Expat England News
Latest 10 news items tagged England
18 Apr at 6 PM 2014
Since 2006, expats planning to emigrate and those already living abroad can transfer their pension pot in to a QROPS, with pension savers allowed to base their investment outside the UK
As long as the product provider has complied with HM Revenue and Customs’ regulations, savers can base their QROPS in a choice of worldwide financial jurisdictions. Once the transfer has been made, and the member has resided overseas for five years, the fund follows its base country’s legislation, rather than the UK’s.
As a result, QROPS...
17 Apr at 6 PM 2014
Expat savers frustrated by the literal lack of interest in their fixed term savings accounts may see a light at the end of the tunnel by the second quarter of 2015.
Although, earlier this month, the Bank Of England’s Monetary Policy Committee failed to upgrade its legendarily low interest rate of 0.5 per cent, analysts predict that easing will come in early 2015. Expat savers have been cutting living costs to the bone since 2009 saw the introduction of the rate.
Bets are on that rates will rise before next May’s General...
17 Apr at 6 PM 2014
As the pound strengthens along with the recovery in the UK
, a newly-introduced online currency index will help travellers and expats to select the countries with the most favourable rates.
Fluctuating currency rates are an endless worry for most expats on UK
pensions or with investments paying interest in sterling. Over the last year, the winners have been those living in South Africa, Turkey and Thailand, with the strong pound and weakness of local currencies granting them between 20 and 30 per cent more spending power.
10 Apr at 6 PM 2014
Following the shake-up of pensions announced in the UK’s 2014 budget speech, many thousands of savers who changed their minds about annuitising as a result have voiced their concerns about tax penalties.
The good news that a number of product providers have extended their cooling- off periods, giving savers time to get professional advice, has now been followed by the even better news that Her Majesty’s Revenue and Customs will not demand tax penalties from those who have reversed thier decisions.The radical budget changes, due...
10 Apr at 6 PM 2014
International buyers, including wealthy UK
expats living in the UAE, France and Switzerland are rushing to take advantage of Britain’s booming real estate market and weak sterling exchange rates.
A survey by a British bank has revealed that the boom in house prices in London and the Home Counties combined with a weak pound has attracted attention from an increasing number of overseas buyers as well as high-earning expats. Over a third of those surveyed were planning to purchase UK
buy-to-let properties during the next two years....
9 Apr at 6 PM 2014
In a move aimed primarily at expats but sure to hit UK
residents as well, the government has announced a crackdown on ‘flipping’ as a means of tax avoidance.
Flipping, the practice of changing which of two properties is an owner’s main home in order to avoid capital gains tax on a sale, was notorious as part of the MPs expenses scandal. Certain MPs were discovered to have flipped between their constituency and London homes, thus slashing their liability for tax.
The government’s plan, originally conceived to squeeze...
8 Apr at 6 PM 2014
Following David Cameron’s somewhat half-hearted and decidedly unofficial support for unfreezing 5,600,000 British state pensions paid to expats overseas, the word seems to finally be spreading.
Leading overseas pension provider Pryce Warner International has thrown its hat into the fray, stating that the British pension system is flawed in its bias towards over half a million retirees living in 120 countries without UK
reciprocal arrangements. The firm’s director of operations, David Retikin, believes that retirees are being...
8 Apr at 3 PM 2014
PRESS RELEASE: The Chronicle in Newcastle upon Tyne is keen to hear from ex-pats who would like to be featured in a new weekly Geordies Abroad column.
The paper, and its website www.chroniclelive.co.uk
, is looking for people all over the world who have emigrated or who are living temporarily in another country and may be writing a blog about their experiences.
Communities editor Lesley Oldfield said: "We want to give our readers a taste of life in different countries and see what experiences ex-pats are having.
7 Apr at 6 PM 2014
Financial Conduct Agency’s latest review into financial advice firms found that failings are widespread across the sector.
The review concentrated on advice given by FAs to their clients, and found that 58 per cent of those questioned were not providing clear, upfront information as to their charges. A majority of 58 per cent failed to explain the full extent of charges and the fact that they may fluctuate over the duration of the investment.
Only half the advisory firms were specific about the cost of advice to...
4 Apr at 6 PM 2014
After a brief mention in George Osborne’s recent 2014 Budget speech of a plan to tax expat pensions spurred concerns in many migration destinations, it seems taxing those not considered resident or domiciled in the UK
is on the cards.
The Chancellor is now making it clear that expats must decide whether they are out or in the UK’s tax systems. They cannot, he said, expect to rely on the British government for favours concerning financial matters.
A consultation aimed at examining the possibility of scrapping personal tax...