New ‘Doomsday Book’ measures Britain’s wealth

If you are sitting at the top of the British rich list, then you need to take heed of a wealth warning as the government has compiled a new Doomsday Book that measures wealth instead of income. For the first time, the Office Of National Statistics has compiled a picture of household wealth looking at […]

Darling attacks high earners again to raise more tax

Chancellor Alastair Darling has complicated pensions for high earners even more by targeting higher tax relief on pensions by changing salary sacrifice rules. The new rules only apply to those earning £130,000 or more – introducing another threshold into the higher rate income/pension equation. Anyone earning over  £100,000 a year loses their personal tax allowance […]

Incredible Shrinking Millions In UK Pension Savings

Pensioners with cash in the bank face a double whammy – watch their incredible shrinking pension funds lose money or invest the cash in annuities that pay a meagre return. Tens of thousands of pensioners with cash stashed in special funds or bank accounts aimed at protecting them from low interest rates and vagaries of […]

FSA tells SIPPs firms not to exploit annuity tax loophole

SIPPS firms who are trying to bypass their client’s obligation to buy an annuity with their pension by stripping their fund of cash may face investigation by financial watchdogs. The Financial Services Authority has warned SIPP providers offering accelerated drawdown schemes face an inquiry if the products are suspected of being marketed, sold or used […]

How to escape top rate tax on UK pension benefits

Forget complicated tax avoidance schemes because this one’s so simple that hundreds of UK expats can save huge amounts of tax  – and knows the scheme works because the taxman told us! So here’s the inside information direct from HM Revenue and Customs on how to save tax on your pension benefits if you are […]

Expat Tax Boost Hidden in Treaty Small Print

Hundreds of expats with UK pensions who live in countries that have signed tax information exchange agreements (TIEA) with the UK need to check if their tax status has changed. In many cases, when the UK and overseas governments ratify the agreement, the TIEA amends arrangements over double taxation and means non-UK residents with UK […]

QROPS property investors face 70% tax penalties

Hundreds of QROPS investors could face massive tax penalties because they have allegedly had incorrect advice that they can invest their pension funds in residential property. Following HM Revenue and Custom’s updated guidance highlighting investments policy for QROPS, several QROPS advisors seem to have landed clients with tax bills of up to 70% of the […]

Understanding the five year tax rule on a QROPS

One of the big attractions for expats investing in a QROPS offshore pension is that their fund manager does not have to report any payments or transfers after the scheme member has been absent from the UK for five tax years. Lots of advisors fail to explain these rules clearly. Actually, QROPS Provider have open-ended […]

Malta ready to open new QROPS pension schemes

Malta financial service firms are launching QROPS pension schemes after months of negotiation with HM Revenue and Customs. The island will open for QROPS business once the Maltese Financial Services Authority has processed applications for retirement schemes under the state’s Special Funds (Regulation) Act to check the arrangements for the scheme meet HMRC rules. Once […]

Life firm stops sales to expats worldwide

Thousands of British expats will not be able to take out life assurance with one of the leading international life assurance companies unless they live in a few small financial centres. Isle of Man based Zurich Life International is stopping life insurance sales to all but a handful of countries from Friday (December 4) following […]