Seychelles worker

CathA

Hi all. My friend works in the Seychelles, is paid in the local currency and pays local taxes. She is a UK citizen and lived and paid taxes on the UK up until she moved here to work 4 years ago. She doesn't have residency here and can only live here while she has a job.At some point she will be returning to live in the UK.

She has a rental property in the UK on which she pays UK taxes.

That's the background, now the questions!

Can she open a private pension in the UK?

If so how much per year can she contribute, googling it wasn't clear.

As she is overseas but has paid tax in the UK can she get tax relief on the contributions?

I've tried to find the answers but all I can find is mostly about ex pats retiring overseas, not people working
Thank you

CathA

Any answers anybody?

bigadaj

sounds like she's non resident from uk tax purposes, though having retained a property then she would still have British associations.

I don't believe that you can get tax relief on investment income so unless she manages her property through a limited comoany then wouldn't get tax relief on contributions in the uk which, after all, is the main attraction of a pension.

Also many uk based firms don't like dealing with expats as tax, money laundering and other issues have the potential to make them high risk; basically it can be more hassle than it's worth.

You used to be able to get tax relief on historic tax paid when contributing to a pension in the uk but it's a long time ago now, so without relevant uk earnings then it wouldn't work.

xylophone

Hi all. My friend works in the Seychelles, is paid in the local currency and pays local taxes. She is a UK citizen and lived and paid taxes on the UK up until she moved here to work 4 years ago. She doesn't have residency here and can only live here while she has a job.At some point she will be returning to live in the UK.

There? (Assuming OP is "here" in the UK....).

http://adviser.royallondon.com/pensions/technical-central/information-guidance/overseas/contributions-to-registered-schemes-for-overseas-individuals/

http://www.pruadviser.co.uk/content/nav/about/26674/pghome/49880/52677/52680/52701/52713/

CathA

xylophone wrote: »

There? (Assuming OP is "here" in the UK....).

http://adviser.royallondon.com/pensions/technical-central/information-guidance/overseas/contributions-to-registered-schemes-for-overseas-individuals/

http://www.pruadviser.co.uk/content/nav/about/26674/pghome/49880/52677/52680/52701/52713/

Sorry I didn't make it clear. I'm actually in the Seychelles staying with her at the moment, so wheni said she doesn't have residency "here" I meant in the Seychelles. She is a UK citizen and will be going back to the UK when her job finishes as she can only stay here whilst she is working. However there's no particular end date to her job at the moment.

atush

No she cannot pay into a pension when she has been non resident for that long AFAIK.

She should save an invest there, or save and invest in a bank/broker that allows overseas accts.

CathA

Thank you that's what I thought.

atush

If they have HSBC, have her try that/


In the UK, HSBC do stockbroking and investment accts. Not sure about there/elsewhere

cashbackproblems

WHy not just open a HL SIPP account online and she can contribute monthly in a few self selected funds/index trackers

mania112

No pension until she's back.

atush

cashbackproblems wrote: »

WHy not just open a HL SIPP account online and she can contribute monthly in a few self selected funds/index trackers

Because a SIPP is a pension. Which you cannot get TR on if you are not tax resident?

HL do brokerage accts, w/o the tax wrapper so they could try there.