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 David Bowern


 

 

   

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Moving to Spain? 7 questions that could save you money
Wednesday, 20 September 2017

If you are planning on moving to Chiclana de la Frontera, or have recently done so, you have made an excellent choice. There are so many benefits to living here, and Spain can offer tax-efficient opportunities too.

 

Make the most of these opportunities and avoid costly mistakes by considering these seven questions.

 
UK keeps tight rein on QROPS pension transfers
Wednesday, 20 September 2017

Latest efforts from the UK government to tighten the rules for pension transfers should have little impact on Britons living abroad.

Expatriates still have the right to move UK pension funds into an approved Qualified Recognised Overseas Pension Scheme (QROPS) without paying UK taxes or penalties. Currently, no UK charges apply for EU/EEA residents transferring to an eligible QROPS within the bloc, or for non-EU/EEA residents transferring to a QROPS based in their country of residence. However, HM Revenue and Customs (HMRC) impose an ‘overseas tax charge' of 25% for unapproved QROPS, or penalties at least 40% on transfers to other unregistered schemes.

 
Spanish tax harmonisation – Some possible future guidelines
Wednesday, 02 August 2017

The Spanish tax regime allows the Autonomous Communities to adjust some rules and tax rates, for example income  and wealth tax rates, and also rates, allowances and reductions for succession and gift tax.  As a result there are substantial tax differences between regions, making some areas much more beneficial, tax wise, to live in than others.

 
UK cashes in on offshore tax evasion crackdown
Wednesday, 02 August 2017

The UK tax office has reaped the rewards of its latest measures to tackle tax fraud. The past tax year netted HM Revenue & Customs (HMRC) £29 billion from tax evasion investigations, helping boost its overall revenue by 7%.

HMRC puts part of this success down to using their "full powers" to uncover secret offshore accounts. Over £2 billion was collected by "cracking down on people who think they can hide money offshore" they said, adding, "there are no safe havens".

For expatriates - who are likely to have financial interests overseas and need cross-border tax planning - this heightened scrutiny is an extra incentive to get your tax affairs in order.

 
100 months of ultra-low UK interest rates
Thursday, 01 June 2017

5th June 2017 is a notable anniversary for the Bank of England and British savers – it marks 100 months since the Sterling interest rate was cut to the historic low of 0.5%.

It has also been 10 years now since we saw a UK interest rate hike.  The last time the Bank’s Monetary Policy Committee raised its rate was in May 2007, up from 5.25% to 5.5%. 

Then the financial crisis hit and rates kept falling until they reached 0.5% in March 2009.  They remained frozen for years until we finally saw a move last summer – downwards.  The rate was cut from 0.5% to 0.25% in the wake of the Brexit referendum, with no change since. 

The last time rates were kept low for so long was around the Second World War.  Then the rate was held at 2% (which actually sounds good today!) from 1939 to 1951. 

 
Four ways to prepare as the clock ticks down to Brexit
Wednesday, 03 May 2017

With Article 50 triggered, Britain is on track to leave the EU in under two years, on 29th March 2019. The surprise June UK general election is unlikely to change this, as the two key parties have committed to honour the referendum result.

While we still have no certainty about how Brexit will affect expatriates in Spain, there are steps you can take today to future-proof your financial planning.

 
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