Tuesday, 02 September 2014
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Portugal Unable To Rule Out Tax Hikes, Says FitchAn article by credit ratings agency Fitch Ratings concludes that Portugal is on track to hit its fiscal targets this year, following the constitutional court's approval of expenditure-related proposals, but warns about potential tax increases in future.

On 14th August 2014, the court said that temporary pay cuts for some public sector workers proposed for this year and next year are constitutionally acceptable, but that they should not be extended beyond 2015. It said a levy on some public sector pensions would be unacceptable.

HiFX - international money transfers

From little to large…….Because many people think HiFX only deal with large transfers, they tend to forget about people who make ad-hoc or regular bill payments, or transfer mortgage or pension fees. Remember we can transfer from £50 with no upper limit, and we also have a no fee direct debit service for people who make regular transfers.

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

QROPS reviewWhen choosing to transfer a pension away from the UK into a QROPS one of the key things to consider is which jurisdiction to place your pension.

One the unique benefits of a QROPS is that it does not have to be situated in the place you happen to be living at the time. Rather, transferring your UK pension into a QROPS enables you to choose the jurisdiction that will benefit you most now, in the future and in retirement.

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.