When it comes to financial planning and investing, there are a lot of acronyms and jargon to wade through. It can be difficult to keep track of everything, let alone understand what it all means. That’s why it’s important to be aware of the fees charged by financial institutions, which can eat into your investment returns without you even realizing it.
This may seem like a peculiar topic for an article, but tax systems the world over can be peculiar, and Spain is no exception. In this article, we will review the types of foreign ‘retirement pensions’ and explain how they are taxed in Spain.
UK domiciled funds, also known as UK dom funds, are investment funds that are incorporated and regulated in the United Kingdom. These funds are typically managed by investment companies and offer a wide range of investment options, such as equities, bonds, and real estate.
Delays in the pension transfer process are leaving financial advisers with frustrated clients. While the Pension Transfer Protocol was introduced to improve customer experience and ensure that all transfers are carried out in a timely manner, some advisers are still experiencing long wait times. Here, we explore some of the reasons behind these delays and discuss the process.
Hearing about the Spring Budget or Statement? You’re not alone. The finance sector is always on edge when it comes time for these statements, as people know that there will be some sort of new tax law soon which may have positive or negative consequences. This year might seem like an exception though – with little information released so far by HM Treasury and none since Rishi Sunak spoke at length before his Autumn 2021 Budget Address last month! With the cost of living going up and little sign that things will improve anytime soon, many people are wondering what measures might be taken by Chancellor George Osborne to help ease their pain.
Pension simplification came into effect from 6th April 2006 to rationalise the British tax system regarding pension schemes. One of the policies introduced was the lifetime allowance for all UK pensions.
This article will help you understand why budget changes have come into force as well as how they affect UK expats that no longer reside in the UK.
An NT (no tax) code is granted to individuals who receive UK-sourced income and reside in a country that has a double taxation agreement with the UK. Within a UK pension, including a SIPP, your gross pension is subject to PAYE income tax unless you personally apply to HM Revenue & Customs (HMRC) for exemption on the grounds that you are non‐resident.
Pension simplification came into effect from 6th April 2006, one of the policies introduced was the lifetime allowance for all UK pensions. The lifetime allowance is the limit on the amount of pension benefits that can be taken without incurring a tax charge.
Following the recent news of UK banks closing off services in EEA, the FCA announced last week that passporting rights will end for all UK firms, effective 31st December 2020.