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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: USeconomy.about.com

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: politico.com  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. 

 

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Spotlight On … Robert Mancera – Group Director

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

I had a little help from the Head of Year at the school I was at; he suggested that if I didn’t get good grades I should look for a job – so I spent the summer looking for work as a backup and got offered a position with Barclays International Bank; and got great exam results – the rest though is history as they say.

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Lasting Power of Attorney for Expat Investors

Research by the Alzheimer’s Society suggests that two-thirds of people who have sought financial advice have a lasting power of attorney (LPA) in place, but this, potentially, means a significant proportion of Brits do not have the protection that LPA offers.

Unfortunately, there is a common misconception among many expats (highlighted in a survey of UK expats conducted by Old Mutual International in 2017) that a spouse, child or financial professional can automatically sign documents and manage the welfare and monetary matters of a person who loses mental capacity. This is not the case; your family members could be left vulnerable should you become unable to manage your affairs without having LPA in place.

Good expat financial advice would generally advocate local legal advice to help ascertain whether or not an existing LPA, i.e. one that was drawn up in the UK, is valid in your location of residence. Generally speaking, however, common law jurisdictions will recognise a British lasting power of attorney, but it is always worth checking.

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