My name's Alex and this is my website all about Pinar De Campoverde in Spain. Register now for free to talk about Brexit and the EU: living, holidaying and moving to Pinar De Campoverde and much more!
Doogie wrote on Fri Dec 27, 2019 11:01pm:
Hi, I noted you said you were going to access your SIPP in around 4 yrs time: You should be aware of the potential consequences of doing this as a non-UK resident. Spain (and some other other EU counties, e.g. France), do not recognise tax free cash from UK private pension plans if you are a...
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... Spanish tax resident at the time of claiming your SIPP and they tax it as income when you declare it in your Spanish tax return. However personal circumstances will apply - E.G. if the pension came from a UK Gov pension (Civil Service, Police, Teachers, etc). If your tax advisers didn't mention this then I suggest you discuss this with a company who are expert in UK and Spanish taxation rules. I have been retired for a few years but I worked as a pensions and savings technician for several large UK insurance and banking companies.This definitely applied when I was still working but you should raise this with your tax advisers.
Regards
Doug
thanks for this and yes I am aware that there would be no tax free element as would be the case if I were in the UK. My thinking here is that if we have taken to Spanish living we'd stay and pay the tax on drawdowns or if we've had enough at 55 it's a time when we could return to the UK and if necessary I could take out the 25% tax free.
