Four ways to slash your tax bills with investments

Four ways to slash your tax bills with investments

Taxpayers looking for ways to reduce their income tax or capital gains tax bills can look at putting cash into one or more of five government backed investment schemes. Chancellor George Osborne is keen to offer investors in business and social enterprises tax breaks to make up the shortfall in money available to entrepreneurs and […]

Easy Access Pensions To Boost HMRC Tax Haul

Easy Access Pensions To Boost HMRC Tax Haul

New pension rules will generate a huge tax boost for government coffers, according to HM Revenue & Customs (HMRC). HMRC expects to gather £1.2 billion of income tax from retirement savers in the 2018-19 tax year – compared with around £320 million projected for 2015-16. The money will come from tax on easy-access drawdown of […]

Expats Catch An Expensive Cold Over Health Cover

Expats Catch An Expensive Cold Over Health Cover

British expats in Turkey are sick and tired with the government‘s meddling with private medical insurance rules. In April 2014, the government demanded all expats over 65 years old should take out compulsory private health insurance. Now, the decision has been overturned, leaving many expats with expensive insurance they no longer need. The issue came […]

First SEIS Companies Ready To Mature

First SEIS Companies Ready To Mature

Investors are eagerly awaiting the maturity of the first Seed Enterprise Investment Scheme (SEIS) companies. SEIS first hit the business investment scene on April 6, 2012 as the brainchild of Chancellor George Brown. He saw SEIS as a stop-gap for start-up firms that could not raise finance for research and development projects from the banks. […]

Pensions Twist Or Stick Decision For QROPS

Pensions Twist Or Stick Decision For QROPS

Expat retirement savers need to take stock of more new moves to change pension rules in the UK. Many expat retirement savers live overseas but keep their pensions in Britain, but even more rule tweaking could be on the way after Chancellor George Osborne announced changes in Budget 2014 to allow over 55s easier access […]

BRICS Lay Foundation For New World Economic Order

BRICS Lay Foundation For New World Economic Order

A brave new world order may be emerging almost unnoticed as an economic power shift is taking place, according to an investment expert. The trigger was the recent agreement between BRICS countries to set up a new development bank and $100 million currency fund. The BRICS countries – Brazil, Russia, India, China and South Africa […]

British Households Would Rather Spend Than Save

British Households Would Rather Spend Than Save

British savers are putting aside less money than those in many developed countries. The disappointing level of savings for British households shows that people are living more for today and spending rather than putting money into the bank. Britain ranks 11 in the table of 18 developed nations and is far behind the savings of […]

Boosting A Pension Pot With Revolving Contributions

Boosting A Pension Pot With Revolving Contributions

Retirement savers can boost their finances by taking advantage of a tax twist written into the government’s new pension rules. The top up method applies to couples over 55 years old with one partner still working after April 2015. All they have to do is claim pension contribution relief by using their pensions as a […]

Protecting Expat Cash In Offshore Savings Accounts

Protecting Expat Cash In Offshore Savings Accounts

Expat savers dealing with unfamiliar banks are unlikely to know how much of their cash is protected if the foreign bank goes bust. In Britain, the Financial Services Compensation Scheme (FSCS) safeguards up to £85,000 held by each person in accounts under a single banking licence. Each building society has a banking licence, but protection […]

Offshore Fixed Savings Rates – August 6, 2014

Offshore Fixed Savings Rates – August 6, 2014

A new three-year fixed rate bond from the Nationwide at a 2.3% interest rate is the only change in the top 20 offshore fixed rate savings table from last week. Nationwide does demand a £5,000 minimum deposit to get the deal – which is low in comparison to those required by many other banks and […]

95,000 Financial Institutions Enlist For FATCA

95,000 Financial Institutions Enlist For FATCA

More than 95,000 financial institutions are listed on the latest Foreign Account Tax Compliance Act (FATCA) list published by the Internal Revenue Service (IRS). With the publication of the third list on August 1, 2014, the number of financial institutions listed has mushroomed from 77,000 to 95,238 in just four weeks. The list shows financial […]

Week in Expat Money Matters 18th August – 24th August 2014

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.com: African Ebola Virus IS Worst Outbreak Ever Be under no illusions, the Ebola outbreak is a problem that could very soon affect countries outside of Africa. Over […]

101 Countries Sign Up For FATCA Network

101 Countries Sign Up For FATCA Network

Foreign Account Tax Compliance Act (FATCA) has been in force for a month and still more countries are joining the tax network. So far, 101 countries and financial jurisdictions have either signed or agreed to join FATCA. FATCA is aimed at identifying US taxpayers with offshore bank accounts and investments. Overseas tax authorities and financial […]

Expats Benefits Are A Thing Of The Past Say Recruiters

Expats Benefits Are A Thing Of The Past Say Recruiters

If you think expats live a life of luxury on a lavish benefits package providing housing, private schooling for the kids, a car and servants, then think again say recruiters. In a study of thousands of expats working in the high flying financial sectors of Singapore and Hong Kong, only a fifth have been employed […]

Pension Liberation Victim’s £42,000 Scam Suicide

Pension Liberation Victim’s £42,000 Scam Suicide

A victim of a pension liberation scam killed himself after losing £42,000 to crooks who tricked him out of his money. The anonymous man, aged 40, answered cold-call messages from pension liberation scammers who offered to unlock his pension early. The deal was to give him £17,000 cash after deducting fees from the pension. “He […]

Key Ruling Undermines Ombudsman Compensation

Key Ruling Undermines Ombudsman Compensation

A milestone legal case has rendered complaining to an ombudsman a dilemma for many consumers. Many public and private sectors have an official ombudsman – including financial services, property, local government and legal services. Between them, they handle hundreds of thousands of complaints each year and are a cornerstone of consumer protection in their industry. […]

Seven Ways To Boost Retirement Income

Seven Ways To Boost Retirement Income

Everyone could do with boosting the amount of cash in their pension fund for retirement. That extra cash can help you give up work earlier, phase in retirement by working part time or go towards a few more of life’s luxuries. However, not everyone knows how to make the most of their retirement savings. So […]

Saving Stamp Duty On £1 Million Plus Properties

Saving Stamp Duty On Million Plus Properties

Chancellor George Osborne’s continual tinkering with stamp duty rules for expensive homes has discouraged many wealthy expats and foreign buyers from purchasing property in Britain. What many prospective buyers do not realise is meddling with Stamp Duty Land Tax rules has left some gaps that purchasers can exploit to save money. Typically, the amounts to […]

QROPS Tracker – August 1, 2014

QROPS Tracker

Despite occasional setbacks like last month’s surprise suspension of 115 Qualifying Recognised Overseas Pension Scheme (QROPS) , the offshore pensions market keeps marching on. Since QROPS were introduced on April 6, 2006, the number of pensions has rocketed from zero to a record 3,423 schemes with the publish of the most recent QROPS List by […]

How Social Investment Tax Relief Works

How Social Investment Tax Relief Works

Social Investment Tax Relief (SITR) is an investment offering tax relief to wealthy good Samaritans who put money into social enterprises to help less well-off people and communities. Some consider the scheme as a way for the government to raise finance for social projects that cannot raise public funds because of spending cuts. Others believe SITR […]