If you approaching pension age and are resident in a low tax jurisdiction (Russia, for example), you could take advantage of the UK’s flexible drawdown regime from age 55. If you are non-resident for tax purposes, although you might in future return to the UK to live, or indeed to another country, you may be able to receive the full value of your fund liability to UK tax and so without deduction of tax at source. By investing the proceeds properly, you could obtain tax free growth whilst you are outside the UK and then benefit from withdrawals of 5% per annum tax free when you are back in the UK.
With the start of every new year comes all of those resolutions that you’re absolutely, positively, definitely going to tackle. You’ll finally kick your retirement savings into high gear. And you’re not going to let that financial paperwork pile up again. Yet while you have a game plan for just how to get there in Read more ➝
Millions of people will need to lower their standard of living in retirement because they haven’t saved enough, according to a recent report by the Center for American Progress. The report found Americans struggling to prepare for retirement and less prepared than previous generations. In addition, a large portion of individuals may have to rely Read more ➝