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 Andrew Southgate


 

 

   

 

 

 

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      



How much wealth tax do you have to pay in Andalucía?
Finance
Wednesday, 13 November 2019

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. 

 
It’s time in the market – not timing the market – that reaps rewards
Finance
Wednesday, 13 November 2019

Andrew Southgate, Private Client Manager, Blevins Franks

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When investing, a long-term, diversified strategy usually produces better overall returns than chasing short-term gains.  

Given current Brexit concerns and global economic uncertainty, we hear many people ask whether this is a bad time to invest. The simple answer is that it is not so simple! Generally, the most sensible approach is to invest for the long-term rather than wait on the side-lines for the ‘right time’.

 
Owning Spanish property through a company – times have changed.
Finance
Thursday, 17 October 2019

                           Andrew Southgate,Private Client Manager, Blevins Franks

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It used to be fairly common for people to own Spanish real estate through onshore and offshore corporate structures, particularly properties valued over €1 million.  

While there may be different reasons for choosing this ownership method, many people were aiming to avoid taxation, particularly Spanish wealth tax and/or succession and gift tax.

But we are living in a very different world now. Over the last decade governments the world over, including Spain, have successfully implemented methods to crack down on tax fraud, to both prevent future tax evasion and uncover past transgressions.  They have now also set their sights on ‘aggressive tax planning’ structures. 

 
Is time running out for tax-free pension transfers?
Finance
Thursday, 17 October 2019

 

Andrew Southgate,Private Client Manager, Blevins Franks

 

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If you have chosen to retire in Spain, take steps now to review your pension options before Brexit potentially changes the rules.

With still no certainty on the timing and form of Brexit – be it hard, soft, no-deal or even no Brexit at all – it is difficult for expatriates to plan accordingly. We are often asked, for instance, what will happen to UK pension rules for expatriates after Brexit, but the reality is that no-one, not even the UK government, knows for sure.

However, when it comes to rules for expatriate pension transfers, it is likely that things may change. So if you are already retired or planning to retire in Spain, take steps now to review your pension options under current rules.

 
When is your tax freedom day?
Finance
Tuesday, 17 September 2019

Andrew Southgate,Private Client Manager, Blevins Franks

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How long does it take to earn money for yourself instead of the taxman? "Tax freedom day" varies greatly by country, but good tax planning can help reduce your burden, wherever you live.

If you ever had the feeling that you have spent half your working life just paying tax, you are not far wrong. What with income tax, national insurance/social security, capital gains tax, VAT, council tax, excise duties and so on, a considerable amount of our income goes straight to the taxman each year. 

 
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