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Treatment of non-UK redundancy and pension money in UK bank account.
My new client was made redundant from the oil rigs in the current 2016-17 tax year. The company that he worked for has been taken over several times but the final parent company appears to be US-based. Throughout his life he worked in the Middle East and he has settled finally in Thailand.
I have reviewed his previous tax returns and have noted that no deduction was ever made for pension contributions (all income generated from outside UK). In the 2016-17 tax year he received a significant pension from a defined benefit mirror plan totalling £80 000. He also received redundancy pay of £15 000.
Given that both sources of this income arise outside the UK but have been paid to his UK bank account can readers advise whether there is any tax relief on the redundancy payment and whether the pension is taxable in full in...
