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Guide to CGT rules for UK expat property owners

The rule used to be that as long as an expat had been non-UK resident for five consecutive tax years, then they would not be taxed on any gains made when they sold UK property. However, as of 6th April 2015, that ceased to be the case. Now, if you are an expat who owns UK property, you will potentially need to pay Capital Gains Tax (CGT). It doesn’t matter how long you have lived outside the UK or even…

Three tips for passing your pension on to your loved ones

Do you consider your pension an asset in the same way that you think about assets like property, bank accounts, cars, and investments Some people see pensions differently to those types of assets, but the truth is that your pension is another valuable asset (in many cases it can be worth even more than the family home). That’s why planning for what happens to your money when you die should include planning for what happens to your pensions along with…

Using gift allowances to reduce IHT: Six tips on using gifts to reduce inheritance tax

As the old saying goes, it is better to give than to receive. But did you know that when you give your loved ones a gift you can also benefit as well as the person you’re giving to? It may come as a surprise, but when you make gifts as part of your overall inheritance tax planning, you can have the pleasure of giving, bring joy to your loved ones through your generosity, and even reduce your inheritance tax liability…

Expat ISA Rules: What can be done with an ISA when living overseas?

We all know that Individual Savings Accounts (ISAs) are incredibly tax-efficient savings and investment vehicles for UK residents. However, for those of us who leave the UK, things become more complex. Here are answers to some of the most common expat ISA questions that I have come across.

The danger of home country bias and how to avoid it

Home country bias occurs when investors concentrate their portfolios in shares and bonds from their home country. For example, while the UK stock market now represents only 3.2% per cent of the value of global equity markets (in 2006, it was 10.4%), British investors tend to allocate considerably more than this to UK stocks. It is a phenomenon that can often be detrimental to investment returns. Especially as the UK has lagged other world market in recent years.

Is this the end for the Triple Lock?

Currently, those who are in receipt of UK State Pension and resident in the UK or certain overseas jurisdictions, are protected by something known as the “triple lock”.

How can marriage or divorce affect your Will?

As the old saying goes, the only sure thing in life is death and taxes. Having a Will in place can at least help mitigate the emotional stress of the former. However, it is crucial that any Will is kept up to date with changing personal circumstances. In this post, we will look at the impact of marriage and divorce on an existing Will.

How to prepare an in case of death folder

Have you ever thought about how you would like your affairs to be left in the event of your sudden death? Apologies for such a dramatic lead-in, however when one of my clients passed away suddenly (he was the same age as me), it got me thinking about how I can help others make sure that their financial affairs are better organised in case of such an event. As expats, it is not uncommon for us to be less than…

What is an international SIPP?

A Self-Invested Personal Pension (SIPP) can be a low cost, flexible and straightforward way to save for your retirement. It allows you to take control of how your pension funds are managed by providing access to a wide range of different investments.

How to protect yourself from “clone firm” investment scams

According to Action Fraud, over £78 million was lost to ‘clone firm’ investment scams in 2020 with victims reporting average losses of just over £45,000. Clone firms imitate genuine investment firms to trick people into putting money into investments that don’t actually exist. They use the name (or a name that is very similar to), address and reference number of a real, properly authorised, investment company.

What is investing? Making great businesses around the world work for you

When you invest in a globally diversified portfolio, you are harnessing the profits from thousands of companies around the world. You are investing in the company that makes the toothpaste that you use to clean your teeth in the morning, the company that makes your breakfast cereal, the company that makes the satellites that allow the Uber driver to find you via your cutting edge smartphone, the company that makes your office chair and the company that makes the pillow…

How to mitigate the financial impact of divorce

Studies show that expat divorce rates are much higher than average. In addition, while divorce is complex at the best of times, for expats it can be even more challenging. For example, there is the matter of where to get divorced. In the country of residence or the home country? What happens if the 2 parties have different nationalities? Where then? At the end of the day, every marriage and divorce is different. There are no hard and fast rules…

I’m resident overseas, but where am I domiciled?

The formal definition of domicile is “the country that a person treats as their permanent home, or lives in and has a substantial connection with.” However, domicile and residence are not the same. It is entirely possible to have lived in the same country for many years, even decades, and consider it your “home”, but still be domiciled elsewhere. This is because once you acquire a domicile, you retain it until you replace it with another.

Expat guide to UK inheritance tax

In 2021, the UK taxman collected GBP5.7 billion from inheritance tax (IHT). You shouldn’t think that, because you are an expat, this doesn’t concern you.

Using life insurance to mitigate Inheritance Tax

In recent research from Barclays Wealth, three in five (60 per cent) UK adults aged between 45 and 54 said they did not know if their investments would be subject to inheritance tax when they were passed on to family. Additionally, the survey found that a quarter (26 per cent) of respondents did not know if their property’s value would be considered separately to the rest of their financial assets for inheritance tax purposes.

Should politics influence your retirement plan?

It is hard to avoid politics these days. Whether it is Brexit, Trump, BLM or the merits of how different governments have responded to the pandemic, the political coverage is relentless. With widely polarised opinions and 24-hour news reporting, it is natural to wonder whether political considerations belong in your retirement plan.

Retirement planning lessons for expats from Robert de Niro

According to an article in the magazine Page 6, even Robert de Niro’s finances have been affected by COVID19. The issue is his stake in the restaurant and hotel chain Nobu. Obviously, their venues have been closed or partially closed for months with barely any business coming in. This has dealt a big blow to his finances. According to his lawyer, Caroline Krauss, Nobu lost $3 million in April and another $1.87 million in May.

Pension access options for expats who are considering retirement

If you are an expat of age 55 or older and you are unsure about how to access your retirement savings, then the good news is there are a number of options open to you. There is certainly a lot more flexibility in this respect than when I first started advising British expats on their retirement options 20 years ago. However, alongside greater freedom in how you access your pension comes the need to make an informed decision as to…

Who gets left holding the bag? An investing lesson from GameStop

I’ve been following the GameStop (GME) story over the past week. I don’t think that I have even seen anything like it in all of the years that I have been watching markets. The story has taken on a life of its own and as usual, when so many people are paying attention, there has been a fair amount misinformation and misunderstandings. In case you haven’t been following it, here is some background.

European Commission Pension Scheme – 10 year rule and transfer options

There is a pension scheme available for those working for the various EU entities. It is a Defined Benefit scheme. This means that when you retire, you are guaranteed an income, based on your length of service, until you die. In addition, if you pass away before your partner, they will receive a reduced monthly payment, known as a Survivor’s Pension, until they die.

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