I am pleased to welcome you to the latest edition of La Mondiale Europartner s Expat News.

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "I am pleased to welcome you to the latest edition of La Mondiale Europartner s Expat News."

Transcription

1 April 2013 I am pleased to welcome you to the latest edition of La Mondiale Europartner s Expat News. Life company guaranteed funds have performed strongly in the context of the financial crisis and we have also demonstrated the strength of our balance sheet, assets under management and long term profitability. This strong foundation means that we face the future with confidence. In this edition of Expat News you can read about the success of our Guaranteed Capital Funds. We also feature some economic and fiscal updates, including the impact of austerity measures in France, Portugal and Spain regarding taxation of investments in a life assurance policy. This edition also features an analysis of the impact on expatriate clients resulting from the UK s Retail Distribution Review and the UK s new Statutory Residence Test. I hope you will find the enclosed articles to be of interest and I wish you a happy reading! Fabrice Sauvignon CEO, La Mondiale Europartner Inside this edition RDR Impacts on Expat Advice 1 Austerity Measures Impact on Life Assurance Policy Taxation Investment Portfolio Suitability Weaknesses Exposed New Spanish Worldwide Assets Declaration New UK Statutory Residence Test Expatriate Numbers in the UK Continue to Fall La Mondiale Europartner Premium Income Introducing the Guaranteed Capital Funds 6 RDR IMPACTS ON EXPAT ADVICE The New Year heralded a major shake-up in the regulatory environment for all advisers and product providers involved in the retail investment market in the UK. The Retail Distribution Review (RDR) introduced substantial changes to the nature of advice and the way advisers are paid for providing recommendations to retail clients on investment products such as investment funds, life assurance policies and pensions. With UK advisers focused on the implementation of their post-rdr business models and with providers having made changes to their products to make them RDR-compliant, what are the implications for UK adviser firms with expatriate clients?

2 The FSA Handbook states that a number of RDR requirements do not apply if the retail client is outside the UK, specifically: Adviser charging the requirements for the adviser to be fee-based and not to accept commission and for the product or platform provider not to pay commission Description of the advice service - the requirement to distinguish between independent advice and restricted advice Disclosure of information about services, fees and commission the requirement to provide certain types of information in the services and costs disclosure document or combined initial disclosure document It is therefore clear that these key RDR requirements do not apply to advice given to expatriate clients while these clients are outside the UK, whether the adviser firm provides this advice on a cross-border services basis or through a branch located outside the UK. The various rules governing this type of advice in Europe under MiFID, the Insurance Mediation Directive and the Distance Marketing Directive still apply, for instance on supplying information on the firm, the product being purchased, cooling-off period and the relevant compensation scheme. While it would appear that the RDR should have no impact on the regulation of the advice process for UK advisers and their expatriate clients, including the ability of advisers to receive commission payments, as always the law of unintended consequences applies! Many UK adviser firms with expatriate clients will find that it is too complex to operate twin business models and compliance regimes, effectively RDR-compliant for UK clients and pre-rdr for expatriates. This may be more manageable if advice to expatriates is only provided through distinct non-uk branches but even then most reputable UK adviser firms have moved to embrace the principles behind the RDR. At a practical level, advisers will find their options limited by the actions of product providers. All retail investment products being sold in the UK today are now RDR-compliant which means, for instance, that they are incapable of paying commission to advisers. An adviser wishing to recommend a product to an expatriate that pays commission would therefore need to source a non-uk product from a provider authorised in the expatriate s country of residence. Products sold to expatriate clients when in the UK must now be RDR-compliant. Likewise, products sold to clients in the UK who subsequently become expatriates will also be RDRcompliant. Providers product rules and system functionality will require that these products remain RDR-compliant if the client is or becomes resident outside of the UK, even if subsequent advice is provided outside the UK. These product rules can also have an impact on business written in the UK years ago. Many life assurance bonds, for instance, have changed their structures to become RDRcompliant while preserving existing trail commission arrangements. However, if the previous advice is disturbed, for example by new advice, the existing trail commission must be cancelled and any adviser remuneration switched to fees under the adviser charging rules. In this scenario, the ability to legitimately receive further commission payments for advice provided to expatriates outside the UK will be over-ridden by the product s conformity with the RDR rules. While existing trail arrangements on investment portfolios can even be disturbed by changes that take place automatically such as auto

