Budget pension changes pose tax traps for expats

Pension changes in the Budget include proposals that, as from 2015, many savers in DC pensions will have the option to take as much cash out of their pension as they wish, so long as they are aged 55.   Gary Boal, managing director of Boal & Co, warns that there may be some as yet unforeseen consequences for expats who take the cashing-out option.    “It would not surprise me if traps are put in place to make sure in the case of non-residents that the tax is caught in the UK,” says Boal.    He explains that despite being non-resident in the UK, expats may...