From April 6th 2012, HMRC are amending the rules with regards to transfers of uk pensions to overseas schemes. One of the biggest effects will be the closer monitoring of individuals who are living in low tax environments such as Monaco.
It may be more difficult to obtain tax free withdrawals from an overseas scheme post April (although not impossible), and HMRC will know about these withdrawals made. In order to ensure the tax free status of any withdrawal (which is not reportable to HMRC), which for example could be 50% of any pension fund from a regulated EU pension; any transfer to an overseas scheme, and payment needs to be completed by 5/4/2012.
Monaco UK expats with UK pensions. Action required?
Cradle Matt
10 January 2012 08:45:44
1
Armand
10 January 2012 10:06:12
24785
Hi and welcome to the forum Cradle Matt!
Thanks for sharing.
Armand
MarieUser
17 January 2013 15:53:48
1
Hi there,
Great to see this topic being discussed. I am moving to Monaco with my partner who has got a new position there I have a small UK Legal and General Pension scheme. I would like to put this into a new scheme in Monaco when I get a job. If we were to leave again in a number of years (which I am sure will be the case), do you know if I would be able to take it out of the Monaco scheme?
Thank you so much for your assistance.
Kind regards,
Marie
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