The UK Government wants the Elderly to Emigrate!

There are clear indications that they do. Changes to ISA’s & Pension Annuities will be welcome in the UK, to working people and the retired but overall it suits the Government if the elderly emigrate

I realise that it sounds unlikely but there are reasons behind my view. Spain has many lifestyle advantages and those retired or near retirement might be encouraged to emigrate for the following reasons;

·       QROPS

Qualifying Recognised Overseas Pension Schemes are for the BENEFIT of people emigrating or planning to emigrate from the UK.

After the recent reviews it was thought that the Government was discouraging transfers of pensions out of the UK. In reality, the changes announced in the last two Budgets are a warning shot to those who would seek to ‘misuse’ UK pension funds.

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

·       QNUPS

Qualifying Non-UK Pension Schemes benefit those who emigrate but would otherwise have a UK Inheritance Tax liability. It is necessary because UK IHT is based on ‘Domicile’ not ‘Residency’. Domicile is much more difficult to shake off!

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 6^th April 2013, for people reaching the age of 65, the age allowance is scrapped! This means that anyone born after 5^th 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 UK when income is based on a pension or annuity.

• 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

The UK Government made pledges that it would reduce net migration, that is the difference between people leaving and immigrants.

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 Spain should seek professional advice. I can give this guarantee that any professional that I refer you to WILL NOT charge an upfront fee.

Professional advice will have a cost but no advice could cost you everything

You might like also to read these posts from my Blog;

QROPS 2014

QNUPS 2014

Rent before you Buy

The Best Value for Money

Please enjoy Spain and remember if you are in the UK and elderly, your Government wants you to emigrate!

David Goodall

Financial Pages in Spain

Email: davidgoodall.spain@gmail.com

Explaining Terms and Expressions - Pensions

Explaining terms & expressions is important but nothing beats Regulated and Qualified Financial Advice

·       Cut through the jargon

·       Check Further Reading

·       Beware: Unauthorised ‘advisers’ about!

A Day
6 April 2006 was the day the UK Government pension simplification rules came into effect.

ASP - Alternatively secured pensions
At the age of 75 an alternatively secured pension would allow an individual withdrawal of income, similar to an unsecured pension fund such as income drawdown

AVCs – Additional Voluntary Contributions
A pension top-up for an occupational pension scheme. The scheme members pay contributions into an arrangement run by the employer to boost the main pension.

FSAVCs – Free-Standing Additional Voluntary Contributions
A pension top-up policy for an occupational pension, but separate from the employer’s pension scheme and normally run by an insurance firm.

CNMV
Comision Nacional del Mercado del Valores is the principal financial services regulator in Spain and responsible for authorising investment products. A CNMV adviser can be recommended, please click here

DGS
Direccion General de Seguros y Fondos de Pensions is the Spanish regulator for insurance products which can be marketed in Spain. Email me to be referred to an authorised adviser

FCA
Took over from the FSA in April 2013. The Financial Conduct Authority is the UK's financial services regulator. The FCA also ‘passports’ authorised advisers to operate in Spain. For a recommended adviser click 

Group Personal Pension
A type of personal pension offered by some employers but not classified as occupational (see money purchase pension).

Lifetime annuity

A lifetime annuity converts money from a pension fund into pension income, which is taxable. There are different types to suit different circumstances and generally treated favourably for tax purposes in Spain.

MiFID
Markets in Financial Instruments Directive is the EU legislation which covers investment intermediaries and their activities. It also enables, for example FCA approved advisers to be' passported' into other EU countries such as Spain .

Money purchase pensions
Some occupational pensions and all personal, group personal, stakeholder, FSAVCs and some AVCs are money purchase pensions. The contributions are invested in, for example, the stockmarket or bonds. The size of the fund depends on the contributions and how well the investments perform. At retirement, there is a choice of options to provide you with a retirement income.

Occupational pension
These are only available through employers and run by pension scheme trustees. There are two types – salary-related (defined benefit) and money purchase (defined contribution).

Pension Liberation
It should be made clear that Pension Liberation is illegal. Typically, unauthorised advisers offer access to your pension before the statutory retirement minimum age of 55. Proven cases attract a penalty of up to 55% of the funds liberated.

Personal pension
A pension policy taken out by an individual from an insurance company or another financial institution and into which personal contributions are made. It may also be offered by employers.

Protected rights pension
This is the part of a pension fund which was used to contract out of the UK State Second Pension (SERPS or S2P) that must be used to buy a protected rights annuity.

