E.35 Don’t you deserve to benefit from British Expatriate tax planning advice?

Fiduciary Wealth Team

Which tax concerns you the most at the moment?

Spanish Succession Tax Yes/No?
UK Inheritance Tax Yes/No?
Savings Tax Yes/No?
Tax on Pension Income Yes/No?

If you find that you are answering yes to one or more of these questions then you could well benefit from a financial planning meeting with one of our qualified financial consultants who will be able to review your present situation and recommend how you can improve it.

Did you know that as a Spanish resident that on death your heirs could be subject to Spanish succession tax and your estate liable to UK inheritance tax? This could make a significant difference to you being able to pass your wealth to future generations and yet many ignore this until it is too late to put in place any effective mitigation strategy.

What about savings tax? Are you sitting uncomfortably with money on deposit in an offshore bank account perhaps undeclared or subject to withholding tax of 35%? Do you still keep what were once tax efficient investments in the UK which are now fully taxable here in Spain whether you draw interest or not? You will be pleased to know that there are tax efficient solutions available for Spanish residents that will not only allow your investments to grow virtually free of tax but that can also provide you with a regular income stream taxed at a very low rate.

One of the biggest concerns for expats is what to do with their pension arrangements. Should you move a private pension from the UK to Spain or should you leave it where it is? Many have been put off QROPS following the recent rulings and announcements by HMRC who have tired of schemes trying to flaunt the rules that were originally crafted to mirror benefits available to UK residents by offering excessive payments of supposedly “tax free cash” or enhanced income payments. However despite the problems encountered by various jurisdictions and the latest ruling from HMRC that Cyprus schemes are to be closed a properly constructed QROPS scheme can provide you with an income stream which has significant tax advantages over its UK counterpart as well as potentially offering a solution to the 55% tax liability which a UK pension fund could potentially suffer when a lump sum is paid out to a beneficiary.

If your pension fund isn’t of sufficient size to meet your income requirements then you may be interested in increasing your pension provision by investing in a QNUPS which will not only provide an equally tax efficient income stream as QROPS but will also give you the added advantage of removing the assets you place within your QNUPS outside of your estate as far as UK inheritance tax and probably local succession tax as well.

 We can guarantee that we will provide you with the most tax efficient solutions to meet your own very specific circumstances so that you avoid paying unnecessary tax on your hard earned investments and retirement savings. Wouldn’t it be worth taking the time to find out how our tax planning service can be of help to you by telephoning Tel: 956 796 911 or emailing