Expat Pension Tax Saving
Sam Orgill of ProACT Partnership with Tax Saving Tips for Expats Living and Working Abroad in Cyprus UK
Pension Tax Saving for Expats
Expat Savers can make more tax savings following changes in the UK Budget and with Cyprus Taxes. They include Pension Freedom to pay 5% pension income tax or lower.
Under UK pension freedoms, If you have a UK pension fund you can draw up to the whole fund. Previously you were limited to income drawdown per year only.
As a Cyprus tax payer expats would pay 5% tax on this income (after allowances and tax free sum). Then these funds are free of pensions and available to invest - at no tax for Cyprus expats investing for interest or dividends.
Tax Saving Tip: Consider drawing your pension lump sum as a Cyprus Tax resident. Review your options with ProACT Tax Saving Experts.
Free Review - Pensions Tax Will Property Inheritance Tax
ProACT offer a Free Review of your Wills, title deeds, property assets and identify inheritance tax savings. Whether a Cyprus tax resident or not we can ensure your family is protected and makes tax saving on death.
Expats must make written changes of your Will if you want to use the succession rules of your home country. But consider the impact on inheritance tax at 40% in the UK or other countries. Consider who you want to benefit in your Will, is this possible with your arrangements?
Contact us to book a Free review. Contact Us Free Review !!
Read more on our website www.proactpartnership.com/blog
Sam Orgill ProACT Partnership Expatriate Advice