UK Pension Transfers Hit With 25% Tax Charge

QROPS Tax Charge

British expats living abroad and foreign nationals based in the UK face being stung by a new 25 per cent tax charge if they move their pensions out of the UK.

New rules, which came into effect on 9 March, 2017 after being announced in the 2017 UK Spring Budget, will see the charge levied when retirement funds are transferred outside the UK, unless they meet strict criteria.

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UK Prime Minister Theresa May delivered her keynote speech on Brexit

Theresa May.pngShe said that the UK government will put the Brexit deal it agrees with the European Union to a parliamentary vote. She also vowed to make a ‘truly Global Britain’. “I want this United Kingdom to emerge from this period of change stronger, fairer, more united and more outward-looking than ever before. I want us to be a secure, prosperous, tolerant country, a magnet for international talent,” May said.

The FTSE 100 traded negative after the speech. However, the sterling was up by more than 2.8 percent against the U.S dollar, putting it on track for its biggest daily increase since 1998.

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Source: CNBC, 17 Jan

Weekly Market Update

  • UK market hits twelve consecutive days of record highs
  • Sterling dips ahead of PM May’s Brexit speech
  • Dollar retreats following Trump press conference
  • Chinese trade data shows fall in exports
  • US small business confidence soars

James Klempster (CFA) of Momentum Global Investment Management shares his view:

As Barack Obama’s presidency began in January 2009 – deep in the market sell-off following the global financial crisis – it was reasonable to presume that his job was at best thankless and at worst almost impossible.  Yet, in many ways history may well tell us that his job was simple in comparison to that of his successor.  Obama rode to victory on a tide of optimism and expectation that set him apart starkly from George W. Bush.  Obama’s youth and eloquence stood him apart from the man he replaced.  During that time tensions and the risk of policy missteps were high, but equally expectations were low due to the volume of bad news.

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PortfolioMetrix November Market Update

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The big news of the month was the election of Donald Trump as 45th president of the United States of America which world equity markets ultimately responded well to when viewed in local currencies. Bonds, however, generally fell in price as whilst Trump’s spending plans are likely to spur short to medium term growth they look likely to radically increase the fiscal deficit and push up inflation. For UK investors, after a tough post EU referendum period, the pound strengthened strongly in November which put pressure on the returns of overseas assets when converted back to sterling. Learn more

PortfolioMetrix October Performance Update

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It was a terrible month for the pound and there was plenty of news from the US election to keep investors occupied. That said, suffering sterling did have the effect of raising returns on diversified portfolios, raising the performance on PortfolioMetrix Portfolios to all time highs during the month. Learn more

Weekly Market Update

News this past week

  • Oil prices rise as OPEC agrees to curb production
  • US Q2 GDP revised upwards
  • UK PM announces deadline for triggering Article 50
  • Eurozone see encouraging economic data releases
  • Japanese markets fall as deflation continues

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