Podcasts about qrops

#180What are the repercussions of the Autumn 2024 budget for expats, property investors and those that are both! How will it affect your tax residency, your retirement and your estate planning. And what impact will the budget have on your investment strategy, your pension or your domicile status?Jake Barber of SJB Global is an expat tax specialist who helps expats with their Retirement, Investment & Tax Planning.Jake takes us through the budget and its impact on Expat Property Investors.During the episode, we discuss:Impact of autumn 2024 budget on expat residency, retirement, and estate planning.Impact on individuals due to frozen tax brackets and increased taxes.Current UK tax brackets and their implications.Spending strategies in retirement changing due to estate tax structures.Renters and those without assets facing disadvantages.Increased property taxes potentially leading to higher rents.Stamp Duty Land Tax changes and examples given.UK domicile status now based on residency rather than origin.Changing country/state impacts domicile status.Effects on inheritance tax liabilities.Non-domiciled residents' tax obligations and exemptions.QROPSInheritance tax changes reducing drastic decisions.Double taxation risk on pensions without specific schemes.Business and agricultural property relief changes impact.Capital gains tax rate changes and their effects on income groups.Tax residency and investment strategy affected.Advice on keeping assets in tax-neutral jurisdictions for expats unsure of permanent residence.Encouragement of moving assets outside the UK for tax exemptions after 10 years abroad.UK inheritance tax nil-rate band of £325,000.Taxation on assets above the nil-rate band. We help time poor professionals get a good return on their money by investing with us. Schedule a callLeave an honest review of Expat Property StoryJoin our Mailing List to join our WhatsApp  group AND access our 37 Question Due Diligence Checklist AND our 23 Step Guide to Buying Property at Auction AND our Monthly NewsletterFollow the Show on InstagramTell us the one thing you're struggling with in UK propertyDetails of where to meet other Expat Property Investors (For FREE!!!):Hong Kong: Pacific Coffee, 2/F, Central Building, Central (first Saturday of each month from 11:30 am)Dubai: Holiday Inn, Science Park (first Wednesday of each month from 7pm)Singapore: The Providore at VivoCity (first Saturday of each month  from 10:30 am)Keywords:UK Property, UK Tax Brackets, Inheritance Tax, Capital Gains, Stamp Duty, Expat Property Investment, Domicile Status, Retirement Planning, Global Assets Tax Strategies, QROPS

Brett Hanson of Blevins Franks International Tax and Wealth Management talks to Howard Brereton #Wealth #Tax #WealthManagement #Spain #Expat #Brexit

Bill Blevins of Blevins Franks International Tax and Wealth Management talks to Howard Brereton #Wealth #Tax #WealthManagement #Spain #Expat #Brexit

Bill Blevins of Blevins Franks International Tax and Wealth Management talks to Howard Brereton #Wealth #Tax #WealthManagement #Spain #Expat #Brexit

