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David Bowern
Partner |
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Thursday, 14 April 2016 |
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In his eighth Budget as Chancellor of the Exchequer,
George Osborne announced very few changes that are likely to affect expatriates
on 16th March 2016.
The Personal Allowance is increasing to £11,500 in
2017/2018 (it will be £11,000 per person in 2016/2017), and the higher rate
band will apply to income in excess of £45,000 in 2017/2018.
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Tuesday, 01 March 2016 |
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We are fast approaching 31st March, the deadline
by which residents in Spain need to submit their annual Form 720 (Modelo 720) listing their overseas
assets, where applicable. If you have
previously submitted a form, you only need to declare assets if they have grown
a certain amount or you have sold or closed them.
Besides confirming what you have to declare this year, this
is also a good time to consider whether you are holding your assets in the most
tax-efficient vehicles for Spain. If you
have investments that were set up with UK taxation in mind, you may be paying
more tax in Spain than you need be.
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Tuesday, 01 March 2016 |
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If you live in Spain, the chances are that your heirs, or
perhaps even yourself, will be hit by Spanish succession and gift tax. Many British nationals also remain in the UK
inheritance tax net – being non-UK resident alone is not enough to escape this
tax.
While they are both taxes on inheritances and gifts, there
are significant differences between how they taxes are applied, and the Spanish
tax rules can come as a surprise to some.
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Friday, 05 February 2016 |
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We all sleep better when we feel confident that our affairs
are in order, and as we get older we think more about the legacy we will leave
to future generations; specifically, how and to whom our assets will pass on
our death.
Increasingly, estate planning is a major concern for expatriates. You have worked hard to build up your wealth
and want to pass it on to children and grandchildren to help them as they make
their way through life. You want to
ensure the money is used wisely, at the time they need it most. But how can you have control over what
happens after you are gone? You may have
many years left in retirement yourself, and so need to continue to receive
income or take capital in the meantime.
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Friday, 05 February 2016 |
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It is important to review your tax planning
from time to time, to check that it is up to date and that you are using all
the opportunities available in Spain to reduce tax liabilities for yourself and
your heirs.
So far there have not been many tax changes
for 2016, and income taxes are just a little lower than last year.
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Tuesday, 05 January 2016 |
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The New Year
is an excellent time to carry out a “wealth-review” to make sure your money is
working as well as it can for you. Spending a little time now will help you
preserve your wealth over the long term to meet your financial objectives.
Things to check include whether you are up to date with the latest developments
in Spain and internationally that affect you.
Also, do you have a considered, strategic tax and wealth management plan
in place? And has there been any change
in your circumstances since you last reviewed your affairs?
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Finance