HMRC report details French QROPS

When I first meet a client it takes time for us to get to know each other, and every single person is different with different needs. However, at the root of those needs is usually the desire to find out how best to keep all those hard earned savings, investments and pensions as tax efficient as possible.

Once you have left the UK and become resident in France, the ISAs and other tax efficient savings you may hold in the UK are no longer tax-free and you need to give careful consideration about how you deal with this.  With the new Common Reporting Standards that were introduced recently we can no longer bury our heads in the sand and think that the French taxman will not know about the assets you have left in the UK and will not look to tax you accordingly.

Many of our clients will have beside their property and / or bank accounts here in Spain still assets abroad.  This could be a property in the “home” country, a share portfolio in Luxembourg, an offshore bank account etc.

Most would have a Will covering these assets in their home country and without specific mention of the asset will have laid out their wishes in the form of for example “spouse to spouse on first death and on second death to the children” which would apply to all their assets.  

Should the person have not bothered taking on a Spanish Will then the heirs would have to go through the extra work and costs involved in relying on a UK or foreign will for the disposal of the Spanish assets.  The Will would have to be translated and apostiled adding delays and extra costs at a difficult time for the heirs.