Cash in UK Pension

Hello, i have an old UK pension worth 24000 pounds. I have not lived or worked in the UK for the last 27 years, i moved to Ireland 27 years ago and have worked here ever since.

I am thinking about cashing in this old UK pension as one lump sum as i am almost 55. From what i understand, if i cash it in, the first 25% is tax free, but is the remaining 75% taxed by the UK revenue or the Irish revenue.

If it is taxed by the UK revenue, how much tax will i pay as i have not worked in the UK for the last 27 years.

Thanks for your help
James

You are not tax resident in the U.K. so no U.K. tax should be payable.

25% tax free in Ireland (up to 200k in total including any Irish pensions) balance subject to Irish tax

Thanks for the feedback. I assume i have to notify revenue.ie when i cash in the Pension.

Thanks

james-jones said:

Thanks for the feedback. I assume i have to notify revenue.ie when i cash in the Pension.

Thanks

Click to expand...

Yes. Did you too up your U.K. state pension?

I have not looked in to the UK state Pension as i assume i will be entitled to the Irish pension as i will be working here for 37 years

You can claim both; there's a key post on this site all about it.

Hello

Regarding a previous reply about tax on lump sums, i have come across 3 sites that states i can get a lump sum and will not pay tax if the lump sum is less than 200,000

15. Lump sums from foreign pension arrangements




Does this just apply when you reach retirement age or in my case, cashing in the pension at 55.

Thanks