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Where Taxpayers and Advisers Meet

Cash in query

TomLondon
Posts:1
Joined:Sun Dec 18, 2016 10:14 am
Cash in query

Postby TomLondon » Sun Dec 18, 2016 10:16 am

I have a question relating to UK pensions. I have an accrued pension pot ~£160k. My personal circumstances have changed significantly in the last year such that I both need access to these pension monies in the short term and am entirely confident that longer term I have other provisions such that I am prepared to pay whatever the required tax charge is to access this money now (my working assumption is 55%). I'm not looking for a response that says 'there must be another solution etc.' - I am comfortable with this choice and the tax charge I have to pay and this is the right path for my circumstances.

What I am not clear on is how best to do this and how to communicate this to HMRC and how to ensure that this is done a fully cooperative manner. Are there providers or advisors who specialise in this area?

Thank you in advance for any help.

LozaACCS
Posts:1504
Joined:Wed Aug 06, 2008 3:55 pm

Re: Cash in query

Postby LozaACCS » Sun Dec 18, 2016 8:42 pm

You should first of all contact the scheme administrator to initially confirm whether the scheme rules allow the payment you require, assuming they do, then simply instruct the SA to make the necessary payment, they will report it to HMRC, you then must report the payment on your tax return, a local accountant will assist you in completing the Self Assessment return.


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