The much despised Wealth Tax in Andalucia has been eliminated following Juanma Moreno’s recent election victory. Great news for Andalucian taxpayers! QROPS relationship with Wealth Tax has always been a contentious issue; at least we now know that they are definitely outside the scope of Wealth Tax for Andalucian (and Madrid) taxpayers, albeit by default. […]
How to avoid unnecessary investment management fees
Trying to understand investment management fees can be a challenge for investors. There’s an old saying about buying cars: no matter what the bodywork looks like, you should always look under the bonnet before committing to the purchase. The same applies to investment fund purchases. Marketeers are experts when describing their particular fund offerings’, the […]
Sustainable Investments
Sustainable investments have come a long way since the days of simply excluding shares in funds that invest in ‘Bombs, Booze and Baccy’. However, environmentally friendly funds still exist and have been around for longer than we realise. Some were founded in the 1980s. Most early versions of sustainable investments are now categorised under the […]
Best SIPP for EU residents
The best SIPP for EU residents is an International SIPP. Sometimes referred to as a ‘non-resident SIPP’, it can be a useful retirement planning tool for expatriates. Many of us live, work or retire in an EU country and have a long ‘to-do list’ that needs ticking off before we can settle into everyday life. […]
The truth about pension fees and charges
New disclosure regulations for investments into financial products have obliged providers to make major changes to how pension fees and charges are presented to investors. These rules apply to all investment funds, pension plans, and QROPS trustee fees. Not only must pension fees and charges be disclosed before an adviser can complete an application, but […]
Pension scams and new QROPS rules
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 […]
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 […]
The Portuguese compliant investment bond
The Portuguese compliant investment bond plays an important role in financial planning for expats. Picture your planning strategy as a cake with each slice allocated as a constituent part of the whole. Tax can represent one of the larger slices unless we do something about it. An ideal situation is where we have our cake […]
Investments and Brexit: the end of passporting
Just when we all thought the EU/UK withdrawal agreement was done and dusted, it looks like we will have to suffer many more months, or possibly years, of uncertainty over investments and Brexit. There has been much publicity surrounding the Irish border question and fishing rights, but many other issues need to be negotiated before […]
QROPS tax on transfers post-Brexit
What type of QROPS tax should we expect post-Brexit? An important part of working in the financial industry is predicting future changes to legislation that will affect clients. Sometimes we have clear deadlines to beat; other times, it’s more a question of being prepared with contingency plans just in case. QROPS tax rumours The rumour-mill […]
QROPS Overseas Transfer Charge
What will happen to the QROPS Overseas Transfer Charge is still unclear, despite the end of the Brexit transition period on 31 December 2020. Until we know the full extent of the UK/EU relationship it will be difficult to prepare for the ‘new normal’. The UK economy is heavily reliant on financial services. This sector […]
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 […]
DB pension scheme trustees allowed flexibility to cope with COVID-19
The recent stock market sell-off caused by the COVID-19 virus has created unwanted consequences for pension trustees. In particular, those who administer and run Defined Benefit or DB pension schemes are facing unique challenges and are having to reassess how they operate in these difficult times. Administrative challenges People who are in lockdown and need […]