Gibraltar Based QROPS Pension

HI I wonder if you can help, I have been non resident for over 10 years and have a Gibraltar based QROPS pension which is subject to Gibraltar taxes. I have now relocated back to the UK and wonder if I will end up with double taxation or will the tax I pay in Gibraltar be offset against UK tax. I have read the double taxation agreement between the UK and Gibraltar and to be honest I could not find where this situation was addressed, please can you advise?

Hi ,
 

Article 17 of the double taxation agreement between the UK and Gibralta, advises "Pensions and other similar remuneration arising in a territory may be taxed in that territory".  This means that your Gibralta pension is still taxable in Gibralta, however, as a UK resident, you are taxable in the UK on your world-wide income and capital gains and must declare your world-wide income and gains in a self assessment tax return (SA100 and supplementary pages).  You should declare this pension and foreign tax deducted in SA108(foreign).  You would claim a tax credit of up to 100% of the foreign tax paid, to avoid double taxation .  Thank you.

 

That's great,thank you for the help.