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Expert Lu
Expert Lu, Business Consultant
Category: Tax
Satisfied Customers: 230
Experience:  ACCA Diploma
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I am transferring out of my company pension scheme and have

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I am transferring out of my company pension scheme and have been advised to put the fund into an international SIPPS pension fund which is based in the UK. I am a UK citizen but haven't lived in the UK for 12 years, and do not pay UK tax and have no remaining assets in the UK. I am a resident of Panama, and have been told by my accountant in Panama that when I draw from my UK SIPPS pension fund and have it sent to Panama, I will not pay tax on it in Panama as in Panama I am only taxed on earnings generated within Panama, however my question is that even though the UK has a 'double tax treaty' in place with Panama, will I pay tax in the UK each time I draw down my pension from my SIPPS fund, or will it be tax free in the UK?
JA: Have you talked to a tax professional about this?
Customer: It seems to be very unclear as I have read the 'double tax treaty' document at HMRC and under pensions it simply says the following "Article 17
Pensions
Pensions and other similar remuneration paid to a resident of a
Contracting State in consideration of past employment shall be
taxable only in that State. However, such pensions and other
similar remuneration may also be taxed in the other Contracting
State if they arise in that State" Well "May be taxed" isn't really helpful, I need to know if I definitely will be taxed in the UK or not!
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: What is the cost for this service?
JA: The Expert's answer will cost $10 to $100, depending on the issue type and time to respond. You'll see the exact amount on the next page and can decide then. It's way less expensive and more convenient than any face-to-face visit.
Customer: Yes but how do I know they can actually answer the question before I pay?
JA: PayPal, Debitcard or credit card are all fine.
Customer: If I pay and they say they don't really know the answer, or they can't answer it, it's not really worth the cost is it? I need to know if they can actually give me a definitive "Yes you will be taxed in the UK" or "No you won't be taxed in the UK" answer.....do you see my point?
Customer: replied 13 days ago.
No I haven't spoken to a tax professional, that's why I'm contacting you!

Hello

I am an expert  with JustAnswer  and I am happy  to assist  you with  your question. I am currently  reviewing your question and I will  get back to you shortly. Thank  you in advance

Expert Lu and other Tax Specialists are ready to help you
Customer: replied 13 days ago.
I have attached the 'double tax treaty' document between UK and Panama, but if you look under pensions in the document it is not at all all clear it just says "may be taxed'....well somebody must know if UK retirees resident in Panama are taxed or not on their UK SIPPS pension fund
, as it must be one of the first questions retirees ask if they are thinking of living in Panama right?
Customer: replied 13 days ago.
I would rather pay by paypal but there is no option!
Customer: replied 13 days ago.
Ok thank you, ***** ***** waiting.
Customer: replied 13 days ago.
If that number doesn't work, please call me on +506 2203 5951

Hello , I have accepted your call offer and I am trying to call but cannot get through ,can I try and assist you via email ,if I do not fulfil  the premium  service  form they will not charge you for the  call .

Customer: replied 13 days ago.
Can you call me on +506 2203 5951
Customer: replied 13 days ago.
The other number I gave you was my US Skype number, but you should be able to call me on my home number +506 2203 5951
Customer: replied 13 days ago.
Are you still there Lu?

Hello, I am working remotely  I am trying to get in touch with you on what's app as I am working remotely  but both numbers are failing,

Customer: replied 13 days ago.
Ha ha ok here is my mobile number so you can connect with me on whatsapp +506 8980 2516
Customer: replied 13 days ago.
You ok there Lu?
Customer: replied 13 days ago.
I have my Whatsapp screen up on my PC just waiting for you to connect.
Customer: replied 13 days ago.
You still there?
Customer: replied 13 days ago.
Hi Lu, are you still there, you haven't contacted me on Whatsapp yet. Is everything ok?

Calling in the next 5 minutes,  sorry

Customer: replied 13 days ago.
Ok so are you still going to call or do you not know the answer? If you don't know the answer just let me know so we don't waste each other's time Lu....thank you.
Customer: replied 13 days ago.
We started this at 10.55am my time and it is now 11.36am I really can't wait any longer Lu...sorry!
Customer: replied 13 days ago.
Let's leave it there....take care, bye!

Was calling

Customer: replied 13 days ago.
I couldn't wait any longer I waited nearly 40 minutes for your call...really awful service Lu!

Sorry for that , I just need to finalise  with one customer before your call after trying the two failed attempts.

Customer: replied 13 days ago.
I have cancelled my membership and asked for a refund of the 44 pounds that I was charged for the call I never received.
Customer: replied 13 days ago.
Wish you all the best Lu, but honestly I can't wait around for 40 minutes i will take advice from someone else thanks.....if you feel you owe me the advice for my time and trouble, please send it to my email***@******.***....that would be nice!

I understand  you , thank you for the honesty  , you will  definitely  be charged tax in the UK when you decide to withdraw  from the SIPPS pension fund here in the UK as it is treated as income.

Wish you all the best and thank you for your patience.