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Income tax rise for British expats

The news adds further anxiety at an uncertain time for British expats following Britain’s decision to leave the EU.

Prime Minister Theresa May has recently attempted to create an amnesty deal for British expats living in EU countries whereby all EU migrants living in the UK (of which there are 3.3 million) would be able to remain here as long as British expats (1.2million) were able to stay in their respective countries. The deal was blocked by Angela Merkel, the Chancellor of Germany, and Donald Tusk, the President of the European Council.

Tusk’s response, which seemed to be an attack on the whole Brexit decision, was to state that the matter could only be resolved once Article 50 had been started. He added that “the decision about triggering Article 50 belongs only to the UK, which we fully respect”.

Mrs. Merkel voiced a similar stance, rejecting the Prime Minister’s attempts to instigate any kind of deal for expats before the formal commencing of Article 50.

It would appear, as Donald Tusk mentioned, that the quicker Article 50 is invoked, the quicker this time of worry will be resolved.

At such an unnerving time, professional wealth management advice has never been more valuable.

To stay up-to-date with all the current changes to QROPS and how British expats are being affected by Brexit, as well as to receive expert financial advice on your situation, contact the Blacktower team today.

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.

Other News

Moving to Portugal – Important matters to consider

InvestPortugal offers an attractive regime of taxation to European Nationals considering a move here.

The regime is entitled (NHR) which stands for Non-Habitual Residents. Uncommon with other EU nations, a flat rate of taxation at 20% is applied to income derived in Portugal and a near total exemption for international income. For most European nationals, the NHR regime offers a simple and efficient residency programme.

The absence of wealth, inheritance and gift tax, coupled with a residency permit which allows free movement within the Schengen area, makes NHR extremely popular.

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TOP TIPS: Moving to Spain

Map of SpainAre you on the brink of becoming a British expat in Spain or perhaps you recently moved to Spain and are now trying to get your finances in order? With four branches across Spain, Blacktower Financial Management is ideally placed to support you.

Here we share our Top Tips to assist you on your journey with some cross-border specific financial information.

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