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bigduckontax
bigduckontax, Accountant
Category: Tax
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Experience:  FCCA FCMA CGMA ACIS
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I am going to live abroad permanently i will be getting

Customer Question

hi i am going to live abroad permanently i will be getting a private pension of £17000 ayear . do i nave to pay tax or any n.i. on this ,thanks
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. You do not have to pay any NI on your private pension income, but you do have to pay Income Tax. Pensions are usually taxed in the country of origin and through Double Taxation Treaties, of which there are hundreds, any tax deducted in one country is allowed as a tax credit against liabilities in another so the same income stream does not get taxed in both jurisdictions. These Treaties do not, however, protect you from differences in tax rates. Make sure that the correct tax code is being applied to your pension so you do not loose your personal allowance, currently 10.6K, or have to claim it back at the end of each tax year. When you leave the UK don't forget to submit a Form P85 to HMRC. On receipt HMRC will class you as non resident for the tax year following your leaving date and furthermore split your leaving year into two portions, one resident and the other non resident. I do hope that my reply has been useful and shown you the way forward.
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Customer: replied 1 year ago.
Many thanks
Expert:  bigduckontax replied 1 year ago.
Thank you for your support.

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