Saving & Pension Taxes from Abroad

Hi, i live and work full time in the UK the last 7 years. In the next few months i am planning to move to Greece permanently (i won't have a UK address). I have two questions : 1) I have some savings in a UK bank from my work in the last 7 years. Could you please let me know if i can keep these savings in the UK while i am moving abroad and if yes, is there any tax that i have to pay when i move abroad as i won't be a UK resident any more 2) Could i claim any National Insurance or other contributions from my work in the last 7 years? Thanks

Hi,

Yes, you can keep the savings in the UK account but as a non resident they may be liable to tax if it exceeds your allowances.

It is unlikley that a refund wil be due on NI for the previous years but you can apply here:

Claim a National Insurance refund

Thank you.

Hi Thank you for your response. Could you please let me know how I can find or calculate my personal allowance? Thanks

Surely, if antoathan83 is an EU citizen they would fall under the EU Withdrawal Agreement and the rules on aggregation of years for pensions would continue to apply? One for International Pensions in DWP to address perhaps but just flagging it here so it can be considered. If that is the case, then 2 things to consider: 1. EU years will be aggregated with the 7 UK years to get past the required 10 UK years. The pension would then be 7/35 x £max. 2. It would surely be worth considering paying future UK NI to improve the UK pension in due course. That would need a look at NI38 and timely submission of form CF83 to HMRC.

hi Gary thanks for your response. I really appreciate it. However, i am not sure i can understand (apologies i am not familiar with these topics). What i am trying to understand is if my savings in a UK bank when i will leave the UK are going to be taxed. This is the question i am trying to answer. I think you refer to pensions rather than to my question Could you please advise?

That has been answered by HMRC but I was looking at your second question which relates to your UK pension position, which is why I set-out the EU rules position. First, your 7 UK years cannot be refunded, as far as I am aware, but even if you do nothing the EU regulations on the coordination of social security systems provide that years contributed in EU countries can be added to your 7 UK years, meaning you should end up with more than the required 10 years and thus receive a UK state pension based on your 7 years. This will be in addition to any other state pensions you get from EU countries for contributions in those countries. Equally, your 7 UK years will be added to whatever number of years you contribute in Greece (and in any other EU countries) to help you qualify there too. There is plenty of EU documentation explaining the rules if you search for it. My second point is to highlight that you should be able to continue paying UK NI voluntarily when you leave (in addition to paying social security in your country of residence), so could accumulate a full UK state pension before you reach pension age, in addition to whatever state pension(s) you get from Greece and potentially other EU countries, if you move around again. I can't post links but have a look at NI38 on GOV UK, and complete CF83 if you consider it worth paying voluntary NI.

Thank you , I really appreciate your effort to explain it to me as i find these topics quite complex. Back to my initial request I think i need a further clarification, if some can advise further please. I mean, in my question if my personal savings in a UK bank are going to be taxed when I leave permanently the UK. I just want to understand more about this. I mean, how i can find out what is my allowance in order to know if my savings are going to be taxed or not? I am sorry again as I find these topics a bit complex

Name removed Admin 

Hi,
Please see:
Income Tax rates and Personal Allowances
Thank you.

Thank you HMRC team

Hi antoathan83,
Please refer to:
Income Tax rates and Personal Allowances
Thank you.