We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.
Collecting a UK pension as USA resident?

drjazz1947
Posts: 1 Newbie
Hello
I am 60 yrs old and have a small UK self employed pension 9000 stg
from when i lved in London in the 1980s
I am a Now USA resident, citizen & taxpayer and just got a letter from the UK Inland revenue to the UK pension co. saying The Revenue considers me a USA taxpayer & that I should be paid gross of tax.
If I take my Pension as a "trivial" pension as a lump sum the Pension Co says that PAYE applies and they will withhold %30 UK Tax which i would have to try to claim back from the Inland Revenue.
Has anyone here as an expat had a similar experience and how difficult & (how long) was was it to get back your money from the Inland revenue . I am only in the USA 15% tax bracket so its much cheaper to pay tax in the USA where I live.
I also read that the Revenue has a
Qualifying Recognised Overseas Pension Schemes (QROPS)
which allows you to transfer your pension abroad. Anyone had experience doing that or buying an Annuity in USD or Euros via the UK pension Company.
many thanks for your advice
stephen
[EMAIL="drjazz1947@yahoo.com"]drjazz1947@yahoo.com[/EMAIL]
I am 60 yrs old and have a small UK self employed pension 9000 stg
from when i lved in London in the 1980s
I am a Now USA resident, citizen & taxpayer and just got a letter from the UK Inland revenue to the UK pension co. saying The Revenue considers me a USA taxpayer & that I should be paid gross of tax.
If I take my Pension as a "trivial" pension as a lump sum the Pension Co says that PAYE applies and they will withhold %30 UK Tax which i would have to try to claim back from the Inland Revenue.
Has anyone here as an expat had a similar experience and how difficult & (how long) was was it to get back your money from the Inland revenue . I am only in the USA 15% tax bracket so its much cheaper to pay tax in the USA where I live.
I also read that the Revenue has a
Qualifying Recognised Overseas Pension Schemes (QROPS)
which allows you to transfer your pension abroad. Anyone had experience doing that or buying an Annuity in USD or Euros via the UK pension Company.
many thanks for your advice
stephen
[EMAIL="drjazz1947@yahoo.com"]drjazz1947@yahoo.com[/EMAIL]
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 348.3K Banking & Borrowing
- 252.1K Reduce Debt & Boost Income
- 452.4K Spending & Discounts
- 240.9K Work, Benefits & Business
- 617.2K Mortgages, Homes & Bills
- 175.7K Life & Family
- 254.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards