Week in Expat Money Matters 23rd February – 2nd March 2015

Below are the articles from last week, documenting events from the world of expatriate finance, as reported on iExpats and from other places across the web: From iExpats: SIPP Compensation Pay Outs For Failed Investments Savers who were advised to place their pensions into three poorly selected investments have been given the green light to

Guernsey QROPS Green Light Flexible Access

Guernsey QROPS Green Light Flexible Access

Guernsey Qualifying Recognised Overseas Pension Schemes (QROPS) are the latest to green light flexible access withdrawal rules from April 2015. Deputy treasury minister Jan Kuttelwascher announced the Channel Island’s government will amend tax laws to allow QROPS to operate under the same rules as pension schemes as those in the country where funds transferred in

SEIS Is Ideal For Tax Year End Investors

SEIS Is Ideal For Tax Year End Investors

The Seed Enterprise Investment Scheme (SEIS) is an ideal way to invest surplus end of year cash for investors who are looking at how to reduce their tax bills. SEIS is a government-backed tax break for investors ploughing money into startups. For investors looking at ways to minimise the income tax they are paying at

Flexible Access Pensions Explained

Flexible Access Pensions Explained

Flexible access pensions start from April 2015 – but what are they and how do you choose the best way to manage your pension? The new rules mean from 55 years old retirement savers can withdraw as much of the direct contribution pension funds as they wish. The good news for expats is these rules

SIPP Compensation Pay Outs For Failed Investments

SIPP Compensation Pay Outs For Failed Investments

Retirement savers who lost pension cash in three failed investment schemes have been given the go ahead to make claims from the Financial Services Compensation Scheme (FSCS). The FSCS has agreed to pay out for investment losses, including pension charges and lost pension growth. IFAs are to be held liable for giving pension savers advice

Brits On Stricken Liner To Sue For Stress

Brits-On-Stricken-Liner-To-Sue-For-Stress

British passengers and crew who were aboard the ill-fated cruise liner Costa Concordia when she ran aground are launching a legal challenge for compensation. The 300 metre liner struck rocks near Giglio, an island off Tuscany, Italy, in 2012. The ship was carrying more than 4,000 passengers when disaster struck. More than 30 died and

Week in Expat Money Matters 16th February – 22nd February 2015

Below are the articles from last week, documenting events from the world of expatriate finance, as reported on iExpats and from other places across the web: Expat Savings – February 12, 2015 Interest rates could be cut further in the very near future according George Carney, the governor of the Bank of England. Expats Ready

£50m Waiting For Expats Grounded By Delayed Flights

£50m Waiting For Expats Grounded By Delayed Flights

Thousands of expats are waiting for their share of more than £50 million in compensation for delayed flights sitting in airline bank accounts. Three low-cost airlines are refusing to settle claims going back years despite a Supreme Court ruling against them. The airlines argued that they should not have to pay compensation if a flight

Commercial Property Boosted By Booming Economy

Commercial Property Boosted By Booming Economy

A spin-off from Britain’s growing economy is a boost for commercial property investment. With more businesses starting and entrepreneurs having more cash in their pockets, the demand for commercial space rises. These entrepreneurs need workspace, storage and manufacturing areas to run their businesses. As the demand for space rises, so do rents as the number

Expat Savings – February 18, 2015

Expat Saving Rates

Expat savers are unlikely to see higher interest rates as the spectre of deflation haunts European economies. Prices are tumbling as fuel and food costs show massive decreases which will take a year to work through cost of living indicators. Inflation is Britain is at a low of 0.3, while the Eurozone is officially in

SEIS Use It Or Lose It Tax Relief For Expats

SEIS Use It Or Lose It Tax Relief For Expats

With only a few weeks to go to the end of the financial year, it’s time for expat investors to think about the use it or lose it tax saving opportunities offered by the Seed Enterprise Investment Scheme (SEIS). SEIS income tax relief is open to investors who have a tax liability in Britain and

QROPS List – February 15, 2015

QROPS-List

It’s business as usual in the world of Qualifying Recognised Overseas Pension Schemes (QROPS) as another seven open in the past two weeks. This boosted the worldwide number of QROPS to a new peak of 3,673 pensions, up from 3,667 two weeks ago and 3,314 a year ago, according to the latest QROPS List published

More Pension Changes Pledged If Minister Voted Back

More Pension Changes Pledged If Minister Voted Back

More sweeping pension changes could be on the way if Lib Dem Pension Minister Steve Webb gets back into power. Webb has been a driving force behind auto-enrolment workplace pensions, scrapping annuities and the new flexible access pension rules that start later this year. Now, he is dangling another carrot in front of voters –

Deferring The State Pension FAQ

FAQ

If you are unsure about whether to delay taking your state pension, here are some answers to the most frequently asked questions. As is often the case with financial matters, deciding not to take the money depends on several factors, like age, health and other income. Many people who have cash in the bank, a

Tax Code Nightmare Could Hit Pension Drawdowns

Tax Code Nightmare Could Hit Pension Drawdowns

Retirement savers could face paying thousands of pounds more tax than they should when accessing flexible drawdown pensions after April. HM Revenue & Customs (HMRC) says many pension providers will impose emergency tax coding on pension withdrawals because they do not hold the right tax codes for customers. Taxing income under the emergency code means

Pension Liberation Scammers Target Minister

Pension Liberation Scammers Target Minister

Cheeky scammers have sent a text to Pensions Minister Steve Webb asking him to give them a call if he wants to liberate his pension. The minister was about to address a conference hosted by the Resolution Foundation think tank when he picked up the text. As a result of the text, Webb is alerting

IFAs Should Listen More To Their Clients

IFAs Should Listen More To Their Clients

Financial advisers should take more of a personal interest in their customers rather than just tick the boxes to pass compliance tests, Financial Conduct Authority (FCA) technical expert Rory Percival argues. He considers IFAs are too concerned about making a sale and writing up reports that do not fail compliance. This leads to boiler-plate form

Week in Expat Money Matters 8th February – 15th February 2015

Below are the articles from last week, documenting events from the world of expatriate finance, as reported on iExpats and from other places across the web: From iExpats: Taking A Financial Gamble Is Risky For Homeowners The trend of taking mortgages in foreign currency denominations has backfired for the huge number of expat homeowners who

Expats Ready For Mortgage Misselling Court Battle

Expats Ready For Mortgage Misselling Court Battle

Expat property investors are launching a legal challenge against an alleged Swiss franc mortgage misselling scandal in Cyprus. More than 200 British expats are starting court action against banks within weeks after waiting for years to try to resolve the problem. Some investors bought holiday homes on the Mediterranean island in 2003. Developers and estate

Expat Savings – February 12, 2015

Protecting Expat Cash In Offshore Savings Accounts

Bank of England governor Mark Carney has sent out a warning to expat savers by announcing he is ready to cut interest rates even further if deflation gains a grip in Britain. In a letter to Chancellor George Osborne, he explains he expects the rate to drop into deflation during the spring but to bounce