QNUPS -  Qualifying Non UK Pension Scheme, which meets the criteria set by the regulations the UK government brought out in February of 2010. This means that for a UK or non-UK resident, there is an opportunity to make contributions to overseas schemes, established as QNUPS, with the knowledge that those funds will be sheltered from UK IHT. Individual advice should be taken in all circumstances from a regulated and authorised adviser. Please email for a recommendation. Also see reading below

QROPS - Qualifying Recognised Overseas Pension Schemes
These became available from A-Day. It is a pension scheme set up outside the UK that is regulated and recognised for tax purposes as a pension scheme in the country in which it is located. QROPS have been established in various countries across the world, many in jurisdictions with beneficial tax rules. For specialist advice click here Also see reading below

Salary-related pension scheme (final salary or defined benefit)
A type of occupational pension. The amount of pension you get is worked out on your salary at or near retirement, or when you left employment, and your pensionable service.

Stakeholder pension
A type of personal pension that has to meet certain standards set by the UK Government. An individual can take one out or it may be available through an employer, but is not classified as occupational. 

State Pension
The UK Pension Service (part of the Department for Work and Pensions) will pay the basic State Pension based on an individual’s National Insurance contribution record. In addition, individuals may also qualify for the State Second Pension based on their own earnings and National Insurance contributions.

State Second Pension
The State Second Pension is an additional State pension paid on top of your basic State Pension. This was called SERPS. Self-employed people cannot build up a State Second Pension.

Tax-free lump sum
More accurately, tax free cash should be called Pension Commencement Lump Sum (PCLS). This is an amount of cash set by tax law which you can take at retirement free of tax under UK rules. Salary-related occupational pension schemes may have different rules on the amount of tax free cash you can take.

Unsecured Pension (Income Drawdown)
This is an alternative to buying an annuity but provides an income whilst the pension is still invested. At age 75, the unsecured pension must cease and be replaced by either a Lifetime Annuity or ASP. For non UK residents or those intending to become non-resident, QROPS could be another alternative.


Pensions Advisers, including the ones that I recommend, will be happy to cut through the jargon. Email me for a recommendation


Further reading

QROPS 2015

QNUPS 

La Torre Fx – Foreign Exchange



David Goodall
Financial Pages in Spain

davidgoodall.spain@gmail.com

Explaining Pensions Terms and Expressions

This is an alphabetical list which helps to cut through the jargon often used when discussing pensions.

Incorporates changes made from 6 April 2013

·       UK pension plans / schemes applicable to expats

·       ALWAYS Get a professional Adviser

·       Understanding QROPS & QNUPS

A Day
6 April 2006 was the day the UK Government pension simplification rules came into effect.

ASP - Alternatively secured pensions
At the age of 75 an alternatively secured pension would allow an individual withdrawal of income, similar to an unsecured pension fund such as income drawdown

Since 6 April 2011, no new ASP can be commenced but existing ones can continue until the next review date. The existing ASP fund can be transferred to Income Drawdown (Unsecured Pension) plan or an annuity commenced.

AVCs – Additional Voluntary Contributions
A pension top-up for an occupational pension scheme. The scheme members pay contributions into an arrangement run by the employer to boost the main pension.

FCA - The Financial Conduct Authority
The FCA has taken on the role previouslyundertaken by the FSA - the UK's financial services regulator. The FCA also ‘passports’ authorised advisers to operate in other countries. For a recommended adviser click here.

FSAVCs – Free-Standing Additional Voluntary Contributions
A pension top-up policy for an occupational pension, but separate from the employer’s pension scheme and normally run by an insurance firm.

FSA
The Financial Services Authority - was replaced by the Financial Conduct Authority (FCA) in April 2013

Group Personal Pension
A type of personal pension offered by some employers but not classified as occupational (see money purchase pension).

Lifetime allowance
This is a limit on the value of retirement benefits that you can draw from approved pension schemes before tax penalties apply. The Lifetime Allowance was £1.5m in the 2012/13 tax year but reduced to £1.25 million in 2013/14, from 6^th April 2013. Anyone whose fund is approaching or is already above these figures needs to act soon! Please email me

Lifetime annuity

A lifetime annuity converts money from a pension fund into pension income, which is taxable. There are different types to suit different circumstances and often treated more favourably for tax purposes in other countries.

Money purchase pensions
Some occupational pensions and all personal, group personal, stakeholder, FSAVCs and some AVCs are money purchase pensions. The contributions are invested in, for example, the stockmarket or bonds. The size of the fund depends on the contributions and how well the investments perform. At retirement, there is a choice of options to provide you with a retirement income.

Occupational pension
These are only available through employers and run by pension scheme trustees. There are two types – salary-related (defined benefit) and money purchase (defined contribution).

