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Reviewing your pension options in Spain in the face of Brexit
Finance
Friday, 21 September 2018

Expatriates in Spain can leave pensions in the UK, take a lump sum, transfer overseas and more, but today's options and benefits may change after Brexit.

It makes sense for British expatriates to adapt their financial planning for their life abroad. By taking advantage of opportunities available for Spanish residents, you can potentially reduce taxation and gain more flexibility than UK-based alternatives. 

Does the same apply to pensions: if you are permanently living in Spain, should you bring your UK pensions with you?

 
Another record year for UK inheritance tax
Finance
Friday, 21 September 2018

More and more families are being caught by the UK inheritance tax net.  Official figures released by HM Revenue & Customs at the end of July confirm that the UK government received £5.2 billion in inheritance tax payments for the 2017/18 tax year - the highest ever.

Inheritance tax (IHT) receipts have been steadily increasing since 2009/10, by an average of 10% a year.  The tax take for 2009/10 was £2.4 billion, so the amount the Treasury earns has increased by 117% since then.   

The average IHT bill actually reduced by £2,000 between 2014/15 and 2016/17, but more estates are now paying it - so more families are losing out on some of their inheritance.  

Figures released by the Treasury with the November 2017 budget revealed that it expects IHT receipts to rise to £6.5 billion by 2022.  

 
Home bias vs diversification: Some home truths about investing
Finance
Tuesday, 17 July 2018

Think about where you hold your savings and investments. Is there one area that stands out in terms of geographical region and asset type? For many expatriates, it is common to have a skew towards UK assets and investments. Britons also tend to favour property as an approach to invest and grow capital.

 

Home may be where the heart is, but is it where the savvy expatriate investor should focus? Here, we explore the tax implications of two types of ‘home bias' - UK-based investments and a concentration in property - and look at why diversification is so important.

 
Exchange of information – what changes in September?
Finance
Tuesday, 17 July 2018

Last September, tax authorities across the world, including Spain and the UK, began sharing and receiving new information on their taxpayers' offshore assets and income.      

This is carried out under the Common Reporting Standard (CRS) for automatic exchange of financial account information.  More than100 countries have so far committed to obtain information from their financial institutions and pass it on to the clients' country of residence.

 
Preparing for Brexit and residency in Spain
Finance
Wednesday, 20 June 2018

The Brexit transition period agreed in March gives British expatriates and those wishing to move to Spain more time to prepare. This was welcome news, but a small delay like this could slow people down in taking crucial actions that are fairly urgent - the clock is still ticking to get ready in time, particularly where paperwork is involved.   

The key issue for many people is residence ­– If you are already living here, will there be any problems with you staying after Brexit?  If you are still arranging your move to Spain, how can you secure residence in time?

In December 2017 the UK and EU27 committed to maintain existing residency rights for Britons and EU nationals who are “lawfully residing” within either area before the withdrawal date. This confirmed that citizens on both sides can continue "to live, work or study as they currently do under the same conditions as under Union law".  

 
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