Wed, 23 May 2012
| Index | Last | Var.(%) |
|---|---|---|
| BEL 20 | 2142.41 | 2.32 |
| DAX | 6435.6 | 1.65 |
| IBEX 30 | 6661.3 | 2.10 |
| CAC 40 | 3084.09 | 1.88 |
| FTSE 100 | 5403.28 | 1.86 |
| AEX | 295.95 | 1.86 |
| DJIA | 12502.81 | -0.01 |
| Nasdaq | 2839.08 | -0.29 |
| FTSE MIB | 13456.03 | 3.41 |
| TSX Composite | 11451.78 | 1.52 |
| ASX | 4129.8 | -1.05 |
| Hang seng | 18728.48 | -1.63 |
| Straits Times | 2786.19 | -1.33 |
| ISEQ 20 | 498.38 | 1.72 |
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British expatriates moving back to the UK must question whether they will face financial hardship or ruin on their return to British soil.For months the UK Press has reported that thousands of wealthy Britons will actually leave the UK as the burden of taxation increases. For British expatriates who are moving back to the UK the question must be whether they will face financial hardship or ruin on their return to British soil. After all, with the top rate of income tax now set at 50%, will the result be a huge bill to the taxman?
It makes sense to start by looking at how harsh the UK’s tax environment will become. The headlines tell us that those earning more than £150,000 per annum will pay 50% of their income to the tax man.
What of those earning more realistic salaries or, crucially in this context, enjoying substantial pensions?
Here is the first example. A UK resident earning or receiving a pension of £80,000 per annum will pay income tax of £21,930 (an average tax ‘hit’ of 27.4%) resulting in a net income of £58,070. Of course, the Government will take more of that through VAT, Council Tax and so forth but let’s stick to basics. In truth, most European countries will tax income at roughly the same rate – if not more - although some (Cyprus for example) have much lower rates. However, the decision to live in Cyprus is more of a lifestyle choice.
Whether a resident in the UK or living overseas, The Fry Group offers you advice to support every aspect of your financial affairs. Their highly experienced teams of experts are there to help you plan your future with confidence, and in a manner that keeps your personal goals in mind. If you would like them to help you save tax, please contact Graham Barnes.
The Fry Group / Expatica 2011
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