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philip davies

philip davies

Joined: 5/16/2023

  • Tax on european pension lump sum payments

    Tue, 16 May 2023 13:16:47 GMT – Tax on european pension lump sum payments
    I have an Irish pension built up in a Dublin employers pension fund during 2017-2018 and which is operated by Aviva Ireland. The pension is registered in Ireland and did not benefit from any UK tax allowances. I am now 60 and my ex-employer and Aviva are suggesting I take a lump sum refund of the EMPLOYEE contributions ONLY (the employer contributions have already been removed as i worked in dublin for less than 2 years). Aviva will issue the lump sum to my UK bank account minus 20% Irish lump sum withholding tax. Is the remaining balance I receive in the UK subject to any further UK tax? Do I need to report the lump sum payment and claim the foreign tax credit for the 20% paid in ireland?