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[email protected], Accountant
Category: Tax
Satisfied Customers: 617
Experience:  Executive Director at [email protected]
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I have pensions paid in euros into a German bank, last year

Customer Question

I have pensions paid in euros into a German bank, last year I transferred most of this to my granddaughters account in France whilst she studies in France she will be continuing her further education in france for the next two years. Will I be liable to pay tax on these pension that have not and will not be transferred to the UK ? I am a U K resident and normally submit a self assessment annually
JA: Have you talked to a tax professional about this?
Customer: No
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: Not that I am aware of as my other retirement income is straight forward
Submitted: 14 days ago.
Category: Tax
Expert:  [email protected] replied 14 days ago.

Hi, welcome to JustAnswer. I'm [email protected], a UK-Qualified Chartered Certified Accountant with over 15 years of experience. I'll be answering your question today.

Expert:  [email protected] replied 14 days ago.

If you are a UK resident, then all your overseas earnings have to be reported on your self assessment tax return.

If you have paid tax on these abroad, then under the double taxation treaty with the EU country, you will not be double taxed on the same income in the UK.

You will simply report these pension earnings and tax paid on it in your "Foreign income" section of the SA tax return and check the Box for Foreign tax credit releif FTCR.

The HMRC will then assess your taxes under double taxation and either provide you full tax relief or ask for some dues.

Expert:  [email protected] replied 14 days ago.

The fact that this pension income is being used to support your granddaughter is not relevant because you are utilizing your earned income in whatever way you wish.

Expert:  [email protected] replied 14 days ago.

I hope I've answered your question? If, however, any part of my response is unclear, please do let me know and I'll try to explain it further.