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 David Bowern


 

 

   

 

 

 

Articles in this section are supplied by David Bowern, Partner at Blevins Franks. 
Find out more about David on their website.

 

    

 David Bowern      



Spain cannot discriminate against non-EU/EEA countries for succession and gift tax
Friday, 23 August 2019

If you have family living outside the EU/EEA, they should no longer have to suffer higher taxes imposed under the state rules for Spanish succession and gift tax.  This is very welcome news for UK nationals with Brexit imminent.

 
Planning a tax-efficient move to Spain
Friday, 23 August 2019

If you have been dreaming about living full time in Spain but haven’t yet, what is stopping you? While many people need to wait until retirement, for others it may be the fear of foreign taxes, or just weighing up the pros and cons of such a big life change. And, of course, ongoing Brexit uncertainty has muddied the waters for would-be expatriates.  

Interestingly, the current unsettled political situation in the UK, triggered by Brexit frustration, is the very reason some Britons are considering leaving to become tax resident elsewhere. A new UK government, of any denomination, is likely to introduce changes when taking over the nation’s purse strings. There is speculation, for instance, that higher earners or those holding valuable assets could be hit with more punitive taxes following a general election. This could be through higher income or capital gains taxes, pension reform, or tightening of the inheritance tax regime to capture more revenue. Some are even touting the possibility of a UK wealth tax. 

 
Protect your pensions from the lifetime allowance trap
Monday, 22 July 2019

Britons risk up to 55% taxation if pension funds go over the UK lifetime allowance (LTA), but expatriates can take steps to limit exposure.

Are your UK pension funds safe from lifetime allowance (LTA) penalties? If you have several pensions, have been saving for many years or have a generous company pension, you could be in the firing line for 25% or 55% tax without realising it.

 
Cross-border tax planning for today’s global transparency
Monday, 22 July 2019

Over one hundred countries are now automatically sharing financial information on taxpayers to expose tax evasion – and tax authorities are starting to benefit.

Tax transparency has recently been revolutionised by the global automatic exchange of information under the ‘Common Reporting Standard’ (CRS). Now in full flow, this initiative enables tax offices across the world to keep track of taxpayers’ offshore assets and accounts.

 
Six tips for protecting and growing your wealth
Thursday, 20 June 2019

Today's climate presents many challenges to both preserving your wealth and seeing it grow overtime. With ongoing Brexit uncertainty, prolonged low interest rates and changeable tax rules, it is hard for investors to achieve returns that are not eroded by inflation and taxation.

At times like this,careful planning plays a particularly important role in securing your financial security over the long term. Here are six key tips that can help.

 
More families than ever caught in UK inheritance tax net
Thursday, 20 June 2019

The UK government's record inheritance tax haul reveals how more British families are being captured, including expatriates, despite a rising home allowance. 

The last tax year has proven to be yet another record year for UK inheritance tax (IHT) receipts. HM Revenue & Customs (HMRC) announced it received an extra £200 million in 2018/19, generating a total of £5.4 billion. This burden was shared between 27,000 families, paying an average tax bill of £200,000 each.  

Usually, higher tax receipts can be explained through government measures to increase tax rates and widen the scope for liability. However, the 40% rate has been unchanged since IHT's inception in 1986, and an additional main home relief has been in place since April 2017.

 
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