There are clear indications that they do. Changes to ISA’s & Pension Annuities will be welcome in the
to working people and the retired but overall it suits the Government if the
elderly emigrate UK
I realise that it sounds unlikely but there are reasons behind my view.
has many lifestyle advantages and those retired or near retirement might be
encouraged to emigrate for the following reasons; Spain
Qualifying Recognised Overseas Pension Schemes are for the BENEFIT of people emigrating or planning to emigrate from the
After the recent reviews it was thought that the Government was discouraging transfers of pensions out of the
reality, the changes announced in the last two Budgets are a warning shot to
those who would seek to ‘misuse’ UK pension funds. UK
Whilst the new rules which, effectively, abolishes annuities will be welcome in the UK, QROPS which follow UK rules will also provide a benefit to UK expats too!
There is nothing which discourages retiring abroad. Please email me for more personal information
Qualifying Non-UK Pension Schemes benefit those who emigrate but would otherwise have a
Tax liability. It is necessary because UK IHT is based on ‘Domicile’ not
‘Residency’. Domicile is much more difficult to shake off! UK
This is a classic case of ENCOURAGING emigration. For more details please email me.
· Taxation policy
I was somewhat shocked by George Osborne’s statement in Budget 2012 that there would be a review of age-related tax allowances. In reality the budget made the following two changes which negatively affect the over-65’s
1. Those already in receipt of the Over 65 Age Allowance will see this ‘frozen’ for the following 3 years. In the past this allowance has been index-linked to counter the effects of inflation
2. From 6th April 2013, for people reaching the age of 65, the age allowance is scrapped! This means that anyone born after 5th April 1948, will NOT receive the Age Allowance
Taking away age-related tax allowances might just be the ‘final straw’ for some people!
Readers should also be aware that this policy contrasts greatly with Spanish taxation policy. It’s too complex to explain here but individuals and couples can get professional advice by sending me an email and I can put you in touch with the right person. However, the Spanish system assumes that part of the retirement income is ‘capital’ which is untaxed and the minority is ‘interest’ which is taxed. This means the effective tax rate in
Spain is MUCH LOWER than the when income
is based on a pension or annuity. UK
- National Health Service (NHS)
The cost of treating elderly people is MUCH higher than that of younger citizens. That has been clear for many years but as the population lives longer, the cost will grow substantially. I cannot verify this but I was told that the cost of Healthcare for the over 60’s is TEN TIMES HIGHER than the under 60’s.
- Net Migration
Government made pledges that it
would reduce net migration, that is the difference between people leaving and
This is important to the Conservatives under pressure from UKIP.
It suits the Governments statistics if more people emigrate.
It is very important that anyone contemplating moving to
should seek professional advice. I can give this guarantee that any
professional that I refer you to WILL NOT charge an upfront fee. Spain
Professional advice will have a cost but no advice could cost you everything
You might like also to read these posts from my Blog;
and remember if you are in the ,
your Government wants you to emigrate! UK and elderly
Financial Pages in