Category Archives: News

UK Mini Budget September 2022 – a summary for expats

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When a new Prime Minister takes office, it is usual for them to want to put their own stamp on things and Liz Truss and her team are doing just that. Kwasi Kwarteng, the current Chancellor of the Exchequer, has made a few announcements today, a mini-budget if you will, or an oddly named ‘fiscal event’ according to the government.

As has been the case in recent years, many measures have already been announced or deliberately leaked so this was largely about clarification.

This article is a brief overview of some of the main points with particular reference to any changes that have relevance to those living outside of the UK and especially in the GCC. The UK press will cover many points in detail but many of the points will not be directly relevant to expats so this article focuses on the points that will be most relevant to us.

EDIT. As this mini-budget went down so poorly, and did such dmanage to UK financial markets, Kwazi Kwateng was replaced by Jeremy Hunt and many of the announcements have since been rescinded so I have commented under each section to clarify.  Added comments are in italics.

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UK property investment with completion August 2022 – online presentation

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Join us on Wednesday 27th April at 1pm UAE time, for a presentation about a property investment opportunity that will complete soon. Tenant enquiries are already being taken so this is a good option for anyone who wants to complete a purchase in the next few months.

If you miss the date, let me know as the presentaton is being recorded.

I have written about options for UK property investment a few times and in most cases these are off-plan developments with completion some time ahead. I know a few clients would prefer quick completion so I would like to share details of an opportunity that fits that requirement

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UK Spring Statement, March 2022 – a summary for expats

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The Spring Statement is essentially a mini-Budget, allowing the Chancellor of the Exchequer to make announcements, some minor changes, and to provides updates on the economy.  It does not usually include major tax or spending changes.

This is not an easy time for the UK with an economic backdrop of rising energy, fuel and food costs.

This article is a brief overview of some of the main points with particular reference to any changes that have relevance to those living outside of the UK and especially in the GCC. The UK press will cover many points in detail but many of the points will not be directly relevant to expats so this article focuses on the points that will be most relevant to us.

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Stock markets and investments – what not to do in volatile times

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On 24th February, we woke to the news that Russia had invaded Ukraine. The situation had been deteriorating for a while but now we have the terrible reality of military conflict.

The article is about financial matters, not politics, but they are closely aligned and I want to tell you why you shouldn’t panic about falls and fluctuations in stock markets – and what you must not do.

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UK Budget & Spending Review October 2021 – a summary for expats

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As has been the case for the past couple of years, many of the Budget measure have been leaked or drip-fed to the press so we were not expecting much in the way of surprises and there is nothing that dramatic.

This article is a brief overview of some of the main points with particular reference to any changes that have relevance to those living outside of the UK and especially in the GCC. The UK press will cover many points in detail but many of the points will not be directly relevant to expats so this article focuses on the points that will be most relevant to us.

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UK Budget March 2021 – the facts for expats

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There is no question that this will not have been an easy Budget to put together. There are still uncertainties in respect of Covid19 and the UK economy has problems, for more than one reason. With so many people on a reduced income and many businesses suffering,  tax hikes right now would be even more unwelcome than usual.

At this point in time, the UK is in more debt than it has been at any point in the past 50 years, at some £2.13 trillion which equates to 99% of GDP. Over the past 12 months the UK economy has shrunk by 10%, and some 700,000 people have lost jobs. UK unemployment is expected to peak at 6.5% in the 2021/22 tax year.

What is required now is to stimulate growth in the economy but I don’t think there is any immediate fix. The two main issues are to reduce debt and to support people and businesses who have been hardest hit – somewhat opposing issues.

No one knows quite how many people on furlough will actually have jobs to go back to and latest figures indicate that there are currently 6 million people on furlough in the UK at the moment.

This article is a brief overview of some of the main points with particular reference to any changes that have relevance to those living outside of the UK. The UK press will cover many points in detail but much of this is not directly relevant to expats so this article focuses on the main issues, highlighting any of relevance to expats.

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The future of investing is… flexible

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We all know that we need to invest our money to make it grow but the options for expats in the UAE have been a little limited, until recently.  Following changes in legislation, I am now delighted to offer fully flexible investment options, with negligible penalties, and a very wide range of fund options.

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Where there’s a will, there’s a way to protect your family

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I have published articles on this topic before but in light of the changes to the personal status laws in the UAE in 2020, this has been updated to cover the new rules. This also includes the minor amendments for 2022 and a change for Muslim expats in 2023.

If you have assets, and more importantly, if you have children, then you need a Will. This is a subject that many people are reluctant to address but there are many misconceptions and an all too common reluctance to talk about the relevant issues. In this article I want to set out a few facts and answer the most common questions.

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New personal laws in the UAE but what do they really mean for you?

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I am sure most people have seen the articles about some significant legislative changes in the UAE with changes to the penal code and personal status laws and these are very positive in all respects. In this article, I want to explain what this actually means in relation to the financial issues, as headlines are not always quite what they seem and there are subjects that still need to be considered and addressed by expats, especially in terms of the distribution of assets in death.

Let’s address the various points in turn.

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News: Minimum age to access UK private pensions to change

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This information has been confirmed on the UK Parliament website following an exchange in the House of Commons today, 3rd September 2020.

The exact wording is as follows:

“In 2014 the government announced it would increase the minimum pension age to 57 from 2028, reflecting trends in longevity and encouraging individuals to remain in work, while also helping to ensure pension savings provide for later life.

That announcement set out the timetable for this change well in advance to enable people to make financial plans and will be legislated for in due course.”

The change will not take place for some time so no need to panic now but it will mean that some people who had intended to access their personal pensions at age 55 years, per the current rules, will have to adjust their plans for two years.

This is simply about personal plans and is not linked to the UK’s State Pension

To arrange a discussion about your retirements plans, your UK pensions, or any aspect of your personal financial planning, please email me at keren@holbornassets.com

I write articles such as this one as part of the holistic personal financial planning service and that I provide to expats, and the general consumer, financial and legal information that I provide in The National newspaper, on Capital Radio UAE, and on the Facebook group British Expats Dubai.

Please take a look at the other useful articles on this website.