Have you cashed out your UK pension? Find out if you’re able to claim a UK tax refund.
75% Of your pension could be taxed! Don’t pay over the odds. Speak to our tax agents today or email us with your enquiry.
75% Of your pension could be taxed! Don’t pay over the odds. Speak to our tax agents today or email us with your enquiry.
If you have cashed in a UK based pension, then you could be due a TAX REFUND!
To qualify, you have to be 55 or over and have cashed in a UK based pension.
You can be living here in the UK or overseas to qualify. To start your claim, simply drop us a line at info@taxback.co.uk or complete the online application here on the website. It’s very straightforward and all we need are just a few details from you on the application.
If you prefer to call and discuss with one of our consultants, please call 0911 014 1100 during UK office hours.
We have discovered that many people who reach the age of 55 with an occupational pension (also known as a Private Pension), may want to access some of that cash.
Perhaps you’d like to extend your home, buy a holiday house, start a new business, or simply go on holiday. Whatever the reason for cashing out your pension, the cash is now within your grasp.
There are a few things to be aware of when you cash out your pension, so it’s advisable to take a look at all your options. Particularly if you now live abroad, as your tax position on what you are required to pay, may have dramatically changed and you could pay a lot more tax, if you have not filed your tax properly.
There are various tax implications when cashing out your pension. We strongly suggest you seek financial advice from a financial advisor, before making any decisions.
There are various tax implications when cashing out your pension. The “basic” one is if you withdraw a 25% portion of your pension it is tax-free. Any more over that will attract a tax liability. The amount of which will be determined by your financial situation.The balance of your pension can then be withdrawn once you reach the official retirement age.
Not using your entire pension before you reach retirement age is also wise so you have a nest egg, should you need the funds later on in life.
Obviously you can withdraw any percentage you wish to, but as mentioned above if you do, then it may be subjected to tax. With 75% of your pension pot subject to income tax, you could end up paying more to the taxman then you bargained for!
You may discover that when cashing out your pension in the future, some pension funds do not give you the option of cash withdrawal. Not all pension providers and schemes allow for cashed out pensions, so make sure you do your homework.
Cashing in your pension is also not applicable if you receive pension from a former spouse or civil partner, as a result of a divorce. The same thing is true if your pension have certain protected rights.
Whichever way you look at it, cashing out your pension has both positives and negatives, but it does give you another option should you need to realise some capital.
If you’ve cashed out your pension already and require help obtaining your tax back, get in touch today with our tax experts at info@taxback.co.uk or complete the cashed out tax return application form here.
PLEASE NOTE
Taxback.co.uk do not offer pension advice. The laws that govern pension schemes can also change and in turn, change the benefits payable from the Fund. Taxback.co.uk do not provide financial advice in relation to pension funds. Nothing in this website is intended to amount to financial advice. You should seek your own independent financial advice before making any decision regarding your pension.
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