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Topic: UK Pension  (Read 1118 times)

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UK Pension
« on: June 13, 2018, 12:54:59 AM »
Hey,

Can anyone help me with the tax implications of having a UK pension? I have learned that I have to count the £ contributed by my employer as income. What happens though (at this time) when I start withdrawing money in retirement? Will I be taxed? By the UK? By the US? Also what happens with US social security? Thanks.


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Re: UK Pension
« Reply #1 on: June 13, 2018, 09:48:49 AM »
What is your citizenship and residency status?

I’m a dual US/UK citizen living in the UK. My UK private pensions are taxed by both HMRC and the IRS and I use foreign tax credits to offset the IRS taxes. Exactly the same goes for my US private pensions.

When I start to receive my US SS it will only be taxed by HMRC but my OAP will be taxed by both HMRC and the IRS.
Dual USC/UKC living in the UK since May 2016


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Re: UK Pension
« Reply #2 on: June 13, 2018, 11:31:37 PM »
What is your citizenship and residency status?

I’m a dual US/UK citizen living in the UK. My UK private pensions are taxed by both HMRC and the IRS and I use foreign tax credits to offset the IRS taxes. Exactly the same goes for my US private pensions.

When I start to receive my US SS it will only be taxed by HMRC but my OAP will be taxed by both HMRC and the IRS.

I am a US citizen and will be on a Tier 2 general visa. This is helpful. Thank you.


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Re: UK Pension
« Reply #3 on: June 14, 2018, 09:13:03 AM »
I am a US citizen and will be on a Tier 2 general visa. This is helpful. Thank you.

I was resident in the USA when I first started drawing the first of my UK private pensions about 10 years ago. In this case it is only taxed by the IRS, so if you do return to the US after accumulating a UK pension just be sure that you keep your pension provider up to date with your current address and they should continue to send annual reports etc to your address on file even if it is overseas.

Note also that if you work for at least 10 years in the UK then you will be entitled to a UK Old Age Pension which you can draw when you reach the appropriate age, even while living overseas.
« Last Edit: June 14, 2018, 09:15:51 AM by durhamlad »
Dual USC/UKC living in the UK since May 2016


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