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"Tax free lump sum"?


Miker

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In September this year, my wife to be and I will be moving to France to live on a permanent basis. For the next 8/9 months, we will be living off capital gained through the sale of our home in England. The following June, I will be able to draw upon a company pension. At his point, I will be taking a tax free lump sum, followed by reduced monthly pension. Will I be able to remain under the UK tax authority until that point, then transfer over to the French authority once I have received my lump sum, or will this be taxable as I will be a French resident?
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Dear Mike, similar position: early retirement, commuted lump sum payment, reduced pension. However, the acid test is where one's permanent home is viewed to be (or at least that was our legal advice, and here I obtained it from the in-house Barrister at my then very major Plc. Based on his advice, we took the lump sum payment in this country and then waited for a suitable time before moving to France.

I cannot be 100% sure but the question of where ones permanent domicile is the straw that could break the camels back.

take advice

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LAST EDITED ON 04-Feb-03 AT 04:30 PM (GMT)

At his point, I will be taking a tax free lump sum,
>followed by reduced monthly pension.

Until recently the choice did not need thinking about but I would have a careful think about how long you are planning on living and current investment returns before opting for the tax free lump sum. Unless I had a very clear use for the money like clearing a mortgage you might struggle to obtain the same return outside the fund.

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