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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.

Other News

Are you aware of the new pound coin?

Round pound coinsAt 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.

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August Market Review

Blacktower Financial ManagementThroughout history, the month of August has usually been one where investors take a break and the financial markets lose some steam. However, 2020 is far from being an “usual” period in time, and the month of August recorded one of the most aggressive upward trends in some of the global stock markets indices.

Looking back to July, the S&P500 and the NASDAQ continued to shine when compared to its peers, registering some substantial gains in the month. Following this, August continued on this same path and we saw the S&P500 record a 7% gain in the month, while the NASDAQ soared 11%, in this period of usual calmness in the markets.

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