ChiFRA

British expatriates today can benefit from tax-free QROPS transfers and high final salary pension transfer values – but Brexit could change the rules.

Pensions are often the key to a comfortable retirement. But with more pension options than ever and the Brexit clock ticking, with no certainty beyond 2020, it can be difficult to establish the best approach. Make sure you are aware of the current pension issues that could affect you and the available opportunities, before they potentially disappear.

Year-by-year, inheritance tax revenuecontinues to soar for the UK Treasury, with more families getting caught in thenet. A record high of over £5.4 billion was collected in the 2018/19 tax year –over double the amount from nine years ago. 

For expatriates, it can be especiallydifficult to know where you stand with UK inheritance tax. But with an average inheritancetax bill of £179,000 paid for each affected estate, it pays to understand yourposition and what you can do to minimise exposure for your heirs.

Andrew Southgate, Private Client Manager, Blevins Franks

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Andalucía continues to be a favourite destination for expatriates, including those making the most of their retirement years.  There are many benefits to living here, and with the wide variety of property and locations, there is a dream home for everyone. 

Taxation can however spoil the dream for some, particularly wealthier individuals and families. 

Besides the expected income and capital gains taxes, Spain additionally imposes an annual wealth tax.   While most people are exempt – in general, if you are resident in Spain, you can only be affected if the net value of your worldwide assets is over €1,000,000 – it can have a significant impact on wealthy individuals.  We know there are people who would love to live in Spain but feel that wealth tax will have too big an impact.