Hi
Just wondering if anyone has dealt with taking their whole pension as a lump sum since the new April laws. I have a secondary pension which I can take this christmas - not huge, just £22,000 (I will be 55 this xmas). I want to take it so that I have a pot of money to help fund my twins through university in 2 years time.
It looks like if I take the pension I will be taxed here in France at a rate of 7.7% including the 25% tax free lump sum and that this money will be added to my annual income for that year (and as such taxed again if it takes me over the tax threshold for that year).
Has anyone any experience or taken advice on this - it is causing me a really big headache. I hate to think what it will be like when my teachers pension comes in to play, but at least that is a few years off.
UK small pension - what to do?
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UK small pension - what to do?
I came to France to stop the panic, now I still panic but at a much slower pace.
Definitely get advice, for now and for later when your pension kicks in.
I recommend Peter Johnson, he's English but based in France and does all our tax returns round here. He knows his stuff and won't charge you the earth either.
Edit - I'll pm his details to you
Moliere
I recommend Peter Johnson, he's English but based in France and does all our tax returns round here. He knows his stuff and won't charge you the earth either.
Edit - I'll pm his details to you
Moliere
Jumping is just dressage with speed-bumps.
Hi Julesb, to start with you might think about making use of the free government advice on offer (choice of 45 mins face to face or over the phone). https://www.pensionwise.gov.uk/
Re funding uni education, if you do the maths you may find there's an advantage in utilising student finance (if applicable) until such time as loans become payable.
Either way it's worth paying a few quid for quality advice before putting pen to paper.
Re funding uni education, if you do the maths you may find there's an advantage in utilising student finance (if applicable) until such time as loans become payable.
Either way it's worth paying a few quid for quality advice before putting pen to paper.
Happiness is a journey not a destination,
So work like you don’t need the money,
Love like you’ve never been hurt,
and Dance like no one’s watching…
So work like you don’t need the money,
Love like you’ve never been hurt,
and Dance like no one’s watching…
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- Posts: 191
- Joined: Fri Dec 16, 2005 2:50 pm
- Location: Teillet between Rodez + Albi France
- Contact:
Thanks
Thank you for all your help and contacts. I am of course planning on contacting UK help lines - just wondering if anyone had gone through the process themselves since the new rules in April. Once I've waded through the possibilities I'll put a post up to share what I have found out
I came to France to stop the panic, now I still panic but at a much slower pace.
If you discover that it is taxable in France you can opt for it to be taxed over 5 years, I can't remember the exact phrase, but it is designed for unusual/one off receipts, so this would fit that category. This would be advantageous for you if the whole amount taxed in one year pushed you into a higher tax band.