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Where Taxpayers and Advisers Meet

International savings retirement plan

Posts: 2
Joined: Tue Jun 09, 2020 4:20 pm

International savings retirement plan

Postby ChrisReynolds1 » Tue Jun 09, 2020 4:38 pm

I have an offshore International savings / retirement plan which I can withdraw totally once I am over 50. This plan was funded by myself and my employer whilst I was an expat and received no tax savings from UK. I have since returned to the UK. I have looked into this and as far as I can see this is not a pension and the company will send me all the fund with no deductions. I am looking at putting this towards a deposit of a new house but I am not sure what I have to declare to HMRC or what even to declare it as. As I am under 55 will it attract extra tax as if it is a pension? or will it be taxed on only as a savings plan and any interest it has received over the years. I want to do this correctly and it may not be worth doing if the tax burden is too high. Any assistance would be very grateful

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