Pension from UK and Tax

sundodger5 · 15-09-2021 9:45am #1

Hi all,

I have a small amount in a pension based in the UK due to mature. It is under 20k in sterling.

I am about to turn 55 which is the date i originally set to retire.

I am in full time employment PAYE.

I plan to take this money as a lump sum. Obviously this will be taxed.

The question is will it be taxed twice. In the UK prior to be sent and then by revenue.

Any insights appreciated.

Geuze · 15-09-2021 10:28am

Are you sure the pension lump-sum will be taxed?

Why do you say that this is obvious?

Pension lump-sums up to 25% of the fund are tax-free in Ireland.

sundodger5 · 15-09-2021 11:39am

I assumed that the other 75% is classed as income and so would be taxed.

Be delighted if not though 😀

Slightly Kwackers · 15-09-2021 11:54am

https://www.boards.ie/discussion/2058208894/pension-from-uk-and-tax

I would be interested to know how you get on.

I drew some of my UK pension for no real reason when in the UK and it took me into the higher income tax rate bracket.

I now seem to owe HMRC £3000 yet I have not worked for two years, I lived here in Ireland from savings of which the pension taken was part.

I would like to know if you have to pay tax in the UK as I still have about £4000 in pension funds there that I was hoping to keep for emergencies.

I have a UK bank account still, so I am hoping that a small transfer would not attract attention anyway, although I cannot see how the Irish government could possibly tax my meager pension when it matures. It was bloody pathetic in the UK, but here with everything from banks to phone companies gathering around like vultures to screw anyone remotely solvent, I don't see how I can pay tax on damn all!

Any chance of emailing me if you get replies please?

I am not sure what's happened to this medium, but I cannot find anything any more.

I was actually looking for duck threads in smallholdings when I found this message!

Regards

Hugh

nearyh@Mail.com

Tazz T · 15-09-2021 12:12pm

I'm in the same situation myself. It's my understanding that you can only take 25% tax free. I'm actually going to get professional advice next month, as I have two pensions here also and want to see what the best way of amalgamating them is.

sundodger5 · 17-09-2021 7:55pm

Hi all,

As i am looking at a lump sum i have found out it will be taxed in the UK.

But it can be claimed back so no double tax.

Some info here https://www.gov.uk/government/publications/double-taxation-treaties-territory-residents-with-uk-income

Bogwoppit · 17-09-2021 8:06pm

I have about 100K in a uk pension, unfortunately I’m a long way off retirement.

Wondering if anyone has any idea about how I’d move it back here?

Saudades · 17-09-2021 10:14pm

Further research is needed on this as I'm just going by vague memory, but I believe I read somewhere before that the type of employment in the UK will determine where the tax is paid.

If it was private sector employment, tax will be due to Revenue here in Ireland (or wherever you're tax resident).

If it was public sector employment, it will be taxed by HMRC in the UK.

Pension from UK and Tax

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