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Tax ON UK PENSION

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twilson123

Hi,
I wish to cash in full my UK pension. I  have been resident in Cyprus for past 17 years with current MEU3 documents.
I am also registered with UK HMRC and file an annual tax return on unearned income from a rental property.
I have been told that I am entitled to claim back OR not pay the statutory 25% UK TAX on pension funds.
Can anyone please advise me on this matter please.

Toon

Best bet is to seek professional tax advice.....  also if you've been here 17 years you will no longer be non-domiciled so that needs to be investigated too as regards the impacts of it on foreign based income

twilson123

Thank you for your reply.
How do I go about finding a reliable, honest tax advisor in Cyprus ?

Toon

Elizabeth Welch in Paphos  is very good

We used tax  consultant in Paphos - Elizabeth Welch.

Tel: 26811279
Address: Nikou Nikolaidi Leoforos Str, PENELOPE'S PALACE, Flat 302, 8010 Pafos.

She explained how to complete our tax returns several years ago when it was manual and now it’s all online  it’s made much easier once you understand the input and since then I've managed to do it myself.

She will explain it all

Cynic

Just a word of warning about moving any pension.  UK Government paid pensions (so work and state) are index-linked, further are currently protected by a triple link on future increases:

    Average earnings
    Prices, as measured by the Consumer Prices Index (CPI)
    2.5 per cent

whichever is the highest.  I say currently because this is a political decision by the current UK Government; the latest is that it stays in place at least for another year.

However, you will only get an increase every year if you live in a country that has a social security agreement with the UK that allows for the cost of living increases to the State Pension, so you need to check this with your financial advisor.

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