A summary of yesterday’s UK Budget and its implications for expats.
UK Chancellor Philip Hammond delivered his first (and the last) Spring Budget on Wednesday 8th March 2017, which on the whole was a reasonably low key budget.
However, we got a curve ball in the form of the introduction of a charge on transfers to overseas pensions. We are working through the detail, but many UK pension transfers may now be subject to a 25% charge.
With Article 50 being triggered in the near future, will the new Autumn Budget bring a few more surprises?
Families could end up paying tens or even hundreds of thousands of pounds in tax through an ignorance of the rules which can prove costly.
Three fifths of people who face a potential IHT bill fail to realise their estate may be liable, according to a new survey by insurer Canada Life.
Many do not know how much they are likely to pay, with more than half saying they didn’t realise that IHT is charged at a hefty 40%.