If I move abroad... Where do I pay tax on my annuity?

bostonerimus

VXman said:

nigelbb said:

bostonerimus said:

Privilege435 said:

Thanks both. Initial thought is Spain as I have a house there that I'm currently unable to use as much as I'd like thanks to you know what. The annuity was purchased with money from a defined contribution private pension fund. I'd become tax-resident in Spain and I'd probably qualify for their new Digital Nomad visa as I'm one of the un-retired who can work remotely. 

Why doesn't anyone want to mention Brexit? 
If you can arrange to wrap up all your finances and taxes before moving to Spain it will be easiest ie sell your UK property before moving to Spain.

Brexit has no effect on personal taxation which is governed by the relevant Double Taxation Treaty. There is generally a period of a year or more when sale of your primary residence in your former country can overlap with tax residence in your new country & still not be liable to CGT. There may be specific actions required to minimise tax eg drawdown of 25% pension TFLS before leaving UK. 

Brexit doesn't really come into this - except that the reason the OP is thinking of becoming resident in Spain is because Brexit restrictions of the amount of time the OP is allowed to spend abroad has made him think about moving over there more permanently.

I consider that a major change, but if the OP can jump through the new immigration hoops it won't be a long term issue. But their financial life will be a little more complicated than before the "B-word" if they keep UK investments.

Privilege435

bostonerimus said:

VXman said:

nigelbb said:

bostonerimus said:

Privilege435 said:

Thanks both. Initial thought is Spain as I have a house there that I'm currently unable to use as much as I'd like thanks to you know what. The annuity was purchased with money from a defined contribution private pension fund. I'd become tax-resident in Spain and I'd probably qualify for their new Digital Nomad visa as I'm one of the un-retired who can work remotely. 

Why doesn't anyone want to mention Brexit? 
If you can arrange to wrap up all your finances and taxes before moving to Spain it will be easiest ie sell your UK property before moving to Spain.

Brexit has no effect on personal taxation which is governed by the relevant Double Taxation Treaty. There is generally a period of a year or more when sale of your primary residence in your former country can overlap with tax residence in your new country & still not be liable to CGT. There may be specific actions required to minimise tax eg drawdown of 25% pension TFLS before leaving UK. 

Brexit doesn't really come into this - except that the reason the OP is thinking of becoming resident in Spain is because Brexit restrictions of the amount of time the OP is allowed to spend abroad has made him think about moving over there more permanently.

I consider that a major change, but if the OP can jump through the new immigration hoops it won't be a long term issue. But their financial life will be a little more complicated than before the "B-word" if they keep UK investments.

Thanks so much bostonemirus. Must improve my google searches as I should have been able to find the relevant articles myself!

bostonerimus

Privilege435 said:

bostonerimus said:

VXman said:

nigelbb said:

bostonerimus said:

Privilege435 said:

Thanks both. Initial thought is Spain as I have a house there that I'm currently unable to use as much as I'd like thanks to you know what. The annuity was purchased with money from a defined contribution private pension fund. I'd become tax-resident in Spain and I'd probably qualify for their new Digital Nomad visa as I'm one of the un-retired who can work remotely. 

Why doesn't anyone want to mention Brexit? 
If you can arrange to wrap up all your finances and taxes before moving to Spain it will be easiest ie sell your UK property before moving to Spain.

Brexit has no effect on personal taxation which is governed by the relevant Double Taxation Treaty. There is generally a period of a year or more when sale of your primary residence in your former country can overlap with tax residence in your new country & still not be liable to CGT. There may be specific actions required to minimise tax eg drawdown of 25% pension TFLS before leaving UK. 

Brexit doesn't really come into this - except that the reason the OP is thinking of becoming resident in Spain is because Brexit restrictions of the amount of time the OP is allowed to spend abroad has made him think about moving over there more permanently.

I consider that a major change, but if the OP can jump through the new immigration hoops it won't be a long term issue. But their financial life will be a little more complicated than before the "B-word" if they keep UK investments.

Thanks so much bostonemirus. Must improve my google searches as I should have been able to find the relevant articles myself!

Internet articles are very useful, but it's also nice to ask questions and get interactive answers and opinions from real people to confirm your understanding.