I am looking for some advice please as a possible returning expat.
I have worked for a Middle East company for 12 years that operates a savings scheme, which is referred to in my contract as both “Pension Scheme” and “a contributory Retention Plan”. I have 3% of my salary deducted each month and the company adds 4%. This goes to a savings account which receives interest. I am assuming my 3% comes from the net salary after tax has been paid but this is unclear on my pay slip.
I am taxed in the overseas country and the inland revenue is aware of my status as a long term expat. I fill in a UK tax return yearly for just my UK income, which comes from a house let and savings interest that comes to just below the personnel allowance so usually I am tax free.
At some point I will leave the company and the accumulated fund may be in the region of 80,000 GBP. If I returned the money to the UK would I be liable to pay tax on any of it.
Thanks very much.
Brian
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