Welcome to Finance and Fury, the Say What Wednesday Edition Today we have a question from Luke. Hi Louis, I listen to you often. Very informative and interesting episodes. My question is regarding super/pensions. I lived and worked in the U.K. for about 10 years - and still have a pension there. I also have Super here in Australia. I heard I could bring my U.K. pension back to Australia, then I heard they stopped it, and then I heard I still could. I was hoping you could clarify this for me. Great question! This was a big change to expats retirement planning a couple of years ago that seemed to go pretty unnoticed, so thanks for bringing the topic up. Created issues The issue with the UK Pension transfers to Australia occurred with changes to UK legislation back in 2015. This was due to the UK pensions prohibiting people from transferring their pension funds before they have reached the minimum UK pension age of 55, due to changes in accessibility laws between the two countries (i.e. the UK didn’t want people transferring their Pension accounts to Australia and being able to access the funds at an earlier date).  Anyone who has worked in the UK will normally have built up some form of UK pension benefits. It is now compulsory by law for all employers in the UK to enroll their employees into a workplace pension scheme. This means when people leave the UK, they will need to decide what to do with the pension fund they have built up. You can transfer your UK pension to an Australian Superannuation as long as the Superannuation has QROPS status.  A qualifying recognised overseas pension scheme or QROPS for short, is an overseas pension scheme that the UK recognises as eligible to receive transfers from registered pension schemes in the UK. To qualify as a QROPS the scheme must meet the requirements set by UK tax law. To check if a pension is a QROPS you can check the list of schemes that have told HM Revenue and Customs (HMRC) that they meet the conditions to be a recognised overseas pension scheme (ROPS). From 2015 only people who are over 55 and either have an SMSF, or have a complying APRA super fund (i.e. regular super funds like an industry or for profit fund) are eligible. Anyone who meets these requirements is eligible to transfers their UK pension funds through following the non-concessional contribution rules.   These are separate rules to UK pension transfers - These are as follows: The transfer amount has to be within the non-concessional contribution cap of $100,000 per annum.  A bring forward rule applies to members under age 65, allowing an amount of $300,000 in one lump sum through using the contribution limit over a three-year period. However, for anyone aged over 65 but under 75, they need to meet a work test too contribute funds to super, along with being limited to $100,000 p.a. as the bring forward rule is no longer available after 65. Upon turning 75, no further contributions can be made. A lifetime contribution limit of $1.6 million will also apply. If your total super balance is over $1.6 million, you won’t be able to make any further non-concessional contributions. Introduced with a different round of super reforms Part of balance transfer caps - $1.6m in Pension environment – cap amount in super Was going to be a lifetime cap of $500k retrospectively. The Non-Concessional If the transfer is made within 6 months of moving to Australia, then the whole transfer is treated as a non-concessional contribution and therefore subject to the NCC limits and rules. If the transfer is made after 6 months of moving to Australia, then the rules are slightly different. The value of your UK pension on the date you arrived in Australia is treated as a non-concessional contribution. The growth in the value of your fund between the date you arrived in Australia and the date your transfer is treated as fund earnings and therefore subject to tax in Australia. This part of the transfer is neither treated as a concessional contribution or NCC. There is only one retail superannuation with QROPS status, the Australian Expatriate Superannuation Fund, the rest are all self-managed superannuation funds (SMSF). Once you transfer your pension to a QROPS in Australia then it becomes subject to normal Superannuation rules, as well as being subject to UK rules for 10 years after the transfer. Few practical examples of how this works and explain the process of transfer further You are 45 – No go You are 55 and super of $1.7m – no go You are 60, super of $900k and UK pension work $280k – Okay to transfer (if super fund complies) You are 67, not working – No go, cant transfer into super here Side note – lots of other pension funds (like RSA) can be transferred into super in Aus, but they do have their own laws and tax treatments with withdrawn early – just make you aware   Thanks for listening, if you want to get in contact you can do so here. 

There has been plenty of discussions as well as some confusion in the XY community around QROPS. What is it (really) and how do we help our UK expat clients in this space compliantly? So to go beyond just the nuts and bolts of it all, we went straight to the source and invited Adam Turk (@adamdturk) – UK Expat and CEO of Harbourside Capital (www.harboursidecapital.com.au/) into the studio to give us the lowdown. Aside from getting the ‘everything you need to know about QROPS’ spiel, this episode also explores (and debates) Best Interest Duty, holistic advice against vertical integration, important changes coming for anyone using an MDA and Adam’s take on passive investing.  Let the debate begin…. XY Adviser Online Training Platform  - https://www.xyadviser.com General Disclaimer - https://www.xyadviser.com/disclaimer/   This podcast has been brought to you by Zurich Life & Investments (www.zurich.com.au), one of the last true independent life insurers in Australia. Zurich has always believed in the value of advice and the professionals who provide it. They continue to invest in programs such as this one that are designed to strengthen the health and reputation of the advice profession. We are proud to partner with Zurich to help shape the future direction of advice and make it more accessible to more Australians.

Key Points There are no statutory restrictions on membership of a UK pension scheme by persons who do not live or work in the United Kingdom. Restrictions on benefits accrued or provided under a registered pension scheme may be relaxed where a member does not benefit from UK tax relief because he or she is a "relevant overseas individual" or a transfer has been made into the scheme from a "recognised overseas pension scheme". A registered pension scheme may only make a transfer into an overseas pension scheme that is approved for the purpose by HMRC (a "qualifying recognised overseas pension scheme" - QROPS). Transfers to a QROPS (and onwards from a QROPS to another QROPS) are subject to the Overseas Transfer Charge (OTC) of 25% of the transferred value from 9 March 2017, unless certain exemptions apply. A member who comes to the UK as an existing member of a qualifying overseas pension scheme may benefit from migrant member relief on UK income tax. A scheme may only accept contributions from a "European Employer" if it is authorised to act as a cross-border pension scheme. Onerous funding requirements apply to cross-border defined benefit schemes. Despite the first bullet point above, it is worth noting that having a scheme member who is subject to the labour and social security laws of another EEA state (i.e. who works elsewhere in the EU in a scheme) makes that a cross-border scheme with onerous funding consequences. The European parliament and Council has agreed a revised IORP Directive (IORP II) which will make changes to cross-border pension arrangements (subject to how the Directive is applied in the UK as a result of the UK leaving the EU). Changes to the taxation of "Foreign Pensions" from 6 April 2017 are substantial.

The PMI's Tim Middleton joins Jack Jones to dissect the Budget. This episode looks at QROPS, MPAAs, tax relief and National Insurance changes.