HMRC Admin 25 Response

Hi Aash Patel,
If you have any unsed allowances from the previous 3 years that cover the excess that you have paid into your pension then you do not need to declare it on the return.
If not, you will be liable to a pension savings tax charge and declare it under exceeding annual allowance.
Thank you. 

Hi D Mend,
There is no tax impication on the transfer of the cpaital.
Any interest or dividends that this then generates is taxable income.
The pension itself is only taxable in Switzerland under the terms of the double taxation treaty.
You would need to check with your SIPP as to whether payments can be transferred from abroad.
Thank you. 

Hi Albert Einstein,
No it is not taxable.
However, if you are claiming any Foreign Tax Credit Relief, any rebate would need to be taken into account for the US tax already paid.
Thank you. 

 

Hi gail lithgow,
You would need to submit a claim for relief under double taxation exemption.
Please see:
Double Taxation: Treaty Relief (Form DT-Individual)
Thank you. 

Hi Andrew,
Your answer would be no as you are currently registering for the fitness self employment.
Thank you. 

Hi SAIsunrise,
No, as HMRC have already agreed exemption for this.
Thank you. 

Hi JamesB10216,
You can only deduct the pension contributions if they are taken from your net wage.
If deducted from your gross wage then relief already received and the pay figure on your P60 would be the amount used for the Higher Income Child Benefit Charge. 
Thank you. 
 

Hi VeraK,
As long as this is your own funds there is no tax implication.
Thank you. 
 

Hi terrywykwong,
No you cannot claim the interest.
Please see:
CG15284 - Expenditure: interest and finance charges
HMRC cannot give financial advise so you would need to contact a professional for this.
Thank you. 

Hi Daiput,
We can only provide general information / guidance in this forum.
For an answer to a detailed question of this nature, you would need to contact our Self Assessment helpline or seek professional advice.
Self Assessment: general enquiries
Thank you.