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Sam
Sam, Accountant
Category: Tax
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I had a Retirement Annuity Trust Scheme when I was resident

Resolved Question:

Hi,
I had a Retirement Annuity Trust Scheme when I was resident in Guernsey. Upon moving to the UK in 2013, I applied to cash in the balance under the triviality rules. I was required to pay 20% income tax to do this. Where do I declare this on my tax return as a UK resident? Is it foreign income?
Thank you for your assistance
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.
Hi
Thanks for your question - I am Sam and I am one of the UK tax experts here on Just answer.
You will declare this on the foreign part of the tax return - under pensions and advise the gross amount and the 20% tax suffered.
If however you suffered UK tax at the 20% then I would in fact declare this lump sum and the tax suffered on the main part of the tax return - Box 10
Pensions (other than State Pension), retirement
annuities and taxable triviality payments – the gross
amount. Tax taken off goes in box 11
Do advise whether it was UK tax suffered or foreign tax suffered on the full pay out, if you require any furtehr assistance.
Or let me know if you require any additional information on this matter.
Thanks
Sam
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