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Articles in this section are supplied by our sponsor Blevins Franks.
For more information on their services click here to go directly to their website.
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David Bowern
Partner |
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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.
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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.
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Tuesday, 08 December 2015 |
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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.
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Tuesday, 10 November 2015 |
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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.
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Tuesday, 13 October 2015 |
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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.
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Tuesday, 13 October 2015 |
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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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Finance