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Sam, Accountant
Category: Tax
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Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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Hi I am looking to take early retirement next April and plan

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I am looking to take early retirement next April and plan to re-locate to Malta. My pension of circa £23.5k pa has to be paid into a UK bank. What do I have to do to aviod paying income tax both in the UK and Malta. Also I would like to pay tax only in Malta as they have a more favourable tax policy.

Hi Martin

Thanks for your question, I am Sam and I am one of the UK tax experts here on Just Answer.

AS long as the pension is not state pension or a government pension, then you can just arrange to complete form P85 for HMRC detailing your departure from the UK - so that HMRC can consider whether code NT ( NO tax) can apply.

This will then allow the pension to be paid to you free of tax, and leave you to declare this in Malta for consideration of tax within their tax jurisdiction.

Link to form P85 here



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