Calis Beach and Fethiye Turkey Discussion Forum

Turkey Related Subjects => Cost of Living in Turkey => Topic started by: niloc on June 19, 2013, 15:20:04 PM

Title: Income Tax on pensions
Post by: niloc on June 19, 2013, 15:20:04 PM

I'm sure this has been tackled before on this forum but I have searched & can't find anything upto date, so with my apologies in advance: I am planning to retire with capital in the bank and a private pension (not local gov or NHS etc) of £850.00 per month. Three years from now my UK state pension will kick in on top. I have been told by people who are probably guessing that these pensions will be tax free. I have googled this subject but again nothing upto date. Does anyone out there know? Thanks

Title: Re: Income Tax on pensions
Post by: Diverbaz 1 on June 19, 2013, 16:32:25 PM

Once you have moved and have an address and residence permit, you need form DT/individual (can be downloaded online) from the UK tax office.

Title: Re: Income Tax on pensions
Post by: GordonA on June 19, 2013, 22:35:32 PM

http://www.hmrc.gov.uk/pensioners/pension-company.htm

This may give some guidance.

Title: Re: Income Tax on pensions
Post by: jonuzumlu on June 20, 2013, 06:11:28 AM

If you declare yourself as a non UK resident for tax purposes, will UK banks allow you to maintain a current account?  :-\

Title: Re: Income Tax on pensions
Post by: Diverbaz 1 on June 20, 2013, 07:04:29 AM

Yes, my tax free pension is paid into UK account. but only if they have your address as being in Turkey (wherever).

Title: Re: Income Tax on pensions
Post by: jonuzumlu on June 20, 2013, 09:21:30 AM

Thank you Baz. My state pension starts in 2 years and I think at that point it might be advantageous to claim tax exemption.
Until now I have been concerned that declaring I live abroad might result in closure of UK bank accounts and loss of the reasonable credit rating  I have built up over the years. I imagined a nightmare scenario in which I was forced to return to England and found myself unable to get credit or debit cards as I had no credit history !

 : :) ???