SIPP, LTA and being non UK tax resident
Discussion
PH pension experts!
Can anyone advise on the following…
If you’ve exceeded your UK SIPPs LTA but are living abroad (I.e you are no longer tax resident in the UK but in a lower tax country) do you still need to pay the punitive UK taxes when your drawdown becomes in excess of your LTA? Or would your new tax resident country’s taxes apply in their entirety?
I’m thinking of moving abroad anyway in the near future, to a country with a double taxation agreement with the UK, and but swerving the heavy tax on above LTA pension income would be an added benefit! I’ll talk to a specialist in due course, just wondered if there was any PH wisdom I could benefit from…
Cheers,
UV
Can anyone advise on the following…
If you’ve exceeded your UK SIPPs LTA but are living abroad (I.e you are no longer tax resident in the UK but in a lower tax country) do you still need to pay the punitive UK taxes when your drawdown becomes in excess of your LTA? Or would your new tax resident country’s taxes apply in their entirety?
I’m thinking of moving abroad anyway in the near future, to a country with a double taxation agreement with the UK, and but swerving the heavy tax on above LTA pension income would be an added benefit! I’ll talk to a specialist in due course, just wondered if there was any PH wisdom I could benefit from…
Cheers,
UV
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