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Posted Mon, 29 Jan 2024 17:22:04 GMT by
Whilst working for an US company in the UK, as a UK resident paying UK tax and NI, I was enrolled in their International Savings plan (Pension scheme for International Employees) which had both Employer and Employee contributions. I worked for the company between 2005 and 2006 before the company was acquired, the savings plan was moved to the new company in September 2017. Now I have retired I would like to cash this in, but can't find if any tax is due when I do this.
Posted Thu, 01 Feb 2024 10:44:30 GMT by HMRC Admin 25
Hi Frank S,
You would need to ascertain which type of pension it is that you are due to receive as pensions in the US, Roth and IRA(known as 401k), are treated differently.
Thank you. 

Posted Thu, 01 Feb 2024 19:53:33 GMT by
Thank you, please note that the plan is not US based, but was setup for their non-US international employees, I was employed in the UK via their UK entity and UK PAYE. I contacted the plan administrators to ask if this should be treated as part of my overall pension pot for UK tax purposes and they advised "The Plan is a defined contribution savings arrangement established under a Trust Deed and Rules in the Isle of Man and is approved as tax exempt by the Assessor of Income Tax for the purposes of the Income Tax Act 1970." They confirmed any withdrawals I make would be free of tax and I would be responsible for reporting and paying any tax due and I should contact my local tax authority to determine if any tax is due and any tax relief.
Posted Fri, 02 Feb 2024 16:53:40 GMT by HMRC Admin 25
Hi Frank S,
If you are UK tax resident and domicile when the pension is withdrawn, you are liable on your worldwide income.
You would need to check the double taxation relief of the country in which the pension is being paid from to see if in fact it is tax free in the UK and doesnt need to be declared.
Please see guidance here:
Tax treaties.
As this forum is only for general advise, you may want to contact us direct on 0300 200 3310 for more specific details.
Thank you. 

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