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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, 28 April 2016 |
For British
expatriates, it may seem like financial sense to keep hold of your house in the
UK. However, recent changes have generally increased the tax burden for owners
of residential properties in the UK.
If you have UK
property, it is important to understand what has changed and how you might be
affected.
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Thursday, 14 April 2016 |
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Many readers are enjoying their retirement years
here in Spain, taking advantage of all the benefits living in Southern Spain has
to offer. You are reaping the rewards of
all your hard work advancing your career, perhaps building up and selling a
business, and the effort you put into accumulating your savings, investments
and pension funds. Some readers may have
inherited capital, which has helped them achieve the dream of moving here.
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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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Finance