Tax on overseas pension

DRS1

I have never filled in the Foreign Pension bit of an SA form but if it distinguishes between the pension bit and the lump sum bit I wonder if that will feed through into the payment on account calculation - ie by treating the lump sum as a one off.

Bostonerimus1

I'd check with Guernsey that you are sorted wrt their tax and you don't have to file there or pay any tax there. Also is there any flexibility on the lump sum amount? as taking a big payment in a single year might result in a large one time HMRC tax bill when it might be better spread it out in slightly higher annual income. Then just declare it on you SA and pay the bill.

BridgetTheCat

Bostonerimus1 said:

I'd check with Guernsey that you are sorted wrt their tax and you don't have to file there or pay any tax there. Also is there any flexibility on the lump sum amount? as taking a big payment in a single year might result in a large one time HMRC tax bill when it might be better spread it out in slightly higher annual income. Then just declare it on you SA and pay the bill.

Already done thanks. 

And all calculations are based on the min lump sum as the commutation factor is not good.