The UK government recently published a paper on regulations designed to combat pension transfer fraud, including new QROPS rules. Pension scams are the scourge of the professional financial services industry. Unfortunately, too many consumers have lost some or all of their funds to unscrupulous, so-called advisers. The idea behind the legislation is to stop scams […]
The UK Budget – Autumn 2021
The UK budget contained a mixture of giveaways and takeaways; its impact on the public depends on individual circumstances. One consistency with each Chancellor is that the budget is always presented as a positive initiative from a forward-thinking politician! Rishi Sunak followed the trend, basing his tax and spending decisions on “levelling up” and “a […]
Wealth Tax in Spain
Wealth tax in Spain is regarded as being a ‘blunt tool’ used by the government to raise revenue. It seems particularly unfair as an individual’s wealth has been accumulated from assets and income which has already been taxed. The good news is there are ways to significantly reduce liability for wealth tax in Spain by […]
Lifetime Allowance changes
This week saw the Westminster ‘Rumour Mill’ in full flow. Commentators and political pundits have been speculating on how the government will pay for the massive spending related to the Covid crisis. Taxes, and in particular the Lifetime Allowance, may be about to change. The cost of Covid is estimated to be around £360bn. The […]
Retire in Italy
If you are planning to retire in Italy there are some interesting options available to you. Many EU countries are considered relatively high cost from a tax perspective. However, things have been changing as Member States realise that lower tax rates are a great way of attracting wealthy individuals who provide much-needed income to local […]
Financial planning: time for a spring clean!
The COVID-19 lockdown has prompted many to look for ways of using their extra spare time as productively as possible. For some, this includes reviewing their financial plan. We should always keep a close eye on our finances. It’s even more critical now that the fiscal effects of the COVID-19 crisis become apparent. Stock markets […]
QROPS pensions and divorce
Resolving issues relating to QROPS pensions and divorce requires a specific understanding of what can and can’t be done in accordance with the law. It’s an unfortunate fact of modern life that many marriages end in separation. Even in the most amicable of cases, financial problems tend to focus the mind. Negotiations can become fraught […]
Inheritance Tax Planning and Double Tax Treaties
Inheritance tax planning is a complicated issue that requires careful attention. Under current legislation, UK Inheritance Tax is levied on estates valued at over £325,000 at a rate of 40%. It is little wonder that around £5.4 billion in revenue was collected in 2018/19 by HMRC! If you are an expat, inheritance tax could apply […]
British in France Seek Expat Pension Advice on Brexit
Understanding the full ramifications of Brexit is likely to be impossible for some time to come. Many people need guidance on their tax situation and also expat pension advice. The British in France can attend meetings and receive valuable guidance from the Embassy regarding a whole host of post-Brexit concerns. A series of meetings have […]
The Modelo 720 declaration
It’s March, and time for expats to complete the Modelo 720 declaration once again. This form has to be submitted before the end of the month by Spanish tax residents. The Modelo 720 declaration is more of an asset reporting requirement than a tax return. Assets which have to be declared include properties, bank accounts […]
Financial planning and Brexit
There are many issues surrounding financial planning and Brexit that expats should be aware of. I’m going to make a bold prediction though. Life will go on even if the UK decides to leave Europe! I don’t say this glibly. History shows that every time major political and economic events rock our world, we can […]
Brexit and EU residency
British expatriates are waiting for some sense of direction when it comes to the question of Brexit and EU residency. Following the UK general election, we now have a little more clarity regarding Brexit. Theoretically, the UK could still leave on what has been termed a ‘hard’ basis. The new PM has promised to conclude […]
Spanish residency requirements post-Brexit
There is a lot of uncertainty surrounding Spanish residency requirements for British expats in Spain. With only weeks to go until the so-called “do or die” Brexit promised by Prime Minister Boris Johnson, the question of Spanish residency is still as clear as mud. There are actions we can take to protect ourselves from a […]
Non resident tax Spain
Exposure to non resident tax in Spain can be a concern to anyone owning property there. Many people separate their time between their property in the Costas and their home country. And why not? Who wouldn’t want to ‘escape to the sun’ in the long, cold days of winter! Many also think that they are […]
The French will
It is vitally important to write a French will if you live in France. French inheritance rules are relatively complex. Understanding how they work and what can be done to mitigate tax requires the input of various professional parties. When someone dies without a will, the estate of the deceased is distributed in accordance with the rules of intestacy […]