HMRC has updated its guidance on the types of tax relief that can apply to contributions to overseas pension schemes.
We often get asked whether contributions to overseas pension schemes count towards the annual allowance or lifetime allowance and, in the majority of cases, the answer is no. However, there are circumstances where UK tax relief is received on contributions made to an overseas scheme and where this is the case, those contributions will count towards the annual allowance and the resulting funds/benefits will count towards the lifetime allowance. As with a UK pension, the UK tax relief on personal contributions is limited to contributions up to 100% of the client’s UK relevant earnings.
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