Hi
I live in Ireland and I am about to cash in a small occupational pension that is currently valued at €24,000. I have been in touch with the tax office and as I am unemployed I was advised I will pay minimal tax after taking the tax free lump sum. I am 61 years old and I do not receive any state benefits. As I was reading through the documentation tonight, I noticed that I also need to declare any other private pension arrangements I may hold. I have a number of small paid up pension plans in the UK which in total add up to approx. £50K, I do not intend cashing in these pensions for a few more years. I would like to know if I need need to inform the tax office of these additional English pension plans and also if their existence will mean I will pay more tax on the Irish pension I am about to cash in. Thanks in advance Delfio
I live in Ireland and I am about to cash in a small occupational pension that is currently valued at €24,000. I have been in touch with the tax office and as I am unemployed I was advised I will pay minimal tax after taking the tax free lump sum. I am 61 years old and I do not receive any state benefits. As I was reading through the documentation tonight, I noticed that I also need to declare any other private pension arrangements I may hold. I have a number of small paid up pension plans in the UK which in total add up to approx. £50K, I do not intend cashing in these pensions for a few more years. I would like to know if I need need to inform the tax office of these additional English pension plans and also if their existence will mean I will pay more tax on the Irish pension I am about to cash in. Thanks in advance Delfio