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Tax Planning | Financial Advice | Retirement Planning
Wednesday, January 05, 2022
0% Tax
After living outside for more than five tax years, he could take advantage of a new DTA
£715,000
stayed within his pension plan without being subject to IHT
Financial freedom
With our holistic approach to his financial plan, he is making the most of his life's earnings
To help you make informed investment decisions for you and your family, our approach starts with understanding you, your needs and your goals.
Our team of experts go above and beyond to find the best opportunities for growing and preserving your wealth. Working together with our financial planners, tax advisers and investment analysts, our regional specialists have the in-depth local knowledge to get the best outcomes for high-net-worth investors like yourself. Whether you feel more comfortable knowing everything’s taken care of, or you prefer to take a hands-on approach, our sophisticated investment solutions are designed to meet your needs and lifestyle.
To help you make informed investment decisions for you and your family, our approach starts with understanding you, your needs and your goals.
Our team of experts go above and beyond to find the best opportunities for growing and preserving your wealth. Working together with our financial planners, tax advisers and investment analysts, our regional specialists have the in-depth local knowledge to get the best outcomes for high-net-worth investors like yourself. Whether you feel more comfortable knowing everything’s taken care of, or you prefer to take a hands-on approach, our sophisticated investment solutions are designed to meet your needs and lifestyle.
Prior to moving to Dubai, Briton-born Mr. S, developed a well-respected career in several large companies. In the hopes of ensuring a secure and bright future, he made sure to engage in well-run pension schemes offered by the companies.
Following the advice of reputable financial advisers, Mr. S consolidated his retirement planning into a single retirement plan that removed the stress of unwanted paperwork and charges. At this time, he was pleased to learn that the value of his pension was £450,000.
When he was happily settled in the UAE, Mr. S informed his pension provider that he was no longer a UK resident for tax purposes and could therefore cease making further contributions.
Mr. S celebrated his 55th birthday and soon began looking at the most beneficial way of drawing out his pension. He was now of ‘pensionable age’ and had been living outside the UK for more than five tax years.
To begin, Mr. S was informed of a new Double Tax Agreement (DTA, 2016) between the UAE and the UK that gave taxation rights of pension income to the individual’s country of residence. For Mr. S, that was the UAE – where income tax is set at 0%.
He was then told that under the Pension Freedom rules introduced in 2015, retirees can take as much or as little as they wish from their retirement, which is then subject to tax at their marginal rate.
Even more, Mr. S was offered the support and guidance he needed to navigate through these complicated regulations. He was able to take his entire pension – now worth £715,000 – as a single payment without any tax implications. There is however one caveat, so long as his capital stays within this pension, it won’t be subject to IHT. But if he dies while the capital is being removed from his pension, it will fall within his estate calculations - for which suitable solutions were put in place as part of our holistic wealth management approach.
This proved to be the best way for Mr. S to make the most of his life’s earnings. He could pay off mortgages, invest the remaining capital and look forward to a vibrant future.
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