Take 25% tax free lump sum but pension in UK

[Scoop64]

Hi, Lving in Ireland i can take a 25 % tax free lump sum from a uk pension now, but will pay tax here on it here ,any way working out percantage of tax i will pay?
thanks

 

[Lisgoold]

Hi, Lving in Ireland i can take a 25 % tax free lump sum from a uk pension now, but will pay tax here on it here ,any way working out percantage of tax i will pay?
thanks

Are you certain that's correct?

 

[Marc]

The Finance Act 2022 introduced definitive legislation to cover the taxation of retirement lump sums from foreign pensions for the first time. The change means that a lump sum taken by an Irish resident from a foreign pension arrangement will now be treated in the same way as a domestic pension, counting against their normal pension lump sum limits where the first €200,000 is tax free and the next €300,000 is taxed at 20%.

 

[Scoop64]

Its well below E200,000, so i wont be taxed on it ?

 

[Farma1]

Its well below E200,000, so i wont be taxed on it ?

Correct.

 

[RedOnion]

Its well below E200,000, so i wont be taxed on it ?

If its your only pension lump sum. The 200k is a cumulative across all your pensions.

 

[Scoop64]

Thanks all for advice