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Taking out entirety of UK pension while tax resident in Dubai - zero tax?
MBA MBA
Posted: 01 May 2024 10:32:46(UTC)
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Never Twice Fooled;304278 wrote:
Passing wealth on to children in a SIPP is a big plus.


this has been mooted for being abolished. IFS if campaigning for that. Lab will do it. Tories will pretend they wont do it, get into power and do it

can you believe the tories have raised the private pension retirement age to 57, from 55, literally as we head for an election. thats the level of contempt they have for anyone on average means who saves
2 users thanked MBA MBA for this post.
Lindisfarne on 01/05/2024(UTC), Guest on 01/05/2024(UTC)
D Bergman
Posted: 01 May 2024 10:58:33(UTC)
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MBA MBA;304294 wrote:
Never Twice Fooled;304278 wrote:
Passing wealth on to children in a SIPP is a big plus.


this has been mooted for being abolished. IFS if campaigning for that. Lab will do it. Tories will pretend they wont do it, get into power and do it

can you believe the tories have raised the private pension retirement age to 57, from 55, literally as we head for an election. thats the level of contempt they have for anyone on average means who saves


Not that I have much respect for the current government, but you should check your facts.

The rise in the age at which you can access your SIPP from 55 to 57 has not been decided, as you say, "literally as we head for an election".

The proposed rise in access age was announced in 2014 and was enacted in 2021.
It will come into effect in April 2028.
2 users thanked D Bergman for this post.
Tim D on 01/05/2024(UTC), Julianw on 01/05/2024(UTC)
Neminem Laedit
Posted: 01 May 2024 11:04:35(UTC)
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ABaron;304241 wrote:


Any way this helps out with the Lifetime allowance?


It seems you would still be caught by the LTA, if/when it is re-introduced.

https://www.blacktowerfm...the-lifetime-allowance/ (towards the end)

However, some individuals who worked abroad may be able to take advantage of a "non-resident enhancement factor." [something I'd never heard of before].

https://aeswealthadviser...of-tax-on-their-pension/
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Guest on 01/05/2024(UTC), ABaron on 01/05/2024(UTC)
MBA MBA
Posted: 01 May 2024 11:19:19(UTC)
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D Bergman;304299 wrote:
MBA MBA;304294 wrote:
Never Twice Fooled;304278 wrote:
Passing wealth on to children in a SIPP is a big plus.


this has been mooted for being abolished. IFS if campaigning for that. Lab will do it. Tories will pretend they wont do it, get into power and do it

can you believe the tories have raised the private pension retirement age to 57, from 55, literally as we head for an election. thats the level of contempt they have for anyone on average means who saves


Not that I have much respect for the current government, but you should check your facts.

The rise in the age at which you can access your SIPP from 55 to 57 has not been decided, as you say, "literally as we head for an election".

The proposed rise in access age was announced in 2014 and was enacted in 2021.
It will come into effect in April 2028.


they announced the change well before 2021. Civil servants propose it, ministers go along with it. However, the Tories have made the change (no doubt OBR scored it well for the Budget as more average and low income folk will have to work even longer) and that's their offer as we head for a 2024 election. Alas it wont even be discussed because they spend years talking about it before doing it so that its not really news.

worse still it will be raised by the next govt to 58-59 and will affect i would imagine people in their late 40's.

1 user thanked MBA MBA for this post.
Guest on 01/05/2024(UTC)
Neminem Laedit
Posted: 01 May 2024 11:22:50(UTC)
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ABaron;304241 wrote:


Downside is that removing everything from the pension tax wrapper means the dividends/capital growth subject to tax thereafter.


I believe Cyprus has no CGT for assets outside the country, so (I think!) GIA and ISA withdrawals would be tax-free, and SIPP would be taxed @5% with a small annual tax allowance. There's also zero tax on dividends and fixed-interest. It is important to remain domiciled in the UK (and so possibly eventually come under the scope of UK IHT, although maybe there are ways around that too.)
https://nomadcapitalist....%20acquired%20is%20not.

I seem to remember that people taking advantage of the now-defunct Portuguese NHR had trouble with their ISAs (not recognised in Portugal), and either had to pay CGT or transfer into some fancy offshore products.

