This is a topic I have mentioned in several articles on this website but the final guidance has now been issued by Her Majesty’s Revenue & Customs (HMRC) so we have clarity as to how tax will be applied on the sale of UK properties owned by individuals who are not resident in the UK.
This is an inflammatory title but sometimes it’s important to get people’s attention and a reaction. The plain fact is that the vast majority of people are woefully underprepared for retirement and are simply not saving enough for their later years. And if you don’t deal with the matter, who will?
Over the past year or so both HSBC International and Scottish Widows, part of the UK based Lloyds Banking Group, have released the results of surveys that show the parlous state of people’s retirement planning. The surveys make worrying reading and at the risk of sounding dramatic the situation is now a time bomb.