Our monthly newsletter contains health and financial news, expat articles, social media recommendations and more.
Tax - Pensions
Subforums: Property for Sale/Rent, 2nd Hand Items for Sale/Wanted
Bit slow of me really but I've just found out some info which I should share with you.
In the UK, when you buy an Annuity from your retirement pension you are entitled to take a cash free lump sum; putting the balance into an annuity.
Even if you take out a Drawdown Policy with your retirement pension, each year you can take a cash free lump sum and re-invest the balance.
However, if you are resident in Portugal and pay your taxes here, it is not a Tax Free lump sum. You have to pay tax on it even though it is paid into a UK Bank!!!!
Could be a good argument for continuing to pay your taxes in the UK.
- Forum Leader - Portugal
"Could be a good argument for continuing to pay your taxes in the UK"
As a Resident your tax liability is to Portugal not UK it's not an option to solely pay tax in UK, if you haven't altered your UK tax status to a Non Resident then you'd have to reclaim any tax HMRC has deducted as Portugal will tax you unless their prepared to accept any proof of UK tax paid.
Annuities are treated differently in Portugal to UK
- Forum Legend
Expat Health Insurance Partners
Cigna has worked in international health insurance for more than 30 years. Today, Cigna has over 71 million customer relationships around the world. Looking after them is an international workforce of 31,000 people, plus a network of over 1 million hospitals, physicians, clinics and health and wellness specialists worldwide, meaning you have easy access to treatment.