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 […]
Tax on pension transfers overseas
I’ve been scratching my head and trying to think of the benefits of the new UK tax on pension transfers overseas to the UK exchequer. Almost everywhere I look I see either exceptions to the rule, unfair taxation and future financial insecurity. To recap, the Chancellor recently introduced a UK tax on pension transfers overseas; this […]
Budget raid on QROPS
It’s Spring again, and time, therefore, for another budget raid on QROPS. How to balance the books? It looks like pensions, and in particular, QROPS, were the ‘fall guys’. Some of us may remember the radical reforms to pensions in the mid-80s. Back then, the demographic time bomb that was predicted to start exploding in […]
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 […]
Pension fraud and how to protect yourself
Ever since the UK government introduced The Pensions Act 2014, incidents of pension fraud have been on the increase. The reasons behind the introduction of ‘pensions freedoms’ are both worthy and necessary. However, this has not detracted fraudsters from exploiting the legislation. Almost 2 1/2 years after the event, the government and regulator are still […]
Brexit means Brexit means……..?
The meaning of Brexit may escape us all Following the UK’s momentous decision to leave the EU, pundits and commentators enjoy a feeding frenzy in the media, hanging on every word uttered by the main players. The Prime Minister’s “Brexit means Brexit” statement was supposed to clear the air and unify the government position on […]
Minimising retirement income tax in Spain
Retirement income tax in Spain One of the most important decisions expats need to make when retiring to Spain is how to take pension benefits from their retirement plans. Pension legislation seems to be in a state of constant flux these days. Only by keeping on top of changes in tax and pensions regulations can […]
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 […]
Expat pensions and Brexit – How will it affect the pound in your pocket?
There is mounting concern for those living abroad over the impact of the devaluation of the pound and the link between expat pensions and Brexit. One of Harold Wilson’s most remembered pronouncements was that the devaluation of Sterling by 14% against the US Dollar in 1967 “would not affect the value of the pound in your […]
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 […]
QROPS legislation changes
There have been quite a few QROPS legislation changes during 2015. There is always a gap in what we know about things and how they actually work. Let’s start the year with a recap of developments in the world of QROPS. The more informed we are, the better decisions we make! The good news is […]
QROPS developments in 2015
Alas, the summer has passed, and it’s now time to take stock of QROPS developments in 2015. Things don’t stand still in life; the same can be said of the QROPS regime. Since we last reported, there have been some significant changes imposed by HMRC on QROPS providers and the jurisdictions they operate from as […]
Time to modernise your pensions?
From time to time you may decide to upgrade your possessions; why not modernise your pensions? Our computer software programs are upgraded automatically (even if we’re not quite sure why). We improve our homes, cars, golf clubs and wardrobe, but how many of us check our pensions to make sure we’re maximising opportunities and minimising […]