I will suggest the monthly option but I think it was a lump they were after initially. The P55 form might work. Its only a month or so to get the tax back but then leaves the question of what happens at the end of the tax year after guestimating the savings income. Can you just email a final figure or will it require a tax return which might be a pain depending on circumstances. Statistics: Posted by Gerry557 — Sun Apr 28, 2024 1:27 pm ..read more

bjmarren wrote: ARTICLE 17 Pension 1. Subject to the provisions of paragraph 2 of Article 18, pensions and other similar remuneration paid to a resident of a Contracting State (UK) shall be taxable only in that State. However, where such pensions and other similar remuneration arising in the other Contracting State (Bulgaria) are not subject to tax in the first-mentioned State (UK), that other Contracting State (Bulgaria) may tax such income. 2. Not withstanding the provisions of paragraph 1, pensions and other similar remuneration paid under a public scheme which is part of the social secur ..read more

genou wrote: bjmarren wrote:... Presumably if the UK wanted to tax my state pension they could/would have done so by amending my tax code on my CS payslip, which still shows 1275L, or am I being naive about this. Not naïve - pessimistic. The UK does not tax non-residents in respect of State Pension. Normally taxed in country of residence, but it looks like Bulgaria is unusually generous. Actually the UK does not tax non-residents on a range of UK-source income. There is no UK CGT on UK gains for foreigners, for instance. There is no withholding on UK-source dividends nor on UK interest p ..read more

bjmarren wrote: ... Presumably if the UK wanted to tax my state pension they could/would have done so by amending my tax code on my CS payslip, which still shows 1275L, or am I being naive about this. Not naïve - pessimistic. The UK does not tax non-residents in respect of State Pension. Normally taxed in country of residence, but it looks like Bulgaria is unusually generous. Statistics: Posted by genou — Sat Apr 27, 2024 8:20 am ..read more

bjmarren wrote: Seasider wrote:In Article 17 why have you identified the Contracting States the way you have? I think it may be more correct to put Bulgaria for UK and vice versa. I think Article 17 applies to private pensions not the State Pension so it probably does not matter. Hi Seasider, Thanks for your reply. I identified the Contracting States the way I have, as I assumed the term "Contracting State" referred to the Country that initiated the payment, but that is just my interpretation of the phrase. The actual wording in the tax agreement is "the terms "a Contracting State" and ..read more

SteelCamel wrote: There is - take it in 12 monthly payments. Well of course, but the question I was answering was about what happens if you take it all out at once. Scott. Statistics: Posted by swill453 — Fri Apr 26, 2024 6:31 pm ..read more

swill453 wrote: If only. In my experience there's no way of getting the whole allowance out without being over-taxed. Even having a valid up-to-date tax code doesn't help much. There is - take it in 12 monthly payments. It might get taxed to begin with as the provider won't have a correct tax code, but this should sort itself within a couple of months. And as you're getting the same amount each month, PAYE will correctly predict not going over your allowance and return any tax charged initially. This isn't unique to pensions - it's part of the PAYE rules. If you have a seasonal job that o ..read more

Married female wanting to take some of her pension pot. No earnings and had transferred her married persons allowance and is a normal rate tax payer. So I assume £12500 - £1260 = £11240 tax allowance remaining. Also has some untaxed savings interest which I assume could be covered by either £1k savings allowance and or £5k extra additional savings allowance with no earnings. I have asked her to guestimate this and off the top of her head said about £1k So should be able to take £11240 out of the pot without paying tax. The question is, Is tax taken from the pot on collection. If so I assume ..read more

genou wrote: bjmarren wrote: I have put bold the country which it refers to. I've also put my own understanding of the details underneath. I'm with seasider here - you have Article 17 back to front. You are resident in Bulgaria ( the Contracting State ) which would mean that only Bulgaria can tax your state pension. But they don't levy a tax on it , which means that the state in which the pension arises - the UK ( the Other Contracting State ) - can choose to tax it. But they don't. So the UK State pension is un-taxed in my view. The civil service pension is taxable in the UK, despite y ..read more

Seasider wrote: In Article 17 why have you identified the Contracting States the way you have? I think it may be more correct to put Bulgaria for UK and vice versa. I think Article 17 applies to private pensions not the State Pension so it probably does not matter. Hi Seasider, Thanks for your reply. I identified the Contracting States the way I have, as I assumed the term "Contracting State" referred to the Country that initiated the payment, but that is just my interpretation of the phrase. The actual wording in the tax agreement is "the terms "a Contracting State" and "the other Cont ..read more