Pension Commencement Lump Sum (PCLS)
Though often referred to as ‘Tax-Free Lump Sum (see below), PCLS is more accurate as it MUST be taken as the first benefit.

Pension Liberation
Increasing numbers of pension savers are being targeted by unscrupulous companies encouraging them to access their pension savings early. This is commonly known as 'pension liberation' and has significant tax consequences. This is from HMRC Website

Personal pension
A pension policy taken out by an individual from an insurance company or another financial institution and into which personal contributions are made. It may also be offered by employers.

Protected rights pension
This is the part of a pension fund which was used to contract out of the UK State Second Pension (SERPS or S2P) that must be used to buy a protected rights annuity.

QNUPS -  Qualifying Non UK Pension Scheme, which means it meets the criteria set by the regulations the UK government brought out in February of 2010. This means that or a UK or non-UK resident, there is an opportunity to make contributions to overseas schemes, established as QNUPS, with the knowledge that those funds will be sheltered from UK IHT. Individual advice should be taken in all circumstances from a regulated and authorised adviser. Please email for a recommendation.

Q - Day
6^th April 2012 is the day on which fundamental changes to QROPS became effective.

QROPS - Qualifying Recognised Overseas Pension Schemes
These became available from A-Day. It is a pension scheme set up outside the UK that is regulated and recognised for tax purposes as a pension scheme in the country in which it is located. The QROPS planholder and the QROPS policy don’t have to be in the same country and this is almost always an advantage. QROPS have been established in various countries across the world, many in jurisdictions with beneficial tax rules. QROPS can now also be established with similar rules to SIPP (please see below). For specialist advice click here

Salary-related pension scheme (final salary or defined benefit)
A type of occupational pension. The amount of pension you get is worked out on your salary at or near retirement, or when you left employment, and your pensionable service.

Self invested Personal Pension (SIPP)
Essentially the same as a Personal Pension described above. However, with a SIPP the individual can exercise discretion over the investment policy, subject to the rules of the SIPP provider. This should always be done with professional guidance and if you want access to a specialist, please Email me

Stakeholder pension
A type of personal pension that has to meet certain standards set by the UK Government. An individual can take one out or it may be available through an employer, but is not classified as occupational. 

State Pension
The UK Pension Service (part of the Department for Work and Pensions) will pay the basic State Pension based on an individual’s National Insurance contribution record. In addition, individuals may also qualify for the State Second Pension based on their own earnings and National Insurance contributions.

State Second Pension
The State Second Pension is an additional State pension paid on top of your basic State Pension. This was called SERPS. Self-employed people cannot build up a State Second Pension.

Tax-free lump sum
An amount of cash set by tax law which you can take at retirement free of tax. Salary-related occupational pension schemes may have different rules on the amount of tax free cash you can take. This is only tax-free to UK residents. Tax-free cash should correctly be called ‘Pension Commencement Lump Sum’ (PCLS) since it can only be taken as the first benefit from a pension Plan

Unsecured Pension (Income Drawdown)
This is an alternative to buying an annuity but provides an income whilst the pension is still invested. At age 75, the unsecured pension must cease and be replaced by either a Lifetime Annuity or ASP. For non UK residents or those intending to become non-resident, QROPS could be another alternative.


Pensions Advisers, including the ones that I recommend, will be happy to cut through the jargon. Email me for a recommendation

Additional Posts

QNUPS
http://expatsfrombritain.blogspot.co.uk/2012/07/qnups-qualifying-non-uk-pension-schemes.html

QROPS
http://expatsfrombritain.blogspot.co.uk/2013/06/qrops-comparing-jurisdictions.html

UK Pension Plan but you live in Spain
http://expatsfrombritain.blogspot.co.uk/2011/08/uk-pension-scheme-or-plan-but-you-live.html

David Goodall

Financial Pages in Spain

Email: davidgoodall.spain@gmail.com

UK Autumn Statement 2012

From a Spanish perspective

There are many expats, especially pensioners and expat workers, in Spain who have a close vested interest in the UK Economy. There will be much more analysis over the coming days but I thought an outline summary would help.

If you would like a professional analysis from UK economists please email me and I’ll give you the link.

• Many pensioners in the UK & Spain with Income Drawdown or QROPS have their income determined by ‘GAD’ rates. These are increased from 100% to 120% from April 2013 which is the reverse of his previous policy. To review your individual circumstances please email me. The gentleman is for turning!

• Two measures will make QNUPS (Qualifying Non-UK Pension Schemes). Details http://ukoverseaspensions.blogspot.co.uk/2012/09/qnups-qualifying-non-uk-pension-schemes.html

Firstly, the ‘Lifetime Allowance’ which is the maximum that anyone can hold in a Pension Plan, is being reduced from £1.5 million to £1.25 million. This doesn’t affect huge numbers but when interest rates are so low its like reducing peoples pensions.

