Blog

Money Doesn’t Come Without Guidance ...

UNDEDUCTED PURCHASE PRICE (UPP) OF A FOREIGN PENSION OR ANNUITY

Awesome Image
24
May

Undeducted Purchase Price (UPP) is the amount of your contribution purchase price of your lifetime pension or annuity, which is limited over some foreign country.  A portion of the UPP can be reduced from your tax return. If you have your pension or annuity from those countries, you may be entitled to claim a deduction to reduce the taxable amount.
To reduce the pension or annuity income in your tax return you can use a portion of the UPP each year and this tax-free portion is called the deductible amount of the UPP. You may be entitled to a UPP deduction - 

  • If you received a category “A” or a category “B” pension from UK. You can claim 8

Comments 0

    Currently, there are no comment.

Login to comment

Latest Posts

Popular Post

We provide the fastest, easiest and most effective online tax return solution

trustedsite