Sustaining pension income in retirement is a common concern for most of us. We work hard to build up our pension pots, hoping that we can sit back and enjoy the fruits of our labour come the glorious day of retirement. However, for those in Defined Contribution (DC) plans, it’s still important to monitor and […]
The Spanish compliant investment bond
Thank goodness for the Spanish compliant investment bond! Each country’s tax code seems to have various ways of relieving us of our money. However, they also offer ways to legitimately avoid taxation if we purchase the correct financial products. In the UK, most people know the tax-saving nature of pension plans and ISAs. However, the […]
Pension freedoms are not free!
The advent of pension freedoms has altered the landscape for those planning their retirement. In an ideal world, everyone would be a member of a high-quality Defined Benefit (DB) pension scheme, whereby a sustainable retirement income is guaranteed for the lifetime of the individual. However, for those who are either self-employed or prefer a Defined […]
Brexit risks for pensions
There are a number of Brexit risks for pensions over the coming months. It’s a well-known maxim that investment markets and businesses crave certainty. Uncertainty creates problems in terms of where to invest, future income/expenditure projections and cash-flow management. No geopolitical issue in the last 70 years or so has created more uncertainty than Brexit. […]
Pensions and Brexit
There could be a showdown over pensions and Brexit at some stage in the near future. Pension providers and advisers have become accustomed to their clients being used as de facto cashpoint machines by the UK government treasury department. With each passing budget or spending review, the government seeks to raise funds. On too many […]
Cryptocurrencies for pension plans?
How suitable are cryptocurrencies for pension plans you may ask? There are literally thousands of cryptocurrencies available globally, but would you invest part of your SIPP or QROPS in one? Most of us have heard of the first entrants to the market and some might even have either dabbled in them or used them to […]
Double Taxation Treaties and Overseas Pension Transfers
Double Taxation Treaties (DTTs) are legal mechanisms between countries which ensure individuals and companies do not pay tax twice on the same trade, asset or income in both the country of source and that of residence. As such, if a British person who is tax resident in Spain holds assets in the UK, the DTT […]
Brexit impact on the city of London
Ever since the UK voted to leave the EU, there has been speculation about the Brexit impact on the city of London. Latest research from Reuters suggests that up to 9,000 jobs may be relocated. Dublin, Frankfurt and Paris are considered to be the most likely destinations. Relocating abroad Moving to a new house and/or […]
Election 2017: What’s in store for pension legislation?
Just when we thought that electioneering was the favourite pastime of politicians on mainland Europe, up pops Theresa May with her shock announcement of a UK general election to be held in June. Should we be concerned about changes to pension legislation? The answer is probably yes. If the Tories win as predicted, I expect them […]
HMRC ROPS
The rules relating to the taxation and regulation of overseas pension schemes are to be updated so that they are consistent with those of UK pensions. HM Revenue & Customs (HMRC) announced in a recent draft of the Finance Bill that as of April 2017, all recognised overseas pensions schemes (ROPS) located outside of the […]
Pensions and interest rates
Pensions and interest rates: the good, the bad and the ugly news! The old saying goes, ‘I have good news and bad news, which would you like to hear first?’. Given this choice, a majority prefer to hear the bad news first. The recent reduction in UK interest rates to 0.25% in response to pressures […]
Retiring to the Algarve
Retiring to the Algarve in Portugal can be an attractive proposition for many expats. Along with the obvious lure of the ‘sun and sea’, there is also the added benefit of low taxation for retirees. Tax competitiveness is a well-established way of attracting the people you want to work or live in your country. The […]
Sink or swim: Brexit and expat pensions
Wouldn’t it be great if, amongst all the excitement and hype, British expats had some information that could actually be of use to them regarding the pending EU referendum? There are many retired British expats in Europe; there are also many Brits currently working in the EU. Unfortunately, there is a distinct lack of clarity […]
UK pension changes: reasons to be cheerful
Whether you live in France, Spain, Canada, Australia, or some other far-flung region of the world, there are reasons to be cheerful for British expats about changes in the UK pension system. As we start the new UK Tax year, let’s take the opportunity to recap on some of the reforms and see how UK […]
Offshore accounts – Is tax avoidance legal?
The media has been buzzing recently with revelations about how HSBC has assisted prominent members of the business community, high society acolytes and politicians with their personal tax affairs. Allegations and counter-allegations dominate Prime Minister’s Question Time in parliament with both sides accusing each other of encouraging evasion. The question of what is evasion and […]