Wednesday, 20 September 2017
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UK inheritance tax reformsThe UK tax year that started on 6th April introduced a new Residential Nil Rate Band for inheritance tax. Changes to the domicile regime were also meant to come into effect then, but these have now been put on hold until after the June General Election.

Liability to UK inheritance tax is based on domicile, not residence. If you are a UK domicile, or are deemed domiciled under HM Revenue & Customs rules, your worldwide estate above £325,000 is liable to tax at 40%. Assets in the UK are liable regardless of domicile.

Investing in Tough TimesDuring times of economic or market uncertainty, share prices will take a hit. Although it is likely to be uncomfortable, there is no need for investors to panic. In fact, these times can offer an opportunity to review your investment portfolio to ensure it is positioned to weather any "storms" that may lie ahead.

Paying for a Care Home in PortugalThere are roughly 60,000 Brits living in Portugal and of those, most pensioners are found in the coastal Algarve region. The popularity of the resort and the presence of a thriving expat community mean that English is spoken almost everywhere, making Portugal something close to a home from home, but with more sunshine.

However, unlike healthcare provision, the UK Government does not have any reciprocal arrangements to cover overseas residential care for Brits living abroad. A study by LaingBuisson found that the average cost of residential care in the UK is around £2,400 per month, with more specialist nursing care around £3,100. Costs in Portugal range from £2,200 to £4,400 per month.

An ominous Letter from the Tax OfficeAs a resident foreigner, you may receive letters from the Tax Office (“AT”). Just as happens with many Portuguese citizens, you will be baffled by the encrypted content, written in unadulterated “bureaucratese”. The letter may come with a “number” that might seem to be a tax demand. It may also contain a “deadline”, defining when you are supposed to react.
The first order of business is: “Don’t panic.” Scan the letter and send it to your tax accountants. They will know how to interpret the content. If there is a problem, they can assist you. While taxes will not go away on their own, with proper assistance, you need only to pay what is legally due.

euromillions2Greed is one of the seven deadly sins for a reason. Money controls a great deal how we live our lives. Living paycheck to paycheck leaves us feeling stressed, while financial abundance allows us to live more freely. The news is always full of stories and specials on money. How to save it, invest it, and make more of it. It should come to no surprise that financial independence is one of the most desired goals for most Americans.

 

Here’s the truth that nobody wants to hear -- Almost everybody can achieve financial independence. It doesn’t come easily though. It starts with one step that most don’t want to do. It starts with living below your means.

Portugal - Tax Regime 2017It was greatly anticipated and there was much speculation that the Portuguese Socialist Government would introduce an Inheritance Tax. Although this did not materialise, we still believe that this could be introduced in the future. What they did introduce was a Wealth Tax which we believe will be extended in coming years.

PremFXThe acquisition adds breadth to Premier FX’s customer base and provides expansion into new industry sector.

Premier FX, the boutique currency exchange company headquartered in London, England, with offices in the Algarve, Portugal and Palma de Mallorca, Spain, are pleased to announce the recent acquisition of UK-based Global Currency Service Limited. GCSL is a 13-year-old specialist foreign exchange company for private and corporate clients, with a solid reputation serving the media and entertainment sectors.

A New UK Tax Year - Important ChangesA new tax year in the UK has started and we thought that it would be prudent to outline some of the major changes introduced to the tax regime for this tax year which you should be aware of.