Offshore tax amnesty extended by HMRC

Brits with offshore bank accounts that they have failed to declare to the taxman have extra time to own up to their secret cash stashes. The current offshore amnesty was due to end on Monday (November 30) and anyone earning interest on offshore cash that they have failed to disclose to HM Revenue and Customs […]

Expats may still have to pay UK inheritance tax

Living outside the UK to avoid inheritance tax is a myth and the long arm of the taxman will reach out to the furthest flung corners of the world if he thinks there’s money in it for him. Many taxes are based on residence – like income tax and capital gains tax. So if you […]

High Earners Face Tax Penalties on Pension Contributions

Taxpayers earning more than £150,000 who make pension contributions based on business profits face even more tax penalties on their income. Already hit by the new proposed super tax rate of 50% , now, a misunderstanding between the opposition and government has left the way open for the government to implement the ‘anti-forestalling’ tax on […]

Living overseas cuts retirement costs, says bank study

The massive cost of retirement in the UK is encouraging more Brits to retire abroad, says a study by Alliance and Leicester International. The bank has calculated the cost of retirement in the UK is about £400,000 and many Brits look to move abroad to cut the cost and have a higher standard of living. […]

SIPP firms siphon off millions of investors’ cash

SIPP providers already have problems with new transparency of charges guidelines that were issued less than a week ago by two industry groups. The Association of British Insurers and Association of Member Directed Pension Schemes have put together a joint ‘good practise’ guide for SIPPs providers that includes clearly laying out fund charges. A SIPP […]

What’s the difference between nothing and zero?

Pension providers in Gibraltar and HM Revenue and Customs are arguing about nothing – or whether a zero rate income tax is really a tax. The technicality is causing a huge uproar in the offshore pensions sector and stopping transfers from UK pensions in to Gibraltar schemes as the firms have voluntarily put a stop […]

Gibraltar QROPS tax row may go to court

A financial company is threatening to take the UK taxman to court over a tax row with if QROPS pension providers in Gibraltar are closed down. Several QROPS providers on the Rock have voluntarily suspended transfers in to their schemes while negotiating with HM Revenue and Customs over the taxman’s interpretation that Gibraltar’s 0% rate […]

Queen’s Speech is signal for expats to move money

Financial policies expected to be announced by The Queen in the opening of Parliament are simply political string pulling by the government in the run up to the next election. The speech is expected to include details of the Financial Services Bill aimed to give the Financial Services Authority more power over organisations outside its […]

Why specialist advice is best for offshore pensions

Getting the best advice is one thing everyone wants when putting a strategy together for retirement and inheritance tax planning. The problem is selecting the right advisor to suit your personal financial circumstances. UK retirement options are not necessarily the best for clients who have connections with another country or who might retire to another […]

Pilot flies in to tax problems over second home

Moving overseas as an expat has far more advantages than climate and lifestyle – depending on where you put down roots can mean huge tax benefits as well. The trouble is residency laws are complex and sometimes people think they have left the UK when really they are still resident, so all the cost and […]