Retirement Annuity Contracts

Retirement Annuity Contracts

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Our client left the UK in June 2010 to retire in Spain. He had been & continues to pay gross premiums to an old style Retirement Annuity Contract. His only income in the UK is pension income (minimal) & rental income (in excess of the personal allowance).

Is he able to continue making contributions to the RAC as a non resident indefinitely?

Can tax relief be claimed on the gross contributions?

Does rental income count as UK relevant earnings?

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By pawncob
18th Jul 2014 11:14

No luck

Rental income doesn't count as NRE, even though it's now classed as "similar to Schedule D". It's still Schedule A  for NRE purposes.

Office, Employment, Trade and Patent  Rights are all OK.

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