Do HMRC pension rules still apply if I renounce my British Citizenship

gmanwingman

I will start briefly. I need some cash from pension fund which is in a QROP, already had the 30%, my age is 50. 'Considering' renouncing British citizenship, paying the tax due on the fund and taking the money. Everyone says cannot be done. Q. why do HMRC rules still apply to me if I am no longer a UK citizen.

laurel7172

Because if it were that simple, everybody would be doing it.

Citizenship is one thing. Domicile, your *habitual* residence/motherland/where you'd return if bankrupt and alone, is considerably harder to shed.

gmanwingman

The funny thing is, I thought the pension fund was mine and being a responsible (well mostly) adult it should be my decision what I would like to do with it...

Proxy

gmanwingman wrote: »

The funny thing is, I thought the pension fund was mine and being a responsible (well mostly) adult it should be my decision what I would like to do with it...

It's not a savings account. You should have known the terms before you signed up.

tanith

gmanwingman wrote: »

The funny thing is, I thought the pension fund was mine and being a responsible (well mostly) adult it should be my decision what I would like to do with it...

The clue is in the title, its a 'Pension Fund' .

gmanwingman

thanks for your help... i will sleep for 4 years and then all will be ok. :rotfl:

atush

Where do you live now, and if you gave up your british citizenshio- what citizenship would you have?

Seems a daft thing to do, just to get your hands on money early.

Debt_Free_Chick

gmanwingman wrote: »

Q. why do HMRC rules still apply to me if I am no longer a UK citizen.

Your citizenship or tax status is completely irrelevant. It's the pension plan that has to comply with HMRC rules. The contributions and investments in the original plan(s) had the benefit of a tax-advantaged regime and with that goes the compliance with HMRC's rules for registered pension schemes.

RichandJ

Debt_Free_Chick wrote: »

Your citizenship or tax status is completely irrelevant. It's the pension plan that has to comply with HMRC rules. The contributions and investments in the original plan(s) had the benefit of a tax-advantaged regime and with that goes the compliance with HMRC's rules for registered pension schemes.

I was so hoping someone was going to post this so I didn't have to.