Income tax

[Karennina]

Ok thanks Rimms, it would be his pension from work we are not old enough yet for the state pension (thank goodness  ) but I cant have access to any work ones for another four years so every penny would come in handy if living on just one pension, will have to look into it all I think  

[Kevin Sowten]

If you keep a UK bank account open and continue to have all pensions (company and state) paid into it.
Inform HMRC that you permanently reside in Turkey and you will not be taxed in UK.
You can then transfer the money to a Turkish account at the earliest opportunity to maximise interest.
If I've got it wrong please let me know   

[Karennina]

Thanks Kevin for the info just say we were "flitting" between both UK and Turkey but in Turkey more then the UK could we still do this do you know??many thanks in advance  

[Marggie]

The following link should help  


http://www.hmrc.gov.uk/cnr/faqs_general.htm

[Kevin Sowten]

Very useful Marggie - Thanks !!!

[casacluggo]

Is there an age limit to be classified as a pensioner as in England, eg. 65, in order  to qualify for the nil rate band  of tax in Turkey?

[KKOB]

No. Although anyone under 40 would probably struggle to convince the authorities that they were genuine pensioners.

I know of a couple of lads in the Kaya Valley who became pensioners at the age of 39 after they both completed 21 years in the Turkish Army.

[snowtop]

i phoned the inland revenue and asked if i had to declare my  turkish bank accounts. He told me that there was no problem taxwise as i was paying the Turkish Tax.  If i wasn't paying Turkish tax on my intrest, that would be a different matter.  No worries

[Scunner]

I'm fairly sure what he told you is completely wrong.

[IanK]

My understanding is that if your tax domicile is the UK, you pay UK tax on ALL your earnings. However, if you have already paid tax in another country that has a double taxation treaty with the UK (ie Turkey) you can offset the tax paid in that country against what you pay in the UK.

In simple terms, you pay norma lUK income tax less any tax you have already paid on that income in Turkey.

I'm not an expert so feel free to correct me.

Ian