Protection News & Insights

Under new plans proposed by the Government, and included in Chancellor of the Exchequer Philip Hammond’s first Autumn Statement, British expatriates with offshore pensions will face a higher income tax rate.

The plans say that those with QROPS (qualifying registered overseas pension schemes) will be subject to the same tax treatment as those with UK pensions, meaning that they will pay 100 per cent instead of their current 90 per cent. There will also be further measures taken to make setting up a QROPS more complex in the future.

Plans have been released by Brussels to introduce a travel tax on post-Brexit UK travellers. British people will no longer be able to travel freely to Europe without paying a “travel tax” and being forced to fill out a form under plans unveiled by Brussels.  The US-style visa waiver scheme is one of the first concrete signs UK citizens will not be permitted the privileges they once had, to move across European borders unhindered.

Now that it is almost settled that the U.S. presidential nominees are known – barring any huge U-turns or assassinations – both candidates have been setting out their plans for economic transformation to make the USA great again. What is very interesting is that both Donald Trump and Hilary Clinton are aiming their reforms at the super-rich.

As we all know we have been told time and time again that, because of the world´s economic state, we all have to pay as much tax to the governments as humanly possible and that, if we try to hide any money, we will be heavily penalised. Well, yet again it has been proved that there is one rule for us and another rule for them – by them I mean the 1% that are super wealthy, politicians, or large corporations. 

Governments, tax authorities, journalists and experts on tax evasion and avoidance on Monday were digesting news of a major leak of confidential and reportedly revealing documents from a Panamanian law firm. Some are calling it the biggest leak of confidential information ever to hit the global financial services industry.

Dot com boom, dot com bust!  High Interest rates low interest rates, Strong Euro, weak Euro.  What was a good thing last year is the worst thing this year.  ‘The only thing certain in Life is death and Taxes’ quote made famous by Benjamin Franklin 1789.

Many ex-pats are still suffering from the cuts in income that have taken place due to the very low interest rates they continue to endure on their savings.

Well brace yourselves for more!  Any of you who rely on dividends from shareholdings to supplement your income are about to see a whole new look to the tax regime associated with them.

Dividends are annual cash payments made to holders of certain shares, they provide a vital source of income to many pensioners who rely on savings in retirement. The way dividends are to be taxed is to change from April 2016 and will see basic-rate taxpayers subject to a new levy of up to 7.5 per cent.