Tax on UK Pension Lump Sum

Discussion in 'Tax' started by ATN, May 28, 2008.

  1. ATN

    ATN New Member

    Posts:
    5
    [FONT=&quot]Good afternoon all,[/FONT]

    [FONT=&quot]I am due to receive a UK Pension later this year.[/FONT]
    [FONT=&quot] Can anyone enlighten us as to whether the lump sum element, which is tax free in the UK, is taxable in Ireland?[/FONT]

    [FONT=&quot]I have read elsewhere that the revenue here do not recognize "tax free“ elements allowed by UK Revenue.[/FONT]

    [FONT=&quot]If anyone can help, Thanks![/FONT]

    [FONT=&quot]Anthony [/FONT]
     
  2. gongey

    gongey Frequent Poster

    Posts:
    101
    an irish Form 11 or 12 has a section for UK pensions paid with a section then for tax deductd on that pension. If you are Irish resident and domiciled then you are taxable on your worldwide income with credit for tax paid abroad. I would think you will be taxable on this lump sum.
     
  3. Iceman732

    Iceman732 Frequent Poster

    Posts:
    191
    Double taxation relief. The point of having taxation agreements is that an individual should be worst of as a result of moving countries!!

    Are you resident, ordinarily resident and domiciled in Ireland?
     
  4. ATN

    ATN New Member

    Posts:
    5
    Thanks all for the response.

    I am Irish resident and domiciled for past 10 years working as a sole trader.

    I worked for 20 years in the UK and hence the UK company pension ( final salary) entitlement.


    I have no other pension.
     
  5. ak45

    ak45 Guest

    I am in the same position as you. I tried the Revenue office and the lady answering the phone seemed unsure. I also emailed the revenue but no reply so far. Would be interested in any further info. Is it possible to leave the lump sum in Uk and take it at a later date?