Could UK interest rates rise this year? There has been speculation about the possibility since unemployment figures fell faster than expected. However the Bank of England responded by saying that rates will remain “well below historic norms” in the medium term.
The Bank of England (BoE) base rate has been held at 0.5% for 58 months now, benefiting borrowers but harming savers.
The meek shall inherit the earth, according to the Bible. In the case of the UK tax authority, the meek Chancellor levies 40% inheritance tax on estates. If you have two or more heirs, it could mean that George Osborne’s office takes the largest share of your estate unless you plan carefully.
The situation is getting worse, with Mr Osborne’s measures expected to drag tens of thousands more British families into the inheritance tax net over the next five years.
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Once you reach retirement age you need to carefully consider all your options for your UK pension funds, and how they affect your retirement income and the transfer of any balance to your heirs on death. British expatriates have the further option of Qualifying Recognised Overseas Pension Schemes (QROPS) to consider, and need to take the local tax implications into account.
Retirement planning is an essential component of your new life here in Portugal. You need to be armed with all the facts and thoroughly review what you have to enable you to make the best overall decision for your personal situation. Seek specialist advice before you start drawing your pension or transfer any funds.
The European Union was flawed in its conception. The idea that more than a dozen disparate European nations could come together permanently in a monetary union without a much tighter fiscal and political union was always unrealistic given the gapping differences between the member nations in terms various criteria: economic, social, political, and, perhaps most important of all, cultural.
Now the member states of the EU are reaping the frightful harvest of this extraordinary misadventure in ways that will harm them for at least a generation.
Many British nationals have made their home in Portugal, and when you consider the lifestyle and attractions it is easy to understand why. However there are some drawbacks. You have to deal with unfamiliar local bureaucracy and a foreign tax system. Your new circumstances mean you have to rethink your investment strategy. You may need to consider all the complex options for your UK pensions, and how they work for a Portugal resident.
Here we are at the start of a new year, when we tend to reflect on the previous 12 months and ahead to what the coming year may bring.
It is a good time to review your financial planning to ensure it is up to date, forward looking and designed to protect your long-term wealth.
Affinity Global Wealth is pleased to announce its new Portfolio Valuation and Optimisation Service.
We have found that most people we meet have several investments, savings and pensions accounts, often with different advisers and companies. Most people have a financial adviser in the UK, a private banker offshore, an old private and/or company pension and bank accounts both in the UK and overseas.
