Looking for an advice on this one, any comment is welcome:
I have a vested benefits account (Freizügigkeitskonto) in Switzerland related to an overseas pension scheme from an employment outside the UK where 100% of my total service was abroad (I was not UK resident at that time).
I could receive this amount as a lump sum retirement benefits. I am now a non domiciled UK resident and if I do not remit this sum back to the UK my status should qualify for a full exemption on the UK Income Tax according to the Extra-Statutory Concession A10.
The Swiss Tax Office will levy a Swiss withholding tax on the amount so to claim a refund I will have to inform HMRC so I want to make sure they will not request UK income tax.
Do you agree I am qualified for a full exemption on the UK Income Tax?
Thank you in advance for your help!
I have a vested benefits account (Freizügigkeitskonto) in Switzerland related to an overseas pension scheme from an employment outside the UK where 100% of my total service was abroad (I was not UK resident at that time).
I could receive this amount as a lump sum retirement benefits. I am now a non domiciled UK resident and if I do not remit this sum back to the UK my status should qualify for a full exemption on the UK Income Tax according to the Extra-Statutory Concession A10.
The Swiss Tax Office will levy a Swiss withholding tax on the amount so to claim a refund I will have to inform HMRC so I want to make sure they will not request UK income tax.
Do you agree I am qualified for a full exemption on the UK Income Tax?
Thank you in advance for your help!