That's very very close to the new UKBA income threshold for family migration, which many folks can't reach.Originally Posted by Arthur Little
102,510Php=£1,545.09 pcm.
... you certainly won't be living "on a SHOEstring"!
By the way Mr Cobbler are you aware of the benefits of the Double Taxation agreement between UK and Philippines?
If yes, well done on your thorough research.
If not read on:-
The UK and Philippines has a “double taxation agreement”
This means that when you receive pension payments, those payments should only be taxed once if you’re living in a country with which Britain has a double taxation agreement.
If there is no double taxation agreement in effect between the two countries, you can expect to be taxed twice.
Normally, your pension will be taxed at source in the UK but, if you are resident abroad, and you let HMRC know that your pension will be taxed in your country of residence, the tax in the UK will not be applied.
Where that is the case, and you make a claim for relief, HMRC will authorise payment of your pension without deduction of tax.
You will need to obtain a TIN (Tax Identification Number) from Phils BIR and send this to HMRC as evidence.
Currently income from pensions are taxed at 0% in Philippines.
There are some "government" pensions which are not applicable, but these can usually be taken care of by your personal allowances.
Pensions tax is more fun in the Philippines
