Thursday, 21 August 2014
A- A A+

Weekly Financial Update

The Pound continues to slip against the USD. This is the key currency pair at the moment and this has a knock on effect for the drift down of STG/EUR.

British Banks put the squeeze on ExpatsBritish Banks are doing their best to get rid of customers who are UK citizens but resident overseas. There are about 5 to 6 million who fit that category, of whom about 800,000 or more are believed to live elsewhere in the EU.

Instance: Santander Bank UK summarily and without prior notice cancelled Debit Cards. In a subsequent letter they maintained that they were not going to replace Debit Cards because of the high risk of interception, and the likelihood of fraudulent use 'in your country'.

Consultation launched to restrict UK personal allowances for non-residentsUnder current rules, UK nationals are entitled to UK Personal Allowances wherever they are resident. The UK personal allowance is also granted to many non-residents who are not UK nationals, especially where the non-residents’ own country has a tax treaty with the UK.

Most other countries restrict entitlement to their own personal allowances. This means that the UK ends up collecting less tax on the income of non-residents than a comparable jurisdiction.

bankofenglandFollowing a comprehensive survey of Shelter Offshore readers, we discover the ways British expats like to manage their money, and why you are allowed to keep your British bank account open if you want to.

The majority of expatriates still prefer to repatriate their cash when they’re living abroad, according to our recent survey of Shelter Offshore readers.  No matter where Britons move to abroad, and no matter how sophisticated the banking opportunities are in their new nation or offshore, most Brits still prefer to send at least some of their money home.

freeport2It's shocking: at the time of writing Freeport still has failed to file its accounts with Companies House, even though they are overdue by over four months.

This also is the case with its only shareholder, CEREP UK Investment D GP Ltd. According to company law, because Freeport is an unlimited company, it does not legally have to file its accounts, but its shareholder does, as it is a limited company.

HiFX - international money transfers

Over the past 7 days, when buying a €86,400 property from GBP, you could have saved £665.97 by speaking to an account manager about the best timing. On a £750 monthly pension payment you could have secured an extra €108 a year at the high of the week, and not have to pay any transfer fees. Buying $25,000 USD shares at the right time last week could have saved you £132.24. 

Please contact us for more information and advice on 01753 752 740 or email portugal@hifx.co.uk.

Proposed Tax Reforms In PortugalPortugal's Minister of State and Finance, Maria Luis Albuquerque, has presented a number of proposals to overhaul the country's personal income tax regime.

One of the main proposals is an increase to the exempt income tax threshold for households from €4,104 to €8,145, a measure which would affect about 20% of the population. The threshold would be adjusted based on the number of family members in a household, to ensure that the system is progressive.

Premier Fx currency exchangePeter Rexstrew, managing director of currency exchange specialists Premier FX, looks at how you can save money on your regular transactions.

"Even in improving times it is still good to look at ways of cutting down on living costs without it having too much of an effect on lifestyle. This applies especially to those who live on a fixed income, particularly one that is based on, say, a monthly pension, and involves them drawing euros out of a UK account to pay for their day-to-day living costs here in Portugal."