Retirement savings plan

[Silica666]

A US company that I previously worked for facilitated a retirement savings scheme not termed as a pension. I have always been resident in the uk and worked internationally.

I have paid UK tax on all my and the companies contributions to scheme at 40% as I declared this on my gross income.

This is a US dollar scheme but administered by Fidelity UK and I have not received any tax relief on this scheme.

My question is, when I decide to withdraw from the fund either as a drawdown or lump sum it will be paid in US dollars to my account, what will my tax liabilities be considering I have not claimed tax relief and could also be seen as foreign income and also considering I have paid 40% tax already, will I be able to receive 25% tax free lump sum etc etc?

[Silica666]

Anybody?

[LozaACCS]

The question is a complex one which with respect cannot in my view be answered from the information provided, I would suggest the following criteria should be considered;
Firstly, contact the Scheme Administrator (assuming there is one) to establish whether the scheme is either registered (or recognised) as an approved UK pension scheme.
I suspect it is not since no tax relief appears to have been given to date.

Secondly, assuming the scheme is not recognised as an exempt approved scheme, you need to consider your residence and domicile position.
You have stated that you are UK resident, if the scheme is not a UK approved scheme, then any benefits would be taxed on an arisings basis, probably on 90% of the amounts received.

[Silica666]

Thanks for the response, I am fully domicile in the UK, currently unemployed, the fund is in American stocks and government bonds, it is as far as I am aware not a UK registered scheme but is administered by fidelity UK as I am a uk resident, all monies would be received in US dollars. So on the face of it I'll get hammered for tax again as I have already paid 40% income tax on these contributions.