First Post
Mar 27th 2012, 5:56 pm
#1
Forum Regular
Thread Starter
Joined: Mar 2012
Posts: 78
First Post
Hi Everyone,
Appreciate it if you could direct me to the correct forum. Been living in the States now for 18 years. Dual UK and USA Citizen, but full time resident in the States with a UK address. 2 private UK pensions maturing in June with the offer of taking 25% out tax free. However, very wary of IFA's and all that entails in the UK and due to our dual taxation laws wondering if the pensions can be transfered over here but I don't want to get involved with Qrops. So many questions relating to this and there must be similar people in my situation who also have their state uk pension coming up?
Thx.
Appreciate it if you could direct me to the correct forum. Been living in the States now for 18 years. Dual UK and USA Citizen, but full time resident in the States with a UK address. 2 private UK pensions maturing in June with the offer of taking 25% out tax free. However, very wary of IFA's and all that entails in the UK and due to our dual taxation laws wondering if the pensions can be transfered over here but I don't want to get involved with Qrops. So many questions relating to this and there must be similar people in my situation who also have their state uk pension coming up?
Thx.
Mar 27th 2012, 10:24 pm
#2
Joined: Sep 2009
Posts: 4,680
Re: First Post
Hi Branmin
Welcome to BE.
We have a forum dedicated to expats living and working in the USA which I would recommend to you. You will find this forum by clicking the 'forum index' tab at the top left corner of this page. Scroll down the list of countries and double click on USA and you're in. My advice would be to start a new thread on there with your questions as I am sure this is a situation that must have cropped up for other expats in the US.
We also have a serach button on the pink bar at the top of this page, so it may be worthwhile trying a few key words on there and see if any existing stuff comes up.
Strangely enough I have just made enquiries about retirement and commuting 25% pension. Tax wise, I would be paying nothing on the first £130,000, but the tax rate is 55% on anything over that figure (ugh - damn tax !!!!). I would assume that the same rule would apply to all pension commutations ...but do check this out as I am no expert. I can't help re USA tax rules but I am sure someone on the USA forum will be only too happy to advise on that.
Hopefully this reply has been helpful for you and I wish you all the best and hope you enjoy being part of BE
Dread - x
Welcome to BE.
We have a forum dedicated to expats living and working in the USA which I would recommend to you. You will find this forum by clicking the 'forum index' tab at the top left corner of this page. Scroll down the list of countries and double click on USA and you're in. My advice would be to start a new thread on there with your questions as I am sure this is a situation that must have cropped up for other expats in the US.
We also have a serach button on the pink bar at the top of this page, so it may be worthwhile trying a few key words on there and see if any existing stuff comes up.
Strangely enough I have just made enquiries about retirement and commuting 25% pension. Tax wise, I would be paying nothing on the first £130,000, but the tax rate is 55% on anything over that figure (ugh - damn tax !!!!). I would assume that the same rule would apply to all pension commutations ...but do check this out as I am no expert. I can't help re USA tax rules but I am sure someone on the USA forum will be only too happy to advise on that.
Hopefully this reply has been helpful for you and I wish you all the best and hope you enjoy being part of BE
Dread - x
Last edited by dreadsoc; Mar 27th 2012 at 10:28 pm.
Mar 27th 2012, 10:55 pm
#3
Forum Regular
Thread Starter
Joined: Mar 2012
Posts: 78
Re: First Post
Strangely enough I have just made enquiries about retirement and commuting 25% pension. Tax wise, I would be paying nothing on the first £130,000, but the tax rate is 55% on anything over that figure (ugh - damn tax !!!!).
Thx Dread, will take it up with the board in question. Interested though on the above comment. Do I take it when you say you are "commuting 25%" you are transferring this to another country?
Thx.
Thx Dread, will take it up with the board in question. Interested though on the above comment. Do I take it when you say you are "commuting 25%" you are transferring this to another country?
Thx.
