Personal Pensions, whether paid by the Pension Administrator or paid from an Annuity are not Public Pensions, and so are not included in the calculation for the 'Public Pension Deduction'.
UK National Pension, US Social Security, Australian Super-Annuation, etc., are Public Pensions, and so are included in the calculation for the 'Public Pension Deduction'.
As shown in the table in the Metro Tax Guide I posted above, the 'Public Pension Deduction' depends on the ratio of the Public Pension(s) to all other income, which includes other pensions other than Public Pensions, and whether you are under or over 65.
UK pension living in Japan
Re: UK pension living in Japan
:
:
This Guide to Japanese Taxes, English and Japanese Tai-Yaku 対訳, is now a little dated:
https://zaik.jp/books/472-4
The Publisher is not planning to publish an update for '23 Tax Season.
:
This Guide to Japanese Taxes, English and Japanese Tai-Yaku 対訳, is now a little dated:
https://zaik.jp/books/472-4
The Publisher is not planning to publish an update for '23 Tax Season.
Re: UK pension living in Japan
Thanks for that. Complicated as ever as the UK pension is monthly and the Japanese is bi-monthly. I really need to have a degree in economic math at this rate. . Sadly not the average rate.Tkydon wrote: ↑Sat May 04, 2024 12:55 pmNo, the taxable event is when you receive the pension and the exchange rate on that day.
It then depends how long you have been in Japan, and if less than 5 years in the last 10 years, whether you remit any funds to Japan in the same year.
It doesn't matter. You have to calculate every 2 months' payment at its own exchange rate.Bubblegun wrote: ↑Sat May 04, 2024 4:21 am Is it better to do one massive lump transfer or a monthly transfer? I would assume one massive transfer is easier for tax purposes if exchange rates have to be taken into account.
Is there any way to lower our tax liabilities? Please note. This is not tax avoidance but being tax efficient.
https://www.murc-kawasesouba.jp/fx/past_3month.php
Baldrick. Trying to save the world.
Re: UK pension living in Japan
Sorry, my bad. Monthly rate (corrected above).
Yeah, the devil is in the detail
:
:
This Guide to Japanese Taxes, English and Japanese Tai-Yaku 対訳, is now a little dated:
https://zaik.jp/books/472-4
The Publisher is not planning to publish an update for '23 Tax Season.
:
This Guide to Japanese Taxes, English and Japanese Tai-Yaku 対訳, is now a little dated:
https://zaik.jp/books/472-4
The Publisher is not planning to publish an update for '23 Tax Season.
Re: UK pension living in Japan
Skype test call works OK.
Called Future Pension Service... on hold 20 mins... I can hear the staffer talking but he can't hear me.
I'm on speaker. iPhone.
Restart phone.
tes
Trying again.
Called Future Pension Service... on hold 20 mins... I can hear the staffer talking but he can't hear me.
I'm on speaker. iPhone.
Restart phone.
tes
Trying again.
Re: UK pension living in Japan
Must've been a tech glitch.
Got thru on second attempt (18 mins wait) and no issues.
Got thru on second attempt (18 mins wait) and no issues.
Re: UK pension living in Japan
Just to hijack this thread a bit as same title,
I have a uk pension (just the minimum 10 years paid but like hell if I’m letting that go!), and planning to retire in Japan.
I’m also planning to apply for citizenship in Japan probably next year.
In the case where I get citizenship, (NOT PR), does anything happen to my UK pension? Do I lose it? Do I need to inform HMRC?
I have a uk pension (just the minimum 10 years paid but like hell if I’m letting that go!), and planning to retire in Japan.
I’m also planning to apply for citizenship in Japan probably next year.
In the case where I get citizenship, (NOT PR), does anything happen to my UK pension? Do I lose it? Do I need to inform HMRC?
Re: UK pension living in Japan
No Change.KCLenny wrote: ↑Sun Oct 27, 2024 4:59 am Just to hijack this thread a bit as same title,
I have a uk pension (just the minimum 10 years paid but like hell if I’m letting that go!), and planning to retire in Japan.
I’m also planning to apply for citizenship in Japan probably next year.
In the case where I get citizenship, (NOT PR), does anything happen to my UK pension? Do I lose it? Do I need to inform HMRC?
Tax Free in the UK, Taxable in Japan after all Deductions including the Public Pension Deduction.
i.e. All Qualifying Pensions aggregated together qualify for the Public Pension Deduction, depending on the total amount of all qualifying Pensions vs all other income.
:
:
This Guide to Japanese Taxes, English and Japanese Tai-Yaku 対訳, is now a little dated:
https://zaik.jp/books/472-4
The Publisher is not planning to publish an update for '23 Tax Season.
:
This Guide to Japanese Taxes, English and Japanese Tai-Yaku 対訳, is now a little dated:
https://zaik.jp/books/472-4
The Publisher is not planning to publish an update for '23 Tax Season.