ColinG

@colingreen

active 3 weeks, 1 day ago
Just found out that once you become a resident your tax free draw down on any UK pensions doesn’t apply in Spain. I have had this confirmed with independent pension advisors and our Spanish solicitor. So now I am a resident I have lost access to a considerable amount of tax free money. So I do the right thing and lose out financially. Maybe t […] View
  • ColinG posted a new activity comment 3 weeks, 1 day ago

    Hi Chris
    In the uk you are entitled to draw down 25% of your private pension tax free.
    Over here once you are a resident you cannot take that element tax free so quite a significant loss.
    If I hade known about this I would have taken my tax free drawdown element before applying for residencia

    • Hi Colin
      Gotcha! I was thinking tax allowances and tax rates so I can calculate the impact of becoming a resident.

  • ColinG posted an update 3 weeks, 2 days ago

    Just found out that once you become a resident your tax free draw down on any UK pensions doesn’t apply in Spain.
    I have had this confirmed with independent pension advisors and our Spanish solicitor. So now I am a resident I have lost access to a considerable amount of tax free money. So I do the right thing and lose out financially. Maybe t…[Read more]

    • ColinG – so what tax rate is paid on UK pensions as a resident? If one has State and Occupational it would be a big deal!

      • Hi Chris
        In the uk you are entitled to draw down 25% of your private pension tax free.
        Over here once you are a resident you cannot take that element tax free so quite a significant loss.
        If I hade known about this I would have taken my tax free drawdown element before applying for residencia

        • Hi Colin
          Gotcha! I was thinking tax allowances and tax rates so I can calculate the impact of becoming a resident.

  • ColinG became a registered member 2 months, 1 week ago