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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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Thursday, 01 December 2016 |
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From January
2016, financial institutions in over 50 countries around the world began
collecting information on their clients and their accounts. This data will be passed onto the clients'
country of residence in 2017.
Cross-border taxation can get complex for expatriates, and it is
important to make sure you are correctly declaring your income and paying tax
in the right country.
This exchange
of information will be repeated every year, with a further 47 countries starting
to collect data in 2017, ready to exchange it in 2018. It is
carried out under the Common Reporting Standard (CRS), developed by the
Organisation for Economic Co-operation and Development (OECD).
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Thursday, 01 December 2016 |
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Chancellor Philip Hammond delivered his first Autumn
Statement on 23rd November.
It was the first budget after the Brexit vote but does not provide many
clues as to what a post-EU world will look like and there were no reactionary
tax reforms. There were, in fact, few
significant changes which will affect expatriates.
One interesting change going forward is that this will be
the last "Autumn Statement". The 2017 Spring
Budget will also be the last spring one.
After that the Chancellor intends to deliver a single budget every
autumn. This should mean there are less
tax changes in a year, and that they are announced well in advance of the new
tax year. Finance Bills will be released
after the autumn budget.
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Wednesday, 02 November 2016 |
In a year’s time, the Spanish tax
authority will have started receiving information on its taxpayers’ offshore
assets and income, under the new global automatic exchange of information regime. The UK is already being handed details of
hundreds of thousands of offshore accounts held in its Crown Dependencies and Overseas
Territories.
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Wednesday, 02 November 2016 |
Tax planning remains an important part of
protecting your wealth and retirement income, but it can be quite a minefield
these days, particularly for expatriates who have cross-border interests. You need detailed, up-to-date knowledge of
local, UK and international tax regimes and regulations to be able to achieve
the best results for yourself and your heirs.
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Monday, 10 October 2016 |
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If you're a Spanish resident living in Andalucía or you have
assets in the region, your heirs could benefit from recent changes to local
succession law.
From 2nd August 2016, succession and gift tax rules
include a revised main home relief and a new allowance for agricultural
business. Then, in January 2017 the tax-free allowance for inheritances is
likely to increase.
This is good news for taxpayers here, as it is the first
time the local authorities have reduced succession tax in 35 years. Once all these
measures come into force, Andalucía will no longer be the most expensive Spanish
region when it comes to succession tax.
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Sunday, 04 September 2016 |
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Some readers
may find these exciting times for the UK, as it prepares to leave the EU,
others may be concerned about what the future holds. Either way, we do not yet know the detail of
what the end result will be and it may be a while before we find out. How will
this uncertainty affect expatriates in Spain from a financial point of
view? While you should not rush to make
decisions, it is worth looking at your financial planning to consider if and
where you may need to make changes.
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