Over the past year, I have come across many an expat, not just UK expats, but Dutch, Belgium and German who have said to me, ‘I am not doing the Modelo 720 as the EU has ruled it is illegal, and also the Spanish authorities will never find out if I don’t declare.’
A new study has highlighted the issue of the gap between women’s pension pots and those of men. The size of the difference? According to the research, by the end of her working life the average woman could potentially end up £47,000 worse off than men in terms of what’s in their pension pot.
The study, carried out by Zurich, looked at 250,000 pension plans, making it one of the largest studies of workplace savings. It looked at pension plans broken down by age, gender, and the contribution rate of employers and employees.
The process of sharing information across the planet has never been easier or simpler, thanks to constant upgrades and improvements being made in the field of information technology. These advancements have led to the implementation of the Foreign Account Tax Compliance Act (FATCA) in the US, and the Common Reporting Standards (CRS) over on this side of the pond.
On March 8, Phillip Hammond delivered the Spring Budget 2017. Among those most affected by the changes – which included the self-employed – were those who wish to set up Qualifying Recognised Overseas Pension Schemes (QROPS). Here is a brief overview of how the Budget 2017 has affected QROPS and what it may mean for you.
For many years now, people with pension pots built up through schemes in the UK – either through an employer or their own personal savings – have had the ability, once retired, to transfer them from the UK for the opportunity to gain control of their own pot and receive more favourable tax treatment.
At the end of March 2017, a new 12-sided pound coin will be introduced in British currency.
With one and a half billion of the new coins being put into circulation by the Royal Mint, banks and shops will receive the coins on March 28, but it may be at least a few days before they are handed over as change in the shops.
In the 34 years that the current round pound coin has been in circulation, it has been heavily counterfeited and the issue of fakes is more prevalent than you might think.
Today's long term savers face many challenges. At Blacktower, we want to help you through all financial planning adversity, whether you need advice on regular savings in Grand Cayman or help with inheritance tax planning in France.
One major savings goal that many parents wish to work towards is having enough money to send their children on to higher education. This goal became harder to attain when university tuition fees were increased back in 2012, some by as much as three times. Now, a new proposal may further shake things up in terms of how much money parents will need to save.
The government has released a green paper proposing measures for companies struggling financially to reduce pension payments for employees in a bid to save money.
The green paper explores methods of ensuring that defined benefit pension schemes, also known as final salary schemes, remain affordable for employers. Recent cases involving pension fund deficits, such as the BHS scandal, have made it clear that the system needs review.
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