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| | | Articles in this section are supplied by Andrew Southgate, Private Client Manager at Blevins Franks.
Find out more about Andrew on their website. | | Andrew Southgate | | | |
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Wednesday, 21 November 2018 |
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The era of financial privacy is now well and truly over. Switzerland, once the bastion of banking secrecy, has begun automatically exchanging information on financial accounts owned by non-residents. This was a landmark moment in the history of international banking and cross-border tax planning. Although we have known this was going to happen for a few years, it still feels a little unbelievable considering it does not seem that long ago that Switzerland was insisting it would not give up its prized secrecy laws.
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Monday, 15 October 2018 |
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No matter how you feel about Brexit, now that we are only months away from the due date, expatriates need to prepare in a practical sense. Although there are still many unanswered questions about what Brexit will actually mean, there are steps you can take to make your financial position in Spain as secure as possible.
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Friday, 21 September 2018 |
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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?
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Friday, 21 September 2018 |
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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.
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Tuesday, 17 July 2018 |
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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.
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Tuesday, 17 July 2018 |
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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.
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Finance