Never has it been more important to be aware of cash management in our financial planning. The last few years have seen a series of disruptions in global financial markets. When we think one issue is resolved, another seems to come along, which creates new uncertainties. The financial crisis of 2008/9 forced governments around the […]
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 […]
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 […]
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 […]
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 […]
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 […]