QROPS Under Pension Liberation Scrutiny

QROPS Under Pension Liberation Scrutiny

Qualifying Recognised Overseas Pension Schemes (QROPS) are under scrutiny as the tax man and pension providers fear pension liberation is moving offshore. In a pension summit between HM Revenue & Customs (HMRC) and financial firms, providers warned that pension liberation advisers were changing focus. Pension scammers are urging pension savers to switch their funds into

IRS Targets Banks In FATCA Crackdown

IRS Targets Banks In FATCA Crackdown

The US Internal Revenue Service (IRS) has posted tax investigators to foreign embassies to lead a Foreign Account Tax Compliance Act (FATCA) crackdown on suspected tax evasion. The Asia Pacific financial centres of Hong and Singapore are two of the main targets, according to industry experts. The move follows claims by the US Justice Department

SEIS Rules Stop Families Investing In Own Firms

SEIS Rules Stop Families Investing In Own Firms

Business leaders are disappointed that this week’s mini budget did nothing to resolve the problem companies have borrowing to expand. Although Chancellor George Osborne agreed to review business rates and doubled small business rates relief giving high street shops, pubs and cafes a £1,500 discount on their rates, little was done to expand the Seed

Top Earners Targeted To Pay More Tax

Top Earners Targeted To Pay More Tax

Top earners are paying 60% more tax as HM Revenue & Customs (HMRC) special investigations tighten up on tax avoidance. New figures from HMRC show the ‘affluent unit’ prised £137.2 million from some of Britain’s richest individuals last year after tax inspectors looked into the financial affairs of those earning more than £150,000 a year

Pension Drawdown Hopes Put On Hold For Millions

Pension Drawdown Hopes Put On Hold For Millions

The retirement hopes of millions may be dashed by providers blocking their bid to drawdown cash under the new flexible access pension rules. Industry experts are warning providers are not ready to switch on flexible access in April 2015 because their computer systems are not up to the job. Actuaries Xafinity quizzed 80 workplace pension

Pension Freedom is a Real Worry

Pension Freedom is a Real Worry

Pension firms have been ordered by the City watchdog to issue serious warnings to their respective client bases regarding the new pension freedoms they are to be afforded in April. The concern is that once the door is opened for savers to take their entire pension in one go, many of them will choose to

How Long You Live Is Key To Retirement Saving

How Long You Live Is Key To Retirement Saving

Death and taxes are the only certainties in an uncertain world, according to Benjamin Franklin. Thinking about either can be unpalatable, but the sad truth is when you are likely to die has a massive effect on retirement planning. The date of death is an unknown, so everyone has to take a punt on when

Your Pension Might Not Be As Much As You Think

Your Pension Might Not Be As Much As You Think

Workers approaching retirement are facing an uncertain financial future as they plan to raid their pensions to release cash to ease their struggle with debt. Changes to the state pension in the UK and flexible access pension rules could combine to leave many pensioners broke on retirement. Millions of state pensioners will not receive the

FATCA Fears For Americans Selling Homes In Canada

FATCA Fears For Americans Selling Homes In Canada

Americans living in Canada fear they may have to pay huge capital gains tax bills when they sell their home as a result of the new US Foreign Account Tax Compliance Act (FATCA). The issue concerns a rule buried in reams of Internal Revenue Service (IRS) tax guidance that states any US taxpayer selling a

Crowdfunders Sow The Seed For SEIS

Crowdfunders Sow The Seed For SEIS

Crowdfunding platforms are opening a new market for investors with cash to back entrepreneurs and their startups. Several crowdfunding platforms have tagged investments that attract tax incentives under the Seed Enterprise Investment Scheme (SEIS) and Enterprise Investment Scheme (EIS). The realisation is that startups qualifying for SEIS or companies looking for second stage funding under

10m Indian Expats Win Right To Vote

10m Indian Expats Win Right To Vote

Indian expats will soon gain the right to cast electronic votes from overseas as the government opted to adopt the measure under pressure from the courts and lobbyists. India has around 10 million non-residents entitled to vote – with around half living in the Gulf States. The Electoral Commission recommended allowing expats to vote online

Expat Savings Rates – January 21, 2015

Expat Saving Rates: December 3, 2014

The big currency news of the week is the shock decoupling of the Swiss Franc from the Euro. As a result, the franc has surged in value by 30%, while the struggling Euro is losing value against Sterling and the US dollar. Money experts are suggesting that savers should flee the Euro to a safe

Working out the expat cost of living

Working out the expat cost of living

Cost of living is just one of the factors expats and international workers have to take into account when moving overseas. For working expats, bulging pay packets and low or no tax does not necessarily mean low day-to-day living expenses. For retired expats living on a budget, the cost of living is also an important

Mystery As Entrepreneurs Snub SEIS Cash

Mystery As Entrepreneurs Snub SEIS Cash

Entrepreneurs outside London and the South East are shunning investment available under the Seed Enterprise Investment Scheme (SEIS). Either they do not know about the incentives for startup investors or are simply seem to ignore them. SEIS was introduced by the government in 2012 as a tax incentive to raise cash for startup companies considered

Malta QROPS Open Way For 100% Pension Drawdown

Malta QROPS Open Way For 100% Pension Drawdown

Malta Qualifying Recognised Overseas Pension Schemes (QROPS) are jumping on the flexible access bandwagon. The Malta Financial Services Authority as amended local regulations in favour of QROPS based on the Mediterranean Island following the new flexible access pension rules administered by HM Revenue & Customs (HMRC) in the UK from April 6, 2015. For retirement

Is deflation good or bad?

Is deflation good or bad

Deflation is the watchword of economists as inflation drops in many of the world’s leading economies and the spectre of deflation looms large for many governments. Inflation is an increasing cost of living, while deflation is a fall in day-to-day costs. Several economies are in or around deflation, including the Eurozone, which is already there,

Expat Pensioners Urged To Rekindle Winter Fuel Fight

Businessman with a snow shovel and briefcase

Expat pensioners are trying to rekindle their battle to stop the British government taking away their winter fuel allowance. British MP Roger Gale has today tabled a motion in the House of Commons to axe the new law scrapping paying the allowance to expat pensioners in countries where the average winter temperature is higher than

Pensioner Bond Web Site Crashes In First Hour Live

Pensioner Bond Web Site Crashes In First Hour Live

A flood of online applications on the first day high interest pensions bonds have gone on sale has crashed the National Savings & Investment web site. Within an hour of the bonds going on sale, the web site slowed to a crawl and the NS&I press office issued a statement asking customers to be patient

Companies House Reveals Startup Hot Spots

Companies House Reveals Startup Hot Spots

A record 581,000 new startups registered with Companies House last year, according to new research. London led the way for entrepreneurs with more than 180,000 new companies. Other startup hotspots for entrepreneurs included Birmingham, with more than 18,000 new companies and Manchester just tipping the 13,000 mark for startups. Unsurprisingly, the number of startups was

Expat Savings Rates – January 15, 2015

Expat Saving Rates: December 3, 2014

As the Bank of England holds savings rates at 0.5% and UK inflation has dropped to 0.5%, banks and building societies are sitting tight on their rates. They also face completion from UK pensioner bonds which went on sale today offering fixed rates of 2.8% over 12 months and 4% over 36 months. The only