Cyprus is certainly on my list when I come to unload my crypto bags.
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Guest on 01/05/2024(UTC), ABaron on 01/05/2024(UTC)
MBA MBA
Posted: 01 May 2024 11:29:04(UTC)
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D Bergman;304299 wrote:
MBA MBA;304294 wrote:
Never Twice Fooled;304278 wrote:
Passing wealth on to children in a SIPP is a big plus.


this has been mooted for being abolished. IFS if campaigning for that. Lab will do it. Tories will pretend they wont do it, get into power and do it

can you believe the tories have raised the private pension retirement age to 57, from 55, literally as we head for an election. thats the level of contempt they have for anyone on average means who saves


Not that I have much respect for the current government, but you should check your facts.

The rise in the age at which you can access your SIPP from 55 to 57 has not been decided, as you say, "literally as we head for an election".

The proposed rise in access age was announced in 2014 and was enacted in 2021.
It will come into effect in April 2028.


Am I correct in thinking that politicians and civil servants are committed to giving 10 years notice before raising the age ie anyone 10 years (or less) from the current ages of 57 for private pension and 67 for state will not be affected? I think i read that somewhere and a quick piece of research just now seems to confirm it.

on the moving to dubai/italy/cyprus...one issue is this sort of thing only really is worth it when youre talking about serious sums of money which a finger in the air says £500k+ given the hassle of moving abroad (unless you would do it regardless of the tax saving)
Neminem Laedit
Posted: 01 May 2024 11:35:42(UTC)
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Is there anything worth staying for here in this clownshow country? 10-15 years of Liebour incoming?

I'm lucky, living in the whitest, wealthiest area of the country, but when I look at most other areas of England - and listen to the shit emanating from Londonistan - I realise I no longer have a country...
2 users thanked Neminem Laedit for this post.
Guest on 01/05/2024(UTC), Harland Kearney on 01/05/2024(UTC)
Dexi
Posted: 01 May 2024 14:39:34(UTC)
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Neminem Laedit;304306 wrote:
Is there anything worth staying for here in this clownshow country? .


Maybe the NHS ? In some countries , private health care is the only option for expats . Seems a shame to pay a lifetime of taxes and then miss out on free medical treatment . Dental - that`s another matter !
2 users thanked Dexi for this post.
Newbie on 01/05/2024(UTC), Tim D on 01/05/2024(UTC)
Newbie
Posted: 01 May 2024 15:07:55(UTC)
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Dexi;304333 wrote:
Neminem Laedit;304306 wrote:
Is there anything worth staying for here in this clownshow country? .


Maybe the NHS ? In some countries , private health care is the only option for expats . Seems a shame to pay a lifetime of taxes and then miss out on free medical treatment . Dental - that`s another matter !

Getting to see a GP let alone a referral to a specialist of hospital is proving to be difficult.
Even more so for those who are working and have a career.
Getting on a phone call at 8am in the morning and hoping to get access is anywhere between a hope and a prayer.
Yet the individual who bears little little in the way of economic consideration let alone participation just perches up at the doorstep of the surgery and does not leave until they are seen or an appointment is made.
The new trend seems to be that they get their offspring to work P/T within the NHS and thus allows them access and thus manage the booking and scheduling all whilst maintaining their right to receive a barage full of benefits.
Yet the mugs who try to achieve better can not only work their socks off, pay private care costs, but also should take pride in paying taxes for the imbecile whom feels it their right to claim off the state, and determine if you need to see a medical practitioner despite not being able differentiate between a cough and and sneeze.
Yet if you do manage to navigate through all this, then, the treatment and medical service you get on the NHS is but excellent.
So just like a pension you need to determine if you can get past the crap to the stage where you can actually receive the benefits and fruits for which you have saved and paid taxes all your working life.
3 users thanked Newbie for this post.
Neminem Laedit on 01/05/2024(UTC), Guest on 01/05/2024(UTC), Dexi on 02/05/2024(UTC)
Kaiser00
Posted: 01 May 2024 15:16:45(UTC)
#18

Joined: 20/02/2018(UTC)
Posts: 49

Neminem Laedit;304306 wrote:
Is there anything worth staying for here in this clownshow country? 10-15 years of Liebour incoming?

I'm lucky, living in the whitest, wealthiest area of the country, but when I look at most other areas of England - and listen to the shit emanating from Londonistan - I realise I no longer have a country...


I agree with the UK getting worse, but what’s this with the bigot comments above.
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