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Hi.
I’m considering taking my private pension early. As a former local government employee I have been advised by the Spanish accountant that my pension will be tax free. I am not sure if I should have this paid monthly into my English account or into my Spanish account. We became resident in November 2018, and still have an English account due to business interests in the UK.
Does anyone have any experience or advice on this.
Ma
Posted: Wed Jan 8, 2020 4:22pm
Legendary helpful member
First check that the pension can only be directly taxed in the UK:
https://www.gov.uk/hmrc-internal-manuals/international-manual/intm343040
Where it's paid is up to you. Depending on the amount, paying it into Spain would ensure free banking. Paying it into the UK would enable you to only do transfers when the exchange rate is favourable.
Posted: Wed Jan 8, 2020 5:28pm
Thanks for the advice, I will get it transferred with the monthly tran
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