The new UK pension rules

facetious

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There must be quite a few people here in Ireland that have some private pension plans in the UK and will be able to avail of cashing in their pots as from next month.

What. in general, would the tax implications be over here? Take as an example, a pot of 40k from which a lump sum of 25% (10k) which should be tax free (in the UK anyway). How would that lump sum and the remainder be treated in Ireland?
 
My understanding is that if you are resident in the ROI, then you fill in a HMRC form (don't have the number as I'm on holidays and only have my tablet) and hand it in at your local tax office. Then, the full amount you are cashing in is paid to you and you then pay your Irish taxes to the Revenue here. Also, I think that if you receive your money after 1st October then tax is paid October the following year.
 
Hi thanks for that. It says on article that Revenue have not yet issued any guidence notes about the upcoming changes to the UK pension system especially for those considering cashing in pensions early, the article was printed last Spring so maybe they do have some guidelines around the topic now. This must be relevant to thousands of Irish people considering the vast emigration to the country throughout the 80's and 90's.
 
All income is taxable. Some (such as inheritances) allow you a certain amount before it is taxable and you then pay tax at your relevant rate, depending on your income.
If you are resident in Ireland for tax purposes then any UK pension fund that you cash in is liable to tax (as income). Again, my understanding is that Irish law allows you to take 25% as a tax free lump sum and the remainder is taxable.

It surprises me that there are not more questions on the subject, as you say, moneybox, there must be thousands over here who have such pensions.
 
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