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How the Autumn Budget Affects Expat Investors of UK Property – Expat Property Story

Nov 11, 2024 | Advice, Budget, Expat Property Story, Financial Planning, Regulations, SJB Global, UK

How the Autumn Budget Affects Expat Investors of UK Property – Expat Property Story

Nov 11, 2024 | Advice, Budget, Expat Property Story, Financial Planning, Regulations, SJB Global, UK

In a recent podcast on the Expat Property Story, SJB Global’s Principal and Independent Financial Adviser, Jake Barber, explores the Autumn 2024 budget and its potential impact on expats, property investors, and those managing both worlds. Jake covers crucial topics, from residency and retirement planning to inheritance tax changes and property tax hikes that may affect rental costs.

Discover what the latest budget means for your tax residency, investment strategy, estate planning, and more, and how to keep your assets optimized in a shifting tax landscape.

LISTEN TO THE PODCAST HERE

Podcast notes:

What are the repercussions of the Autumn 2024 budget for expats, property investors and those who are both?

How will it affect your tax residency, your retirement and your estate planning? What impact will the budget have on your investment strategy, your pension or your domicile status?

Our own Jake Barber of SJB Global is an expat tax specialist who helps expats with their Retirement, Investment & Tax Planning.

Jake takes us through the budget and its impact on Expat Property Investors.

During the episode, we discuss:

  • Impact of Autumn 2024 budget on expat residency, retirement, and estate planning.
  • Impact on individuals due to frozen tax brackets and increased taxes.
  • Current UK tax brackets and their implications.
  • Spending strategies in retirement changing due to estate tax structures.
  • Renters and those without assets face disadvantages.
  • Increased property taxes potentially lead to higher rents.
  • Stamp Duty Land Tax changes and examples are given.
  • UK domicile status is now based on residency rather than origin.
  • Changing country/state impacts domicile status.
  • Effects on inheritance tax liabilities.
  • Non-domiciled residents’ tax obligations and exemptions.
  • QROPS
  • Inheritance tax changes reduce drastic decisions.
  • Double taxation risk on pensions without specific schemes.
  • Business and agricultural property relief changes impact.
  • Capital gains tax rate changes and their effects on income groups.
  • Tax residency and investment strategy affected.
  • Advice on keeping assets in tax-neutral jurisdictions for expats unsure of permanent residence.
  • Encouragement of moving assets outside the UK for tax exemptions after 10 years abroad.
  • UK inheritance tax nil-rate band of £325,000.
  • Taxation on assets above the nil-rate band.
LISTEN TO THE PODCAST HERE
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This communication is for informational purposes only based on our understanding of current legislation and practices which are subject to change and are not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

 

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