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 […]
Sustaining pension income in retirement
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! It seems like each country’s tax code has various ways of relieving us of our money. However, they also offer ways in which we can legitimately avoid taxation, as long as we purchase the correct financial products. In the UK most people are well aware of 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 […]
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 […]
The collapse of Carillion and its defined benefit pension scheme
The collapse of Carillion has led to significant problems with the defined benefit pension scheme. Once again the politics of private enterprise providing public services has dominated the news. As it seems with everything politics-related, more heat than light has been produced with both main UK parties putting forward their points of view. The collapse […]
Spanish inheritance tax
Spanish inheritance tax along with general tax legislation falls under the banner of Napoleonic law. Succession and gift tax, Impuesto sobre Sucesiones y Donaciones (ISD), apply to beneficiaries of gifts and inheritances for Spanish tax residents. ‘Forced heirship’ rules determine how you can divide an estate and what rate of tax applies to recipients. There […]
The end of cold calling for pensions
Could this be the end of cold calling for pensions? Way back in the early 1980s we saw the emergence of a new breed of financial adviser; the cold calling direct salesman. Eager new recruits were handed a telephone directory and told to call as many unsuspecting victims they could in order to secure appointments […]
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 […]
Investigation into investment funds
It seems that every time we open the financial press, there’s a new story about failed funds. My recent investigation into unsuccessful investment funds suggests that failure is often caused by managers rolling the dice once too often. Some are just bad ideas where the fund manager was trying to make a ‘silk purse from […]
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 […]
Common Reporting Standards – threat or opportunity?
Common Reporting Standards are coming to a place near you. It is not just the wealthy that need to worry……! The International Consortium of Journalists (ICJ) unearthed a global can of worms with allegations of large-scale tax evasion following their investigation into what are now known as The Panama Papers. Slowly, governments around the world […]