Secondly, the annual amount which any UK taxpayer can put in their pension scheme is reduced from £50,000 to £40,000.

If this might affect you or you want information, please email me

• Clamping down on tax avoidance and evasion which "I view as morally repugnant" as Mr Osborne put it. He ought to read my post! http://expatsfrombritain.blogspot.com.es/2011/04/tax-avoidance-and-tax-evasion.html  Like most politicians and journalists, he doesn’t help to clarify the difference

There are many other facets to the Autumn Statement and much of it is economic analysis but I wanted to publish the key details quickly. If any other factors come to light, later, I will produce an update. It could be worth putting this in your favourites and checking.

If you have any specific queries, please email me.

David Goodall

Financial Pages in Spain

Email: davidgoodall.spain@gmail.com

Financial Pages in Spain - Key Issues

Since starting in August 2010, Financial Pages in Spain has grown to over 150 posts. Whilst time moves on, many of the issues remain the same, but need updating. This is a summary of the most popular posts over the last year, by important categories;

Pensions

• UK Pension Scheme but you Live in Spain

This post lists 30 different types of UK Pensions Schemes to help readers understand what the might have. There are then a series of questions and answers

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

• QROPS – Comparing Jurisdictions

Following very substantial changes to the rules and regulations, in April 2012, QROPS (Qualifying Recognised Overseas Pension Schemes) have changed substantially. Here is an update of the key jurisdictions for QROPS

http://expatsfrombritain.blogspot.co.uk/2012/08/qrops-2012-comparing-jurisdictions.html

• QNUPS (Qualifying Non-UK Pension Schemes)

These were introduced in 2010 under arrangements to shelter retirement income producing assets from UK Inheritance Tax (IHT). British nationals who are Spanish residents often, mistakenly, think that IHT doesn’t apply to them

http://expatsfrombritain.blogspot.co.uk/2012/07/qnups-qualifying-non-uk-pension-schemes.html

• UK Overseas Pension Schemes

This summary will be of interest to expats who work, are near retirement or already retired. It includes a summary of Section 615 schemes for those who work in Spain.

http://expatsfrombritain.blogspot.co.uk/2012/08/overseas-pension-schemes-updated.html

Our hard earned pensions are often our second biggest asset (even if you didn’t know it). You need PROFESSIONAL ADVICE to look after your future income and protect its capital value. Please email to be referred to an adviser I have thoroughly checked.

Taxation

• Tax Avoidance and Tax Evasion

These issues are topical though I am regularly annoyed that newspapers, broadcasters and politicians confuse the two. Its easy to deal with tax evasion – it’s illegal. Tax avoidance is legal but much more complex. Seems to me that most taxpayers, in any country, want to AVOID tax as long as they are not illegally EVADING tax!

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

• Five Non-Resident Taxes

This is an issue which never fails to amaze me.  I’ve produced a PDF which anyone can request. I suspect that everyone who owns property in Spain should be checking out. Just email me

http://expatsfrombritain.blogspot.co.uk/2012/04/five-spanish-non-resident-taxes.html

• Spanish Inheritance Tax (ISD) - Impuesto sombre sucesiones y donaciones

The first important fact that expats and property owners should know is that UK IHT and Spanish ISD are not covered by a Double Taxation Agreement or Treaty. British nationals are often shocked to learn that ISD is payable on the death of the first spouse or partner.

http://expatsfrombritain.blogspot.co.uk/2011/06/spanish-inheritance-tax-isd.html

Whatever your taxation position and even your liability in the future, planning is key. Email and I’ll link you to a professional if you give me a brief outline.

Investment Planning

• Why Invest Offshore?

Well certainly NOT for tax evasion! Offshore investment suits a surprisingly large number of expats and property owners. It’s certainly worth investigating but only through professional advice.

http://expatsfrombritain.blogspot.co.uk/2012/07/why-offshore-financial-planning.html

• Tax Efficient Savings for Expats

This includes long term investments as well as traditional savings. For the expat there is often the added complication of foreign exchange differences too.

http://expatsfrombritain.blogspot.co.uk/2012/03/tax-efficient-savings-for-expats.html

Other Important Issues

• 10 Things that some advisers won’t tell you

When someone first told me, I didn’t believe it! Many advisers, even those saying they are regulated by FSA, refuse to disclose commission which has been a UK rule since 1993. These nine other abuses too. I can refer you to advisers I have carefully checked if you email me.

