February 2012 Review – Financial Pages in Spain

Topical issues

At the end of the calendar month, I thought I would reflect on the main issues and topics on ‘Financial Pages in Spain’ during February.

• QROPS in 2012

• Tax Avoidance and Tax Evasion

• UK Pension Plans

These are the issues that contributed the most feedback. I’m always pleased to receive emails either to seek further advice or to comment on my articles.

Using the statistics provided by my service contractor, I can also indicate the most popular posts in terms of the number of people who visited the pages. They were, in order;

1. QROPS in 2012

2012 is going to bring some momentous changes to the QROPS arrangements and rules. The draft regulations relating to QROPS published recently have the potential to completely change the QROPS landscape. It is becoming accepted that there is likely to be little by way of alteration to the draft regulations and QROPS jurisdictions are looking to adapt with effect from the 6 April 2012 implementation date.

I wonder now if HMRC will even get the new regulations published by 6^th April 2012!

I shall use this Blog to continue to keep up to date as decisions are made or you can email me for something related to your own circumstances

http://expatsfrombritain.blogspot.com/2011/12/qrops-in-2012.html

2. Tax avoidance and Tax evasion

      Tax Evasion - Definition

      Unlawful attempt to minimise tax liability through fraudulent techniques to circumvent or frustrate tax laws, such as deliberate under-statement of taxable income or wilful non-payment of due taxes.

Tax Avoidance - Definition

Lawful minimisation of tax liability through sound and perfectly legal financial planning techniques.

Whereas tax avoidance is legal, tax evasion is not. The subjects are covered in the following post;

http://expatsfrombritain.blogspot.com/2011/04/tax-avoidance-and-tax-evasion.html

3. UK Pension Scheme but you live in Spain

The post lists 26 different types of UK pension schemes or plans and this does not include QROPS, QNUPS or Section 615 which are International plans. This shows how complex the whole subject is, and also why professional advice should be sought Email me to speak to a recommended adviser.

There are good solutions and everyone has their unique requirements. If you got a report and it looks like a mass produced document with your name included get a second opinion!

http://expatsfrombritain.blogspot.com/2011/08/uk-pension-scheme-or-plan-but-you-live.html

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Financial Pages in Spain continues to grow, as I can see from the statistics. Whilst Spain and UK dominate the views of both the Website and Blog, there have been readers from many other countries including Germany, New Zealand, Malta and USA.

Any issues which arise can be answered on an individual basis if you email me. I’m happy to receive questions from anywhere but my real expertise relates to the UK and Spain.

I am happy to take suggestions from readers about future articles. Please email me with your own ideas or issues that you think need raising.

REMINDER from Financial Pages in Spain

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So I’ve linked up for a new foreign exchange service. It is available in any major currency around the world but doesn’t offer cash transactions. This is a bank to bank arrangement and is priced to beat the major banks.

But you can test it for yourself! Get a quote from your normal supplier, and then get a quote from La Torre Fx.

Even on a transfer from the UK branch to the Spanish branch of my own bank, I made a big saving using La Torre Fx. It costs nothing to get a quote. But if it’s a better deal for YOU the application process is quite straightforward. Check here

David Goodall

Financial Pages in Spain

davidgoodall.spain@gmail.com