Where Taxpayers and Advisers Meet

Defined Contribution Savings Arrangement

Posts: 1
Joined: Wed May 17, 2017 11:16 am

Defined Contribution Savings Arrangement

Postby Sparticus111 » Wed May 17, 2017 11:33 am

Hi there

Could anybody please tell me how I would calculate the tax owed if was to take a lump sum from my company’s savings plan?
I work offshore, but am UK resident and pay into this scheme along with my employer. The scheme is administered by Fidelity on behalf of the Trustee, Boal & Co. and is not a UK qualifying scheme according to the plan documentation.

The booklet defines the plan as follows:

“The Plan is a defined contribution savings arrangement established under
a Trust Deed and Rules in the Isle of Man. The Plan is registered with the
Isle of Man Insurance and Pensions Authority (the IPA) as an Authorised
Scheme under the Isle of Man Retirement Benefits Act 2000 (the Act) and
Retirement Benefits Schemes (International Schemes) Regulations 2001
(the Regulations). The Plan is approved as tax exempt by the Assessor of
Income Tax for the purposes of the Income Tax Act 1970.”

Thanks for any guidance that may be available.

Sparticus 111

Return to “Savings & Investments, Pensions & Retirement”