News & Insights

Taxing times for Clinton and Trump

Clinton has clearly stated that people earning $5million per annum and over will face a 10% tax hike on income so they will face a 49.6% band; earners in excess of $1million will also face a hike which will raise $18 billion per annum, mainly to spend on the social reforms she has in store. These include increasing the minimum wage to $15 per hour. source:

Trump is tackling it differently.  He has stated that many tax loopholes are going to be closed (which will, in fact, cost himself personally billions in tax) while at the same time lowering taxes for the majority.  He has a four band plan that will see the highest rate cut to 25% from 39.6% while at the same time increasing the lower bands so that anyone earning $25,000 or less will pay no tax. source:  Mr Trump is obviously some kind of magic wizard!

Once all the Brexit palaver is over and done with, the US elections and policies of Clinton and Trump are going to be headline news and I am looking forward to the debates about each of the candidate’s economic plans.  UK politics usually takes its lead from what happens in America so the UK’s political parties will definitely be having one eye on the US public reaction to Clinton and Trump’s attempts to buy – sorry win, their votes.

I have been a fully Qualified Financial Adviser for 28 years and also understand the needs of ex-pats and the rules that apply to ex-British living and retiring in Spain, so if you need to talk through your own situation then please feel free to call me and we can have a no obligation discussion about the best way forward for your investments.

In today’s financial climate it is essential you do everything you can to make sure your money is safe and secure and what you want to transpire in the future has the best chance of happening. Get in touch for expert advice today. 


Other News

Surge in Britons becoming EU citizens

PassportFrom pension transfers into beneficial QROPS to careful tax planning, expats have a lot to consider so that they can be financially confident and live their life abroad to the fullest.

But with Brexit looming, there are other considerations afoot. For example, should expats keep their British citizenship or apply for nationality in their new expat homeland? And according to new statistics, it appears that the Brexit referendum result has had a significant effect on the number of Britons gaining citizenship elsewhere in the EU.

Figures from Eurostat, the EU’s statistics agency, show a substantial surge in the number of Britons acquiring citizenship in other EU countries between 2015 (2,478) and 2016, when the number more than doubled to 6,555 – that’s an increase of 165 percent. The figures include both those who chose to adopt dual citizenship, so that they kept their British citizenship, as well as those who renounced it.

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News Wrap – APP Scams Guidance

Phone ScamsThe Treasury Select Committee has called on financial services providers to reimburse individuals who have lost money as a result of authorised push payment (APP) fraud, with MPs telling banks that they must implement adequate fraud measures by March 2020 or face sanctions from the regulators.

For example, UK Finance, a trade association for the banking and financial services industry, reports that during the first half of 2019 close to £616 million was stolen from banking customers during financial transactions on payment cards, remote banking and cheque transactions in the UK, with £207.5 million of this defrauded through APP scams.*

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