Pension contribution queries

gallygirl

atush wrote: »

3 is NO. It is not all tax free. It is 25% tax free, and the other 75% taxed as income.

and are you aware re your rentals, that HMRC are going to withdraw the PA from all UK ex pats as regards their rental income?

AFAIK, you would not be bothered by recycling limits, but you will have higher costs not just saving into pension A for 6 years.

Thanks - I can't see anything on the HMRC website about it being taxable over 25% but guessed it was a good possibility. Still, on a very basic level with no growth/charges the 2.88k would return 3.06k net assuming 20% tax on the remaining 75%. Though that's assuming I have over the personal allowance in taxable income. Assuming I do still have a personal allowance........

Yes, re the rental income, aware that the Mr Osborne I was having to :kisses3: because of the pension changes is back to being :mad: again. Altogether a more normal state of affairs I suppose . Hence looking for ways to increase funds elsewhere.

atush

It could be worth considering selling some of your properties if the rental income minus tax wont give you enough of a profit.

Plus we dont know what they will do re CGT limits for non residents. Might be worth selling all but the one you might move back to?

gallygirl

atush wrote: »

It could be worth considering selling some of your properties if the rental income minus tax wont give you enough of a profit.

Plus we dont know what they will do re CGT limits for non residents. Might be worth selling all but the one you might move back to?

Have considered it but we would still have enough to live on, plus they would mostly attract CGT now. Also I don't know which one we would want to move back to - probably not the one we're in at the moment. I guess we'll just have to cross the CGT bridge when we come to it - no real reason to sell at present.

atush

Something to keep at the back of your mind.

If you have 5, there mist be at least 2 you would not really want to live in. and if CGT is disallowed for non residents then you will be better off selling some sooner.

The important thing is, you are still resident. So make plans, open pensions and other bank/brokerage accts now while you can. And arrange to have a UK address for post (ie a relative perhaps)