Expat Uk News

Latest 10 news items tagged Uk

10 Apr at 6 PM 2014

Good news on tax for savers reversing annuity decisions

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

Wealthy Brits overseas rushing to buy into booming UK housing market

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

UK government cracks down on expat second home owners

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

Fight for unfrozen expat pensions attracts international support

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

Expat Media Request: Are you a Geordie Abroad?

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. "We are...
7 Apr at 6 PM 2014

FCA review finds majority of FA firms mislead customers

The UK 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

Osborne to go ahead with taxing expat pensions

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...
3 Apr at 6 PM 2014

Expats to lose out on new top up pension scheme

Over half a million UK state pensioners living in 150 world countries will get a worse deal than their UK-based counterparts if they buy into the government’s top-up pension plan. Those retiring before 6 April 2014 will be unable to take advantage of the higher state pension of £155 per week payable from April 2006. Instead, they will be able to buy up to an extra £25 per week by giving the government £890 for each £1 weekly increase. However, the 46 per cent of all expat pensioners living in countries where the state pension...
3 Apr at 6 PM 2014

Over 20,000 UK pensioners desperate to leave Spain

A hard-hitting study has revealed that 20,000 UK retirees are desperate to relocate back home, but are finding it difficult to sell their properties. According to the survey, the main reasons for heading home are the rising cost of living when set against the low UK state pension, the strain of being apart from families in the UK and a lack of care homes for physically challenged pensioners unable to manage on their own. The survey also showed that, once those wishing to return have done so, the resulting strain on local authorities...
2 Apr at 6 PM 2014

UK Budget may cause problems for expat savers and QROPS industry

The rewriting of many pension rules unveiled in the UK’s recent budget could result in troubled times for QROPS providers as well as expat savers. Experts are stating that the Budget pension reforms may well threaten the future of the profitable QROPS industry, with reduced tax restrictions likely to dilute the appeal of the product. QROPS have been seen as especially useful for expats wishing to transfer their pensions to their new countries of residence. Interestingly, a little-noted new restriction announced by the chancellor...