The markets certainly behaved very oddly last week. News of the Greek prime minister resigning had a positive effect on the Euro which may seem quite strange given all the turmoil Greece had previously caused.
Do you keep large deposits in bank accounts? If so, you need to understand to what extent you will be protected in event of bank failure.
For peace of mind you should establish what investor protection you have with each of your banks, and how it works. The same applies for capital you have held in other financial institutions like investment firms, insurance companies etc in the event of institutional failure. If you have any concerns about the level of protection you should establish if there are other institutions or investment structures which offer a higher level of protection, or if there are steps you can take to feel safer.
In this issue, we look at Portugal and the new EU banking regulations where all bank transfers of €1,000 or credits will be registered, and the court case involving Portugal in respect of withholding taxes.
In the UK, we assess the summer budget tax changes and offer our assessment on the "new tax regime" which will affect many in the middle to higher wealth class, including expatriates.
We also cover the disclosure treaties for offshore jurisdictions, in particular the Liechtenstein Disclosure Facility, the highly criticised EU offshore "blacklist", and the UK's new criminal offence for offshore tax evasion.
RETIREMENT PLANS WRITTEN UNDER TRUST OR CONTRACT - Recent action has been taken in various civil law countries legislating directly against, what are seen as, tax avoidance schemes. As a result of this a lot of standard trust based plans, such as pensions, have been caught. For example, new legislation in France has created highly complex wealth and inheritance taxation rules and the exemptions available for pension trusts are limited, while recent legislation in Spain has resulted in “look through” provisions for trusts.
This month's Market Insight Newsletter is centred upon the UK Budget, and in particular the changes to be adopted to the taxation of Dividends starting in 2016.
We would also like to take this opportunity to restate our investment service offered by Rathbones of Mayfair, London. Upon introducing this service to Portugal at the start of 2015, we have been overwhelmed with the demand.
People thinking of setting up or taking over a business abroad are being urged to do their research before taking the plunge.
Overseas property and finance expert Simon Conn has been arranging foreign mortgages for more than 30 years. He says the one area of the industry he gets increasingly frustrated about is clients who wish to set up or take over an existing business abroad, with no thought or plan of how this is going to be achieved.
As part of their pre-election campaign, the Conservative Party had promised to effectively raise the threshold for inheritance tax from £650,000 to £1 million for a married couple, where a family home is involved.
This was not included in the Queen’s Speech on 27th May, but now the Treasury Minister, David Gauke, has confirmed to parliament that it will go ahead.
In this issue, we cover two major important issues that will affect the majority.
The first main issue is the forthcoming UK referendum on the European Union, known by many as the potential "BREXIT", and also, the new EU legislation on Inheritance Succession Rules, being implemented on 17th August this year, which will affect all of us.