I last covered this topic many years ago, so it is time for an update. If you are a Brit with a foreign husband or wife, or you are not British but are married to a Brit, this article is for you.
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.
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.
In an uncertain world, it is understandable that we have seen an increase in interest in investing in property. It is human nature to want to put your money into something that you can see and touch.
Property markets are not equal and the legalities and potential for growth and/or income vary hugely but Europe still presents many opportunities for long-term investment and yield.
Surveys have shown that many expats are keen to invest in property in their home country either as they consider it a more secure place than where they are currently living, or as a potential base should they need to move back.
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.
Paraphrasing Monty Python, purely to get your attention, but it’s a valid question. I am in an industry that is frequently criticised in the UAE, often for good reason, but let me explain why using a qualified adviser (rather than a salesperson pretending to be an adviser) is a good thing and how you can benefit.
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.
The financial services industry is full of jargon and sales messages so sometimes it can be difficult to separate fact from fiction, the reality from the adverts and the sales pitches. With that in mind, I have put together a simple guide to 10 practical and logical steps you need to follow when investing.
It is too easy to sidetracked from planning your future, our lives are busy after all, but it rarely needs to be as complicated as some might make out. My role is to make this simpler, and better, for you. Continue reading
Welcome to Dubai and a new and exciting life. There is a lot to learn and while this is not a complete guide to setting up in Dubai, it does give you a useful overview of many of the financial and legal issues that new residents need to be aware of.
The laws have changed a number of times in recent years and this article is regularly updated to take these changes into account.
Your ability to live in the UAE is linked to employment and it is impossible to rent a property (apart from on a short-term basis) without a residency visa and accompanying identity card.
These will be provided by your employer or as part of the package when you set up a trade licence if you wish to have your own business. There are now a few other visa options but you still need a visa to reside in the UAE.
Having an identity card is mandatory and you will be unable to do many things without it.
You also need a visa and ID card to buy a car, rent a property, get a UAE driving licence, get an alcohol licence – still a legal requirement for Dubai residents if you want to buy alcohol anywhere and or keep alcohol in your home although there are no charges these days and you getget your licence online in minutes.
Children require an ID card to attend school.
The rules can vary between emirates, and although the main legal issues are correct for all, this guide is mainly for Dubai residents.
The UK’s Chancellor of the Exchequer, Rishi Sunak, has presented his Summer Economic Statement, a de facto budget, and this article is an overview of the main points with particular reference to any announcements or changes that are relevant to those living out of the UK.