Reply To: Foreign Private Pension

#287447
John Boxall
Participant

I might add that you should try to find out – if possible when the annual increase is

Also dont forget Double Taxation, it is usually covered by treaties eg UK & Namibia and even if there isnt a Treaty HMRC usually applies the same rules.

BUT what it means is that ……..

Person gets a Pension of $Namibian 100, taxable at 25%

As UK Tax is 20% and they have already paid 25% Namibian Tax then there is no further UK tax liability. If the Namibian Tax was only 15% then they would have to pay a further 5% tax in the UK to bring the rate up to 20%

Guess what I have had to deal with a Namibian Pension, interestingly Namibia seems to operate PAYE like we do

Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery. The blossom is blighted, the leaf is withered, the god of day goes down upon the dreary scene, and—and in short you are for ever floored.

Wilkins Micawber, Ch12 David Copperfield