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Pension withdrawal/tax question

  • 25-07-2011 2:12pm
    #1
    JayC5
    Registered Users, Registered Users 2 Posts: 333 ✭✭


    Hi,

    I've been looking into releasing my pension early and was wondering what tax implications I might encounter?

    Basically I've been informed that it's possible by transferring abroad using an agency and receiving it back into my bank account at a later date, usually after a couple of months. I was told that it's completely legal but the person in question could not offer any info concerning any possible tax issues.

    So, does anyone know if I would have to declare this money and if so what would be the typical rate of tax? - it would not be a huge sum (<15k after fees). Would this amount be flagged by my bank?

    Any advice on the best course of action would be greatly appreciated!!

    J


Comments

  • #2
    killianomahony
    Registered Users, Registered Users 2 Posts: 4 ✭killianomahony


    JayC5 wrote: »
    Hi,

    I've been looking into releasing my pension early and was wondering what tax implications I might encounter?

    Basically I've been informed that it's possible by transferring abroad using an agency and receiving it back into my bank account at a later date, usually after a couple of months. I was told that it's completely legal but the person in question could not offer any info concerning any possible tax

    So, does anyone know if I would have to declare this money and if so what would be the typical rate of tax? - it would not be a huge sum (<15k after fees). Would this amount be flagged by my bank?

    Any advice on the best course of action would be greatly appreciated!!

    J

    Hey J did you ever get this sorted as I am in a similar situation?
    K


  • #3
    srsly78
    Registered Users, Registered Users 2 Posts: 7,157 ✭✭✭srsly78


    Very dodgy. Possibly illegal and even if legal expect to be hit with a huge tax bill. These facilitating companies also take a huge cut...


  • #4
    killianomahony
    Registered Users, Registered Users 2 Posts: 4 ✭killianomahony


    srsly78 wrote: »
    Very dodgy. Possibly illegal and even if legal expect to be hit with a huge tax bill. These facilitating companies also take a huge cut...

    Thanks, but it can be done?


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