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| Retiree & Tax Forms Advice please https://mail.paphospeople.com/ppforum/viewtopic.php?f=47&t=28165 |
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| Author: | helpful herbie [ Thu Oct 09, 2014 4:11 pm ] |
| Post subject: | Retiree & Tax Forms Advice please |
I have just recently retired from my business in Cyprus and am in receipt of a British military pension (not pensionable age yet) I would like to know what tax forms I need to complete (what is the current tax threshold) Thank you in advance of any helpful information |
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| Author: | kittykat [ Fri Oct 10, 2014 4:06 pm ] |
| Post subject: | Re: Retiree & Tax Forms Advice please |
In Cyprus you can choose one of two taxation methods. You can choose to go with the personal allowance of 19.500euros before tax or you can choose to pay 5% on all of your income if you have large pensions and income from investments etc. Therefore most British retirees who have only their UK government pension will pay no tax at all if they choose the personal allowance. Those who have extra income from personal pensions, investments etc can decide which method to choose depending on which works out most beneficial for them. Below is a table of taxation rates. – up to EUR19,500 nil – from EUR19,501-28,000 20% – from EUR28,001-36,300 25% – above EUR36,300 30% In order to qualify you will only need to live in Cyprus for a minimum of 183 days per year. Another advantage is the fact that the inheritance tax in Cyprus has been abolished |
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| Author: | toonarmy9752 [ Sat Oct 11, 2014 9:55 am ] |
| Post subject: | Re: Retiree & Tax Forms Advice please |
if you opt for the income tax aion here in cyprus its good you can also opt to have ALL your worldwide investment income taxed at only 3% (defence contribution tax) as long as one of you is earning less than 12000 euros per yr. |
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| Author: | toonarmy9752 [ Sat Oct 11, 2014 9:59 am ] |
| Post subject: | Re: Retiree & Tax Forms Advice please |
remember that this consultaton document ends in october 2014 and is likely to mean an end to full UK tax allowances being available to UK expats unless a substantial financial tie or otherwise can be proved...... and am guessing it wil be in force by 2016...... https://www.gov.uk/government/consultat ... -allowance there is of course a petition to try and stop it.... https://you.38degrees.org.uk/petitions/ ... for-expats |
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