CharlieH Elsen
Joined: 5/10/2023
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Tax on foreign pension lump sum for UK resident
I am a UK national and I worked abroad in Romania, The Netherlands and Denmark from 2000 until 2015. In 2015 I returned to live in the UK permanently. My international employer enrolled me in their contributory retirement savings plan in July 2001 - 2015. I paid in country taxes on my salary before my contributions were made. Since 2015 my employer transferred the frozen pot to sit in trust in the Isle of Man ( I had no say where they put it) - until I leave the company. I am now coming up to planning for my retirement and I am finding it very hard to get any advice on how this lump sum is to be reported and tax calculated assuming that I remain as a UK resident. My (US) employer simply repeats that it is a non UK Retirement savings plan. I understand that the regulations changed recently regarding lump sums, but I have also read that as contributions were made before 2017 other rules may apply. Can you point me in the right HMRC guidance please