All Posts | Ross Naylor

hello@rossnaylor.com

REQUEST A FREE CONSULTATION

Navigating the FIG Regime: Essential Insights on the UK’s Latest Non-Dom Tax Changes

On 30 October 2024, the Chancellor, Rachel Reeves, announced major changes to the tax rules for UK-resident, non-UK domiciled individuals, often known as “non-doms”. These changes will affect how non-doms are taxed on foreign income and gains, marking a shift in the way the UK handles cross-border income. Here, I’ll break down these new tax rules in straightforward terms, with a focus on the Foreign Income and Gains (FIG) Regime and what it means for you.

UK Budget 2024 – What does it mean for expats?

The dust is still settling on last week’s Budget. Things like increased National Insurance Contributions and a higher government borrowing ceiling have already been picked apart by the mainstream media. However, in this post, I want to focus on a few areas that will be of interest to those of us who are either living outside the UK already or who are considering doing so.

Navigating U.S. Estate Taxes for International Investors

The U.S. stock market, particularly its high-performing tech sector, consistently attracts international investors seeking growth and stability. However, for non-U.S. citizens or residents, investing in U.S. assets comes with a significant consideration— U.S. estate taxes. Without a clear understanding and careful planning, investors may face a substantial tax burden on their estates, impacting their families’ long-term financial security. This post outlines the essentials of U.S. estate taxes for Non-Resident Aliens (NRAs) and provides strategies to mitigate potential tax…

Transferring A UK Pension Overseas: Why It Pays to Know Your OTA from Your OTC

If you are considering transferring your UK pension overseas, you’ve likely encountered a bewildering array of jargon and regulations. Among the most important terms you’ll encounter are the Overseas Transfer Charge (OTC) and the Overseas Transfer Allowance (OTA).

Pension Planning Essentials: Why FP2016 and IP2016 Still Matter

With the abolition of the lifetime allowance (LTA) tax charges in April 2024, many individuals assume that they no longer need to worry about pension protections. However, there are still two forms of transitional protection available that can offer significant benefits: Fixed Protection 2016 (FP2016) and Individual Protection 2016 (IP2016). Both of these protections offer valuable safeguards, but understanding which one suits your specific circumstances is critical. This guide will help clarify the differences between the…

How Retirement Ready Are You?

Have you planned thoroughly for your retirement and are well on your way to enjoying a secure and comfortable retirement, or perhaps it’s time to take a closer look at your retirement plan and make necessary adjustments to secure your future? Take our fun quiz to find out!

Protecting Your Family’s Future: The Case for Adding Your Children to Your Pension

When it comes to planning your financial future, deciding who gets your pension is a big deal. While naming your spouse as the sole beneficiary may seem like the obvious course of action, there are compelling reasons why you should also nominate your children.

Beyond the 7-Year Rule: How the 14-Year Rule Impacts Your IHT Planning

When it comes to UK inheritance tax (IHT) planning, many of us have heard about the seven-year rule. It’s a well-known part of the tax code that says if you give away assets during your lifetime, and survive for seven years after making the gift, those assets will typically be exempt from IHT when you pass away. But there’s another, less familiar rule that can complicate matters—the 14-year rule. If you’re serious about protecting your estate from unnecessary…

Irish Pension Transfer Rules Explained: Can You Move Your Pension Abroad?

Transferring Irish pensions for those who have previously spent time working in Ireland is a fairly recent trend. Many people only become aware of their options as they near retirement, but by then, transferring benefits abroad might no longer be allowed. That’s why getting expert advice early on is crucial. While Ireland’s pension system is great for those who live and pay taxes there, moving abroad can introduce major complications. Often, these issues only come to light…

Retire to Poland with Confidence: Essential Tips for Brits Looking to Move

Retiring abroad is an exciting prospect, and for many UK citizens, Poland offers a wonderful blend of culture, affordable living, and proximity to the UK. As a result, it is increasingly becoming a popular destination for British expats , especially those who already have ties to the country, such as a Polish spouse. This guide will help you navigate the key considerations when planning your retirement to Poland, from residency requirements to healthcare, finances, and integrating into the…