Mar 27th 2012, 11:21 pm
#4
Joined: Sep 2009
Posts: 4,680
Re: First Post
Strangely enough I have just made enquiries about retirement and commuting 25% pension. Tax wise, I would be paying nothing on the first £130,000, but the tax rate is 55% on anything over that figure (ugh - damn tax !!!!).
Thx Dread, will take it up with the board in question. Interested though on the above comment. Do I take it when you say you are "commuting 25%" you are transferring this to another country?
Thx.
Thx Dread, will take it up with the board in question. Interested though on the above comment. Do I take it when you say you are "commuting 25%" you are transferring this to another country?
Thx.
Apologies I should have been clearer.
The figures were given to me when I made enquiries yesterday in relation to my pension when I retire later this year. The comment relates to UK tax rules only as I am not transferring it outside of the UK. You would have to check this out with your Pension custodian but I would think that the tax amount on commutation would be the same with all UK pensions.
You need to then check on how this fares with tax laws in the USA, which unfortunately I can't advise you on - but someone on the USA forum may be able to assist.
Hope this helps
Dread - x
Mar 27th 2012, 11:29 pm
#5
Forum Regular
Thread Starter
Joined: Mar 2012
Posts: 78
Re: First Post
sure does.........
Thx.
Thx.
Mar 28th 2012, 8:15 am
#6
Just Joined
Joined: Mar 2012
Posts: 4
Re: First Post
Hi
I'm looking to move to Spain and set up our business over there, we make ice sculptures, I've looked around and can;t find anyone there doing what we do. I need to find people to work with though ie. ice cubes suppliers and frozen food companies, is there a directory or something that someone can point me in the right direction of. Thanks
I'm looking to move to Spain and set up our business over there, we make ice sculptures, I've looked around and can;t find anyone there doing what we do. I need to find people to work with though ie. ice cubes suppliers and frozen food companies, is there a directory or something that someone can point me in the right direction of. Thanks
Mar 29th 2012, 12:48 am
#7
Joined: Sep 2009
Posts: 4,680
Re: First Post
Hi Iceman
Welcome to BE - you may just be our first ice sculptor member here - hat an unusual occupation.
We have a forum dedicated to expats living and working in Spain where you can chat with other Brits already living and working there. They are a friendly bunch on there so I am sure they will try and help you with the information you seek.
To access this forum, click on the 'forum index' tab on the top left of this page. Scroll down the list of countries until you see Europe - double click on pain below that and you're in.
If you re ask your question on there I am sure you will get some suggestions.
That just leaves me to wish you all the very best with your move and your business.
Dread - x
Welcome to BE - you may just be our first ice sculptor member here - hat an unusual occupation.
We have a forum dedicated to expats living and working in Spain where you can chat with other Brits already living and working there. They are a friendly bunch on there so I am sure they will try and help you with the information you seek.
To access this forum, click on the 'forum index' tab on the top left of this page. Scroll down the list of countries until you see Europe - double click on pain below that and you're in.
If you re ask your question on there I am sure you will get some suggestions.
That just leaves me to wish you all the very best with your move and your business.
Dread - x
Mar 29th 2012, 3:32 pm
#8
MODERATOR
Joined: Mar 2007
Location: Costa Valencia
Posts: 14,795
Re: First Post
Hello and a big welcome to BE.
Excellent information can be found in the BE Wiki, not forgetting the Living and Moving Abroad forum that will help you, another set of great help is the permanent threads at the TOP of each forum, they are very pertinent to that particular forum and makes sensible reading.
Moderators deal with any problems that arise such as inappropriate posts, spammers etc, you will find their names at the bottom right hand side of each forum's index in bold font.
Please contact me if I can give you any further help.
Rosemary
Excellent information can be found in the BE Wiki, not forgetting the Living and Moving Abroad forum that will help you, another set of great help is the permanent threads at the TOP of each forum, they are very pertinent to that particular forum and makes sensible reading.
Moderators deal with any problems that arise such as inappropriate posts, spammers etc, you will find their names at the bottom right hand side of each forum's index in bold font.
Please contact me if I can give you any further help.
Rosemary
