Just read a stunning post of yours on the 5 options that may be taken to get a DC pension to @Badger I think … … have hundreds - thousands maybe of posts to get through here.
It’s the thread where you mention taking £1 on your DC pensions to avoid emergency tax and @George1 comes in with the idea of ‘rescrit’ and how many of the things we’re talking about here can not be handled by our local tax office and need to be elevated prior to being squashed by the big boys … … in order to avoid precedent!
Will be glad when this is all over!
Thanks @George1 for the help you’ve put up re:getting tax back - haven’t yet read that full thread though - just the first post.
I maybe should perform a summary of all of the threads I’ve read at the end of this exercise so people can find all of the great info you’ve put out there in one place.
Hi @janejones usufruit - my wife tells me is standard knowledge - that they’re big on it. So a safe option. We’re definitely going for that - the 3 wings of assurance vie/gift and usufruit mean we can jettison our money without the taxman swooping in. Of course referencing 1 Timothy 6:7.
I think my wife’s brother has ‘La rente viagère simple’ - it’s a bit odd, once you enter into the scheme you want the person who you’re supporting with an income backed up by their house, to die so you can get it for yourself. So whether you make money is determined by how long they last. And in another of the threads here, apparently we get better annuity rates if we die sooner rather than later.
This and the ‘buy 1 get 1 free’ (I’m exaggerating but only a little) offers we’re seeing in the UK with funerals/cremations
… … do rather strike me as {struggles to find the correct word and so borrowing from Suzanne Vega} … … “Your highness (referring to money), your ways are very strange”!
Or as I’ve written elsewhere - the point of life isn’t to get to death unscathed.
The cost of buying a place en viager is quite carefully linked to the planned life expectancy of the seller/owner. A friend wanted to sell her place this way, but the notaire stopped the sale as she was diagnosed with a terminal cancer.
And the person who buys is responsible for maintenance so it may not be as good a deal as one hoped.
This levy is applicable when the payment is not split and the beneficiary justifies that the contributions paid during the suption of the rights phase, including where appropriate by the employer, were deductible from his taxable income or were related to an exempt income in the State to which the right to tax it was attributed.
Just have to check a DB pension moved to a DC would qualify under the rules for article 163 bis.
This levy is applicable when the payment is not split and the beneficiary justifies that the contributions paid during the suption of the rights phase, including where appropriate by the employer, were deductible from his taxable income or were related to an exempt income in the State to which the right to tax it was attributed.
Blimey! All as thought in posts above - but wow! you think that if we’ve consolidated many pensions over the last 5 years that they’ll check that each of them was a DC pension!
This levy is applicable when the payment is not split ? does split mean if I transfer 1 pot into 2 pots or is it more like George1’s question re: crystallization
and the beneficiary justifies that the contributions paid during the suption of the rights phase, ? meaning whilst paying into the pension
including where appropriate by the employer, were deductible from his taxable income So this is classical DC pension.
or were related to an exempt income in the State to which the right to tax it was attributed. The last sentence isn’t quite English and so doesn’t quite make sense. Does it mean that the sum of money requires to be taxed if taken? The DB then fits under this ruling.
Now … … hatching a plan to convert the DCs by the 6.75% rule and to pop the DBs into 2 completely other DCs for 25% cash lump sum and flexible drawdown until they’re exhausted.
ps @Dave_Lawson - if we go with mine adn @larkswood12’s idea to pay ~£2750 into our SIPP for 5 years when living in France - does that mean that we can’t then port it over at the 6.75% rate as there is no employer (only an individual) contribution.
Ooooo you’re in Chateauroux, stayed there a few times in the “premier classe” opposite Lidl!
Incidentally avoid unless you’re used to living in a ghetto as it’s more pay bas than premier classe!
@SBcamsci - dude, with great respect, I’m glad that you are finding SF useful, and it’s kind of people with expertise to offer help, but I really think that rather than asking millions of individual questions in a multitude of threads you would be better served by booking an appointment with a French tax lawyer and sitting down with them and thrashing it all out in one go.
Otherwise I feel that there is a danger that you will have so many different snippets of information from so many different sources, some of which may not be entirely relevant to your situation, that you may end up making an expensive mistake with your various pensions.
So from each individual pension you can access it as a lump sum in France under the article if
It meets the definition of a 2nd pillar pension for France. I havent seen a DB scheme moved to a DC and taken under this regime. In France a final salary pension doesn’t really exist so it’s not clear for me if this is possible. The definition is that you and your employer must have recieved tax relief which isn’t the case so my thinking is no.
