News & Insights

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.

Other News

Expat financial services could help arrest income decline

New research has indicated that the income of British expats has fallen by 11% since 2005, meaning that there is now extra imperative for Brits abroad to benefit from the advice of the providers of expat financial services.

According to the study, the majority of expat pensioners live in countries within the Eurozone. As such it is possible that, for some, living and financial arrangements could be at risk in the event of Brexit, particularly as the value of their pensions has fallen by more than 4% over the past year.

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Spotlight on … Luke Hunt – Associate Director

Luke HuntHow / why did you get into your line of work in the financial services sector?

Back in 2007, I was looking for a new challenge and saw an advertisement for a trainee financial advisor role in Kuala Lumpur, Malaysia. Without informing my family or even my girlfriend at the time, I applied and a couple of interviews later and I was offered the job. I flew out there with my girlfriend and ultimately it turned into a lifechanging 5 years. Here I am still doing the job I love 14 years later!

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