Hi,
I am a foreign national and have lived in the UK for the last 25 years. I have an offshore pension trust in Jersey with all the pension contributions made by a past employer and myself prior to April 2006 while I worked in the UK. I am allowed to draw the whole pension as a lump sum once I turn 50 (next year). I plan to move overseas next year and make sure I am non UK resident for tax purposes before getting the lump sum.
1. My understanding is that no taxes on the lump sum would be due in the UK. Is that correct?
2. I also understand that, should I become UK resident for tax purposes in the 5 years following the payment of the lump sum, taxes could become due in the UK. Could you explain why?
Many thanks,
Marc
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