What to Expect from the Upcoming Labour Budget: Key Considerations for UK Expats

With UK finances in quite a pickle, the upcoming Labour budget is expected to bring significant changes, especially in areas like taxation, pensions, and inheritance planning. As a British expat, these changes could have a serious impact on your financial planning. While it is always a good idea to review your financial plan regularly, the proposed changes make it especially important to reassess how you manage finances. In this post, we’ll take a closer look at the…

Why Are So Many Wealthy Brits Moving to Dubai? (Plus 5 Financial Pitfalls to Avoid When Doing So)

Why Are So Many Wealthy Brits Moving to Dubai? In recent years, a noticeable trend has emerged: an increasing number of wealthy British individuals are packing their bags and relocating to Dubai. This shift is not just a fleeting phenomenon but part of a broader movement of high-net-worth individuals seeking new opportunities and lifestyles abroad. But what exactly is driving this exodus? Why are so many wealthy Brits choosing Dubai over more traditional destinations like Spain, France, or the United…

Understanding UK Tax, Retirement & Succession Planning in Saudi Arabia

For British expats living in Saudi Arabia, navigating the complexities of UK tax, retirement, and succession planning can be challenging. The financial landscape shifts when you move abroad, and understanding these changes is crucial to safeguarding your wealth and ensuring a secure future. In this blog post, we’ll break down the essentials of managing your UK tax obligations, planning for retirement, and preparing for succession while living as an expat in Saudi Arabia. UK Tax Considerations for Expats…

The 4% Rule Explained: Is It Right for Your Retirement?

When it comes to planning for retirement, one of the most important questions you will face is: How much can I safely withdraw from my pensions and investments each year without risking running out of money? Answering this question is at the heart of the concept known as the “safe withdrawal rate.” Understanding the Safe Withdrawal Rate The safe withdrawal rate (SWR) is a guideline used by retirees to determine how much they can withdraw from their retirement…

A Seismic Shift in UK Inheritance Tax: What It Means for Expats

The new Labour government is gearing up to make a major move on inheritance tax (IHT), and for British expats, this could be a monumental shift. What’s Changing? The government is planning to overhaul the rules around who gets hit with inheritance tax. Right now, your exposure to UK IHT is closely tied to your domicile – the country that HMRC deems to be your permanent home. This means that even if you’ve been enjoying the expat life…

How do financial advisers get paid?

Navigating financial advice can be complex, especially for British expats living and working abroad. Ensuring your hard-earned money is working for you, planning for retirement, managing cross-border investments, and understanding tax implications across different jurisdictions can be daunting.

How Did Anne Robinson Legally Avoid Inheritance Tax?

TV personality Anne Robinson made news recently by gifting her assets worth £50 million to her family to avoid Inheritance Tax (IHT). This bold move is a prime example of how strategic estate planning can significantly reduce tax liabilities. But how exactly did she do it?

Should I Consolidate My Pensions?

As an expat, managing your pensions can be a complex and often daunting proposition. With multiple pension pots scattered across different providers, and potentially jurisdictions, you might find yourself asking, “Should I consolidate my pensions?” This question is more common than you might think, and the answer depends on various factors specific to your circumstances. In this blog post, we’ll explore the pros and cons of pension consolidation, helping you make an informed decision.

Minimising Inheritance Tax: How Pension Funds Can Help You Beat the Tax Man

Inheritance tax can feel like a daunting final chapter to a lifetime of prudent financial management. It’s a tax which can potentially take a chunk out of what you leave behind for your loved ones. But what if there was a way to reduce its impact? Enter the pension fund – a tool more powerful and versatile in tax planning than many might think. In this blog post, we’ll explore how you can use your pension fund to keep more…

How to Manage and Invest an Inheritance Wisely

Receiving an inheritance can be a bittersweet event, often arriving due to the loss of someone dear. However, this influx of assets also presents a unique opportunity to improve your financial stability and future. Here’s a straightforward guide on how to responsibly and effectively invest an inheritance.

Scan the code