However in practice you take the money out and pay tax on it via return under this scheme. It’s unlikely that you would have an issue but that’s not to say it is the correct thing to do.
There is a table that identifies 2nd pillar pensions in the tax manual and I’ll track it down when I get some time. It may consider DB I don’t know.
Ahhh just going off one of the comments by @Badger I think that because everything I’m (we’re asking) is fairly standard - might be good to have it out there.
Don’t ask me which thread though!
It looks like all of my questions aren’t looked kindly upon despite them all being relevant to people generally - so will finish all of the finance threads and then book in with you if OK - am on thread 14 of about 80 I’ve identified thus far … … … but I’m guessing that there’s set to be a lot of repetition from here on in. I’ve been going through and adding to the threads as suggested by @billybutcher and @larkswood12 … … but it appears that my style is not appreciated!
Is there an ignore function on this forum - could be useful!
I think I’ve used it once or twice over the last 25 years.
Generally find people who’re rude and it’s so good being able to delete them.
Of course I’m suggesting that you block me.
If you ever get a chance watch this … …
Topics depicted include … … the concept of Internet [blocking] … … extrapolated into real life.
So - Meta Orion will allow it - I’ve linked to it in this thread.
A piece of tech that could change everything!
Really? I would have thought that you would have picked up that they are not and have never been relevant to me and my finances. You seem to be looking at ways to make things as complicated as possible. Good luck I’m sure you will get there in the end. I’m sure there sometimes is gold at the end of the rainbow.
The curve ball appears to be the common comments here of the varying qualities in Tax Offices.
I think ~5 people have mentioned this point now.
Will a tax office help?
Will a tax office sign the appropriate forms in time?
It’s a shame that we don’t have Amazon like ratings on Tax Offices!
The odd thing (talking to my wife about this) - is that Tax Offices should love Brits as we’re pouring money into France from Britain eg rental income, state pensions etc and so should be considered highly by the post-Brexit Brit hating EU citizen?
My wife tells me that there’s a strong element of the French wanting Brits to suffer the consequences of departure - however, it makes sense to me that if they thought things through - that taxman bending over backwards to support British expats in France 'd be a particularly good way to ensure this.
Wonder if the British government will reverse this rule?
Your State Pension will only increase each year if you live in:
the [European Economic Area (EEA)]
Gibraltar
Switzerland
[countries that have a social security agreement with the UK] (but you cannot get increases in Canada or New Zealand)
Would be nasty for those of us hoping to live on State Pension if the triple lock advantages are rescinded!
Why should an official in a tax office care about the impact of British immigration on France’s overall budget? The immediate concern is whether the resident understands French, and whether the complexity of their financial affairs causes them a headache.
And in the over 8 years since the Brexit referendum I have yet to encounter a “post Brexit Brit hating”EU person! I suggest the social media your wife uses is a bit suspect. The French did an amazing job in terms of organising and putting in place the process for a special carte de séjour. (Yes there were and still are a few glitches, but overall it was exceptional)
As with many things in life - people saying one thing whilst thinking another.
‘So they want to leave the EU, let’s see to it that Britain feels the consequence’
I’ve had it said to me by French people in the family - that can get away with voicing their true feelings. The appropriate response is to repeat over and over again, that it had nothing to do with a nearly Frenchman and his French wife! Though they do appear to like to repeat.
Glad I’m not in your family then. The only people I’ve heard voice any of these sorts of things are dim racists. And even that was many years ago. Much more important things challenging France now.
Try this article for the general idea.
Apparently French sentiment started with betrayal which then turned darker.
I think one needs to be French to see all of this, maybe?
Brits in France have a different perspective to French people.
The good life we seek actually worsens life for the poor Frenchman.
Just working through this idea on a Spanish forum when as @Helenochka mentioned - we were thinking of moving there. They really don’t want expats.
Heard of the proposed new 100% tax on Brits buying in Spain - amazing stuff.
Won’t apply to French people - Brits definitely.
Ahhh actually - logical error here - yes it’s great to have expats as permanent tourists pouring their money into a foreign country - but the inevitable consequence is rising house prices - so two conflicting viewpoints here. I believe that this came to a head years ago in Chamonix where foreigners made it impossible for locals to remain.
Lidl!
Is there an ignore function on this forum - could be useful!