Tax

[richard2626]

Now if say (I am 60 years old)I decide to tramp the trade winds circumnation and be away from home say for about 5 years..while the trouble and strife is at home..question..will I be able to claim income tax back from a private pension?????
regards to all

 

[RichardPerou]

No

 

[richard2626]

Why not.......

 

[adrianm]

Because you're still a UK resident. If you lived more than 6 months in a specific country then that would be a different matter.

 

[richard2626]

But I still will be away from the UK for upto 5 years..........how come I am classed as a resident???

 

[Steve Clayton]

Go here and then ask them

http://www.lgps.org.uk/tax.htm

Steve
www.seraph-sailing.com

 

[Clarky]

Cos its money earned in this country,pensions are classified that way.

 

[Sea Devil]

You can be non resident without a specific country - the IR are well of aware of folks long distance cruising... Having said that although a non resident does not pay tax on interest earned on UK bank accounts you do pay tax on all monies earned in the UK including pension payments....

Non residency has a few advantages but not nearly as many as most people think and unless you are in big bucks league (and if you are your accountant will have already advised) it is probably not worth the hassle.

 

[richard2626]

Many thanks...so I will have to pay tax..yuk...even thou not in the country..ah well

 

[Salty]

There's a good e-pamphlet on this on the hmrc (new name for IR!) website - link below:

http://www.hmrc.gov.uk/pdfs/ir138.htm