http://expatsfrombritain.blogspot.co.uk/2012/09/ten-things-some-advisers-wont-tell-you.html

• Getting a Second Opinion

Financial Pages in Spain will gladly give a second opinion to any advice received – just ask!

http://expatsfrombritain.blogspot.co.uk/2012/09/getting-second-opinion.html

• La Torre Fx – Foreign Exchange

It’s online and available 24 hours per day, every day of the year. After setting up the account, it can be used over and over again. Your first use takes a little longer to comply with necessary ID checks, but after that it’s super-quick! The rates offered have been specifically targeted at beating the banks and giving you the bonus

http://expatsfrombritain.blogspot.co.uk/2012/05/unrivalled-foreign-exchange-la-torre-fx.html

Enjoy Spain – avoid the usual pitfalls and can I suggest that you follow ‘Financial Pages in Spain’

@davidgspain                                 Twitter

DavidGoodall.Spain                        Facebook

davidgoodall.spain@gmail.com    Email

David Goodall

Financial Pages in Spain

Getting a Second Opinion

I recently looked at correspondence received from readers of ‘Financial Pages in Spain’ and can tell you the majority are summarised as;

Can you give me a Second Opinion?

For QROPS, QNUPS, UK Pensions, Investments and tax issues they are unhappy with the advice they have been given and send me examples.

Rather than guesswork people also ask me to recommend Accountants, Lawyers, Surveyors, tax advisers and other professionals. Any professional advice can be sought from ‘Financial Pages in Spain’

Some of the things people have said to me:

• ‘ It  looked like a mass produced report with just my name and personal details changed’

• ‘ They wanted an up front fee even to talk to me, funny they never mention that in their adverts’

• ‘ I was convinced the advice was wrong’ (by the way – it was!)

But they trust ‘Financial Pages in Spain’ and I am receiving comments which show a great deal of respect.

I’ll try to help. Email me

Can you help me to help you?

• Please send me both good and bad examples of reports you have received, from financial advisers, I’ll respect your privacy

• Tell me the names of Advisers who refuse to disclose commissions

• If the fees, charges and commissions are hidden in a report and not openly disclosed, please send examples

This sort of information will help everyone and help eradicate some of the greedy practices.

I may not have intended it when I started out but it seems that Financial Pages in Spain is becoming the respected second opinion.

* * * * * * *

Whatever your query, please write to me. My email is on this link

David Goodall

Financial Pages in Spain

davidgoodall.spain@gmail.com

August 2012 Review – Financial Pages in Spain

On 9^th August 2012, the blog celebrated it’s second anniversary. At the end of the calendar month, I thought I would reflect on the main issues and topics on ‘Financial Pages in Spain’ during August.

• UK Pension Schemes

• QROPS

• QNUPS

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 – Comparing Jurisdictions

      QROPS (Qualifying Recognised Overseas Pension Schemes) are set up to allow a transfer of UK pension rights, abroad, with the full approval and authority of the UK Tax Authorities (HMRC).

      QROPS - comparing jurisdictions

      QROPS changed significantly from 6^th April 2012, when the UK Tax Authorities (HMRC) altered the rules. The major jurisdictions are now Switzerland, Malta and New Zealand. The new rules have highlighted the need for professional advice. I only recommend fully authorised advisers. Email me for an introduction.

2. QNUPS – Qualifying Non-UK Pension Schemes

QNUPS were brought about in 2010 in a UK Statutory Instrument called ‘The Inheritance Tax (Qualifying Non-UK Pension Schemes) Regulations. I think it’s important to highlight that because although QNUPS are and must be seen as Pension Schemes, they are often set up alongside Inheritance Tax (IHT) planning.

QNUPS

I was pleased, during the last month, to have my article, in full, repeated by a UK lawyer based in Spain and by a UK SIPP specialist. In order to receive the required specialist advice, please email me.

.

3. UK Pension Scheme or Plan but you live in Spain

Expats with pensions often believe that they are ‘stuck with’ the rules as they understood them in the UK. This post deals with alternatives. Overseas Pensions come in many guises. For example, there are QROPS, QNUPS, International Annuities and Section 615. The first step, however, is to understand what you have got.

UK Pension Schemes

Write me an email , tell me what type of scheme you’ve got and I’ll make sure you are given the right fully authorised advice.

* * * * * * *

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 41 other countries including New Zealand, Malta and Switzerland, which is easy to explain but also the USA and Canada!.

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.

David Goodall

Financial Pages in Spain

davidgoodall.spain@gmail.com

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

* * * * * * *

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

I’ve owned property in Spain since 2002 and hate to think how much I’ve wasted on exorbitant bank charges on foreign exchange of the years!

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