite a few of my clients who are resident overseas have cashed in their UK pensions and (subject to the relevant tax treaty) we have been able to recover all of their UK tax.
Another sensible practice I have seen is our clients picking off small pensions and cashing them in one per tax year, so avoiding higher rate tax.
So if you are an overseas resident and think you might be able to cash in a UK pension free of charge or you have one or more small pension funds which you think it might make sense to cash in give Chris Bailes a call on 01603 720424 or email email@example.com to help you check the tax impact.