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| Thread ID: 107291 | 2010-02-11 10:15:00 | UK income tax. | martynz (5445) | PC World Chat |
| Post ID | Timestamp | Content | User | ||
| 857275 | 2010-02-11 10:15:00 | I've been a NZ resident taxpayer since 2003 and until now I've received my occupational pension from the UK untaxed. I pay the relevant tax on it here. I've now received a tax coding from the UK telling me that from April it will be taxed at 20% before I get it. Do any other Brits on this forum know anything about what seems to be a change in the system? I want to pay all the tax on my income here in NZ but IRD are less than helpful. I've contacted the tax authorities in the UK but would be interested, while I waiting (not holding my breath) , to hear if anyone else has received such a letter. Martynz |
martynz (5445) | ||
| 857276 | 2010-02-11 17:47:00 | I'm not old enough to qualify yet. I transferred my private pension over to here and it's doing OK. Since i've been here 9 years and am only 42 I guess I won't get the UK old age pension even with dual nationality. I was also self employed for the last 10 years I was in the UK | gary67 (56) | ||
| 857277 | 2010-02-11 18:23:00 | Not sure about self employed but my brother and his wife get partial pensions,depending how long they worked in England. | Cicero (40) | ||
| 857278 | 2010-02-11 18:55:00 | It may depend upon whether you are refering to the UK State pension paid from National Insurance contributions, or whether your 'occupational pension' is separate and additional to that. There was a spell here when the rules were changed and UK state pensions were paid separately to individuals bank accounts and taxed separately,rather than being paid to the NZ government, but it reverted back to the current system, whereby the pension is paid to the NZ government, and then Work and Income or whatever their current moniker is, pays out the standard NZ pension. Taxation in this case is presumably agreed and arranged between the respective governments, and the individual has no involvement. Edit: just noticed you haven't been here 10 years so presumably dont qualify yet for the NZ state pension, so the rules will be different, so what I said above is not applicable. |
Terry Porritt (14) | ||
| 857279 | 2010-02-11 19:07:00 | I am referring to an employers pension scheme I paid into for many years when I was working in the UK. I had already been retired for some years before coming to live in NZ. The situation re. the UK state pension (the approximate equivalent of NZ Super) is described here www.broadbaseinternational.com Martynz |
martynz (5445) | ||
| 857280 | 2010-02-11 19:24:00 | I found a bit of info here: www.buyassociation.co.uk "Tax position for non-residents of the UK You are liable to UK tax on your UK pension, and your pension may also be subject to tax in the country in which you live. The same applies if your former employer has purchased an annuity for you from an insurance company, rather than paying you a pension out of a pension scheme. You will not, however, be liable to UK tax on your UK pension if you live in a country that has a “double taxation agreement” with the UK. Where that is the case, and you make a claim for relief, the taxman will authorise payment of your pension without deduction of tax. Contact HM Revenue & Customs, which maintains a specific office tasked with helping people in relation to their state benefits and also tax. Details, as well as more information on the subject, are available here." Where "here" refers: www.direct.gov.uk So it looks as though it depends on whether there is a double taxation agreement between UK and NZ |
Terry Porritt (14) | ||
| 857281 | 2010-02-11 19:52:00 | There is a double taxation agreement between the UK and NZ. Thats why I've been paying tax only here in NZ. So I'm left thinking that probably someone (or the computer) in the UK has dropped a clanger. Unless, of course, the UK is in such a dire financial state that the agreement has been ripped up so Gordon can grab the maximum tax take. All I can do is wait for a reply. Martynz |
martynz (5445) | ||
| 857282 | 2010-02-11 19:55:00 | The things you see when you havent got a gun. | prefect (6291) | ||
| 857283 | 2010-02-12 15:05:00 | Under the double taxation agreement, you should get a tax credit with the IRD for the UK tax that has been deducted at source, so theoretically you will be no worse off | KenESmith (6287) | ||
| 857284 | 2010-02-12 19:51:00 | All these poms in one post what an opportunity. | prefect (6291) | ||
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