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Pensions Update – by Laura Mann, Regional Manager Canary Islands

For expats who are not resident in the Canary Islands and intend on drawing down income benefits in the coming months, and wish to avoid being subject to emergency tax, we recommend you contact HMRC in advance, in order to obtain a personal tax code and thereby automatically claim any personal allowances due. Please note that this process can take some time. 

Malta:

At the moment, if your Pension Fund is held under the jurisdiction of Malta there is no flexibility available with regards to accessing your Pension Funds early (at the age of 55 years), however, new primary legislation has already been passed to mirror the aforementioned developments in the UK. Following discussions with the Malta Financial Services Authority, further updates and guidance are expected later this year.  It is expected that most Maltese Schemes will be offering flexibility no later than 1st January 2016.

Gibraltar:

If your Pension Fund is held under the jurisdiction of Gibraltar, flexible access is currently under discussion with HMRC.  At this stage the 70 / 30 rule still applies, with drawdown subject to capped income of 150% of GAD rates.  

Isle of Man:

Currently, the Isle of Man is looking to add flexi-access to its legislation. This will be debated in the Manx Parliament this Autumn. In the meantime the 70 / 30 rule still applies, with drawdown subject to 150% of GAD rates.

Flexi-drawdown plans set to impact delisted QROPS in Guernsey

If, on the other hand, your Pension Funds come under the jurisdiction of Guernsey, your ability to access flexi-drawndown may be affected by new legislation, especially if your scheme has been delisted QROPS.  If you are unsure about this, please contact us NOW so that we can review your circumstances and advise how this will affect you.

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Do you want HUGE tax efficiency for your savings in France?

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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.

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