Your Legal Magazine
Page 10
Female Focus
New Government in the UK. What changes in Investments and Pensions? The UK are settling down to a new team leading the Government so what does that mean for EXPATS living in Spain?
Pension freedom started in April where access to withdrawal of pensions in defined contributions schemes and personal pensions is allowed providing you are aged 55. You can access 100% of your pension pot and if you are within the UK 25% is tax free and the balance is subject to marginal rate of tax. However as a tax resident of Spain the 25% is also subjected to tax.
Current pensions paying annuity out are being looked at by pension providers and may allow cash withdrawals in the future. This will be subjected to penalties of about 15% (so the industry tell us).
It is important to understand all your options as tax residents in Spain and the first is knowing what pensions you have got, their value and the terms and conditions of the scheme. It is complicated to understand all the different schemes and at times has proved difficult for myself and my company to understand the complex nature of each scheme - and we handle the largest number of pension transfers from the UK.
Therefore seek advice from a Regulated Independent Finance company who is regulated with DGS not registered, as comeback on complaints here in Spain will be hard. deVere – Spain is fully DGS regulated.
Interest rates in the UK are unlikely to change therefore investments in banks in the UK and Spain will continue to be poor and highly taxed. Seek advice on opportunities to obtain income and or growth, by using tax efficient vehicles that provide opportunities to get higher returns of around 7% PA income in Euros and 8% in GBP. These are very good vehicles to reduce IHT here in Spain and have no requirement to report under ‘modelo 720’.
So as summer approaches and before distractions of guests arriving, or travel back to the UK occurring check your finances out to ensure they are in good order. I am very happy to take inquiries at no cost on your finances.
For more information on any financial matters you may have contact me on
steve.iball@devere-spain.es or mobile 610 822 484.
The first floor of our 3000m² warehouse is now a display area full of a whole variety of beds. From basic to high end and luxury, we have singles, doubles, and importantly storage divans because as we all know Spanish houses tend to have very little clothes storage space. We also have a variety of mattresses; come along to choose the size and firmness you prefer. And we can deliver, and take away your old mattress and bed if you require. Please remember that we are always in need of additional stock that we can sell in order to help local charities. One way that we do this is by selling donated items, so if you do not want an item of furniture or white goods or whatever and it is in reasonable condition please bring it to us. Donations and volunteers are specially welcome. We also offer house clearances, and will also buy, sell, and exchange items. We are easy to find at Carretera Ondara Nº 40-42 which is on the main road N332 as you go through Gata. We are located opposite the main turning to Jalon, and there is always lots of parking outside. Opening hours are Monday to Friday 9.30am - 5pm and Saturday 10am to 2pm. Telephone 965 756 215.
New at the Gata Charity Warehouse is our BEDS section.
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