Immediately on hearing the news, market impacts were felt. The shares in FTSE dropped and the pound’s value started to improve against the dollar and the euro. Uncertainty in the political climate is always going to be bad for the markets and this decision now provides us with more questions than answers.
Theresa May is a supporter of remaining in the EU but since she has become Prime Minister she has fought hard to make sure the will of the British people is carried through following the result of the referendum – indicating the public wanted a Brexit.
This latest High Court ruling could have major ramifications. Consider that parliament objects to Article 50 being triggered. We know that the whole of the Labour Party and SNP will fight for a new referendum and a good many of the other MP’s may have their own agendas. The public could be furious. Brexiteers have been passionate in their support – and look at what happened in the lead up to the EU Referendum.
This could be just the start of an uprising and could in fact be just the completion of the Guy Fawkes master plan in blowing up the Houses of Parliament.
What does this mean financially for expats? Good advice is even more important than ever. Considering what your needs are now and will be in the future. We might see a spike in the pound’s value and that may be a time to exchange a portion of Currency. Expats in Spain may be excited about the fact that Brexit might not actually happen but in reality, I cannot see that happening. In this world though, you can never say never; could you imagine Donald Trump being presidential candidate just two years ago?
This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.
If you are resident in Spain (if you live here more than 183 days in a calendar year, the Spanish tax authorities and in turn the UK HMRC will class you as Spanish resident) and held assets outside Spain as at 29 December 2017 worth over Euro 50,000, and you haven’t already declared them on a Modelo 720, you need to so by the end of March.