Tax on pension

shiredevon

Good day guys,
I'm living in the Philippines on a couple of small annuities I purchased ( £380 and £300 Monthly), this April I will be eligible for my UK state pension which I believe I can start collecting in November, around £155 weekly, can anyone tell me what the tax implications are, I'm a bit out of touch as I've been gone for 12 years,
Thanks in anticipation,

mgdavid

UK state pension is paid gross wherever you live, home or abroad. It may be liable to tax in the Philippines but you'd need to ask locally for that information.

shiredevon

I've looked and it looks like the standard personal allowance is 12500, so if my gross is 16220 or thereabouts, I will pay tax at 20% on 3720 ?, thanks

Dazed_and_confused

Yes but not until 2020:21 tax year.

In 2019:20 when you are only getting State Pension for roughly half the year the tax will be less or quite likely none at all.

shinytop

shiredevon wrote: »

I've looked and it looks like the standard personal allowance is 12500, so if my gross is 16220 or thereabouts, I will pay tax at 20% on 3720 ?, thanks

sounds about right. What's the cost of living like in the Phillipines - is that enough to live comfortably?

Johnnyboy11

From HMRC here:
If you’re not a UK resident, you don’t usually pay UK tax on your pension. But you might have to pay tax in the country you live in. There are a few exceptions - for example, UK civil service pensions will always be taxed in the UK.

mgdavid

shiredevon wrote: »

I've looked and it looks like the standard personal allowance is 12500, so if my gross is 16220 or thereabouts, I will pay tax at 20% on 3720 ?, thanks

Why are you looking at UK taxation when you say in the OP 'I'm living in the Philippines'?
Did you not understand my post #2 - presumably you read it as you thanked it!

lisyloo

shinytop wrote: »

sounds about right. What's the cost of living like in the Phillipines - is that enough to live comfortably?

Cost of living is very cheap in the phillipines.
It’s a much more comfortable income there than it would be in the Uk.

shiredevon

Yes, very cheap to live here if you can stand the food, I thought I had to pay tax somewhere, here or UK, there are very few rules here, it's like the wild west lol,

barnstar2077

shiredevon wrote: »

Yes, very cheap to live here if you can stand the food, I thought I had to pay tax somewhere, here or UK, there are very few rules here, it's like the wild west lol,

Sorry, I have to ask. What is wrong with the food in your opinion? Never been there, just interested.

richyg

Yes - shiredevon - tell us whats wrong with the food.

It an interesting thread and we are now intrigued.

I have my sights on retiring in Goa,India which has a low cost of living , good weather, healthcare, English spoken widely and in my opinion the nicest food in taste and quality I have eaten anywhere.

Although this does assume a liking of Indian themed food.

:j:j