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A just-released OECD study on pensions has revealed how British retirees experience a bigger drop in income on retirement than those in almost every other country in the organisation. From the 34 member states, only Mexican and Chilean pensioners are worse off. According to the figures, on retirement the average UK earner will receive a […]
When the new UK pension freedoms were announced last year, Pensions Minister Steve Webb famously quipped that people were free to blow their retirement savings on a Lamborghini if they so desired and the government leapt to defend his comments. Pension freedoms became a reality for over 55s on 6th April this year and while […]
Up to 400,000 expats living abroad could be adversely affected by UK government proposals to take away their personal tax allowance. Last year, Chancellor George Osborne raised the UK personal tax allowance to £10,000 with a further increase planned in 2015 to £10,500. However, in new proposals under consultation, the Treasury is seeking to abolish […]
The UK government has made much of its “pensions revolution” with Chancellor George Osborne describing the changes currently being introduced as “the most far-reaching reform to the taxation of pensions since the regime was introduced in 1921”. Legislation already introduced this year has relaxed the rules with the raising of limits on drawdown income, but […]
Brits are particularly attracted to the expat life however, it seems that many of us embark on life in a foreign country without proper planning and a worrying number get into hot water as a result. So many in fact, that the Foreign and Commonwealth Office (FCO) launched a campaign last year to warn Britons […]
Technically, the majority of British citizens living abroad are not currently eligible for treatment on the NHS when they are visiting the UK, even if they have made National Insurance contributions for some or all of their working lives. This has long been a big bugbear for the UK expatriate community; however, this could be […]
As HM Revenue & Customs cracks down on expats claiming non-residency, it is essential to keep detailed records of your trips to the UK. If you live abroad and claim exemption from UK income and capital gains tax according to the Statutory Residency Test, it is crucial that you keep detailed records of visits to […]
There is often confusion regarding Qualifying Non UK Pension Schemes (QNUPS) and Qualifying Recognised Overseas Pension Schemes (QROPS). QNUPS and QROPS are similar schemes and are very closely related. It is important to understand the differences to avoid additional confusion in the already complicated process of pension planning. While a QROPS can accept UK pension […]