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 David Bowern


 

 

   

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UK Inheritance Tax Reform
Tuesday, 05 January 2016

In the 2015 UK summer budget Chancellor George Osborne introduced his ‘family home allowance’, increasing the inheritance tax threshold to a potential £1m. Inheritance tax is considered one of the most unfair taxes in the UK. Many people resent the government taking the hard-earned money they want to leave to loved ones – money they have already paid tax on. So the fact that most family homes will now be exempt from the tax is welcome. 

It is good news even if you live in Spain, as the new allowance can apply to property outside the UK, if you meet certain conditions.

 
The UK Autumn Budget
Tuesday, 08 December 2015

Chancellor George Osborne presented his Autumn Statement, along with the Spending Review, on 25th November.  It did not include many tax changes this time. This article summarises the announcements that may affect expatiates, depending on your situation.

 
Does Modelo 720 Infringe EU Law?
Tuesday, 08 December 2015

In 2012 the Spanish government announced that everyone resident in Spain will need to start declaring all their overseas assets worth over €50,000.  Modelo 720 (Form 720) was created for this purpose, and this obligation is separate from, and extra to, the annual income tax and wealth tax returns.  The penalties for failing to report assets are very high.

Earlier this year the European Commission (EC) reviewed the legality of Modelo 720 after several complaints submitted by different parties, including law firms and tax adviser associations in Spain.

 
Not All Portfolio Bonds Are The Same
Tuesday, 10 November 2015

With the Common Reporting Standard – the new global regime for the automatic exchange of financial information – commencing in January, this is a good time to review your tax planning to ensure it is fully compliant in Spain and also that it is as effective as it can be. 

Tax efficient investment wrappers, offered through a Spanish compliant bond, can be very effective in Spain.  You can hold different types of investment within a bond, and they provide considerable tax advantages as well as succession planning benefits.

 
Are You Ready For The New Automatic Exchange Of Information?
Tuesday, 13 October 2015

We are about to enter a new era for international tax planning and cross border wealth management.

January 2016 sees the start of a new global automatic exchange of information regime that affects everyone who has financial assets outside their country of residence.  Financial privacy is dead and buried, to the point where your local tax authority will passively receive information about your investment assets without having to ask for it. 

Everyone should be aware of what information will be shared about their income and assets, and consider what tax and estate planning arrangements are best suited for them and their family. 

 
To QROPS Or Not To QROPS?
Tuesday, 13 October 2015

Once you reach retirement age you need to carefully consider all your options for your pension funds, and how they affect your income, tax bills and the transfer of the balance to your heirs.  British retirees have a wide range of possibilities to choose from today, and expatriates have the further option of Qualifying Recognised Overseas Pension Schemes (QROPS) to consider.

 
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