3 portfolio rebalancing, additional premiums or fund switching within a life assurance bond will not trigger the end of these legacy payments. AUSTERITY MEASURES IMPACT ON LIFE ASSURANCE POLICY TAXATION While holding investments in a life assurance policy continues to be tax-efficient in several European countries, life policies are not immune to the changes in taxation introduced in several countries as austerity measures in response to their current fiscal pressures. The recent changes introduced in France, Portugal and Spain highlight the impact of such changes. In France, investment gains on any part surrender or full surrender of a qualifying life policy are now liable to the contribution exceptionnelle sur les hauts revenus, the temporary high income tax on global earned or unearned income which will remain in place until French government debt is brought below a 3% threshold. A 3% rate applies to income between 250,000 and 500,000 and a 4% rate applies to income exceeding 500,000. In addition French residents are liable to wealth tax on their worldwide assets including life insurance policies. In 2013 wealth tax is payable on net assets greater than 1.31m at a rate of 0.5% with the rate increasing to 1.5% on assets over 10m. The reintroduction the French bouclier fiscal or tax shield prevents more than 75% of income being paid in taxes including income tax, wealth tax, local property taxes and social surtaxes. In Portugal, while qualifying EU life policies will continue to enjoy investment growth virtually free of tax, the flat rate tax applicable to any part surrender or full surrender has risen to 28%. Alternatively, policyholders may choose to add the income to their overall income and be taxed according to the general progressive tax rates. This continues to compare favourably with the tax rate on investment income received from entities resident in jurisdictions subject to a privileged tax regime in their country of residence and included on Portugal s blacklist, such as the Isle of Man and the Channel Islands, which also do not have a permanent establishment in Portugal, which has increased to 35%. In Spain, the investment income tax rates applicable to investment gains on any part surrender or full surrender of a life insurance policy have been increased. The new rates are 21% when part of total savings income up to 6,000, 25% when part of the next 18,000 of total savings income and 27% when part of savings income above 24,000. The previous rates were 19% when part of total savings income up to 6,000 and 21% when above this figure. These rates only apply to qualifying EU policies, with Spanish income tax payable on an annual basis on foreign policies whilst the policyholder is Spanish tax resident. Spain has extended its wealth tax, the Impuesto Sobre el Patrimonio, to cover both 2013 and 2014 tax years. The wealth tax applies to anyone with net assets above 700,000 with rates ranging from 0.2% to 2.5%. The value of a life assurance policy is included in the assessment of an individual s wealth. INVESTMENT PORTFOLIO SUITABILITY WEAKNESSES EXPOSED

4 Across recent years there has been a growing trend for advisers to focus on identifying and satisfying their clients needs while delegating the responsibility for management of their clients investment portfolios to an expert investment manager. The use of discretionary fund managers has become commonplace, both within life assurance policies and for unwrapped portfolios. Advisers and clients have therefore become alarmed at the findings of two reviews of wealth managers carried out by the Financial Services Authority (FSA) in 2012 which looked at client portfolios that had an overarching agreement with a firm to have their assets and/or investments managed on a discretionary or advisory basis. The FSA s initial review of 16 firms identified significant, widespread failings, principally focused on these firms inability to demonstrate the suitability of client portfolios based on the documented information they held on their clients. The FSA, concerned that these issues may be common across the industry, went on to review the sales practices at six retail banks wealth management divisions and has reported concerns both over the suitability of investment portfolios, as well as banks ability to demonstrate suitability, in a significant number of customer files. The extent of these concerns had not been identified by the firms own compliance departments. The FSA will be replaced on 1 April 2013 by the Financial Conduct Authority (FCA), which will have an increased focus on consumer protection, and the Prudential Regulation Authority, which will become a unit of the Bank of England, responsible for systemic financial issues. It is anticipated that the FCA will set up a wealth management supervision department to increase supervision of discretionary and advisory investment management activities. Advisers and their clients making use of specialist investment advisers may benefit from ensuring that the information supplied to these firms is full and up-to-date, especially in the areas of attitude to risk and investment objectives. NEW SPANISH WORLDWIDE ASSETS DECLARATION Under the requirements of a new anti-avoidance law introduced in late 2012 all Spanish taxpayers must declare all their assets located outside Spain. The new law sets out a number of asset classes such as accounts with financial institutions, property and life insurance policies. Assets outside Spain valued at 50,000 or more in any asset class must be declared if the taxpayer is the owner, the beneficiary, or an authorised signatory. Assets held by a trust or fiduciary must also be reported. This is a new, additional requirement for Spanish taxpayers who have previously been required to declare their annual worldwide income for income tax purposes, and their taxable worldwide assets for wealth tax purposes. Many expatriates in Spain will have assets such as property outside of Spain that they previously would not have had to declare. Any person who spends more than 183 days in Spain in a calendar year is regarded as tax resident. Reporting of assets held as at 31 December 2012 must be completed by 30 April For future years, the deadline will be 31st March for the previous 31st December. The

5 penalties for non-compliance with this new law are draconian, with penal tax rates, heavy fines and the potential for criminal prosecution. NEW UK STATUTORY RESIDENCE TEST The new statutory residence test (SRT) will come into effect in the UK in April and will apply from the 2013/14 tax year, replacing the current test of ordinary residence. The new SRT will be welcomed by advisers and tax planners as it will bring much greater certainty to this area of law. However, to achieve this certainty across a huge range of individual scenarios, the SRT is detailed and complex. Under the SRT there are three separate tests which determine whether a person is or is not UK resident for a particular tax year. Firstly, the automatic residence tests where a person satisfying any of these tests will be UK resident. These tests include spending at least 183 days in the UK in the given year but they are significantly wider than previously as a person can be considered UK resident if they have an overseas home but are resident there for less than 30 days in the year. Secondly, the automatic overseas tests where a person satisfying any of these tests will be considered non-resident. Importantly, a person satisfying any of the automatic overseas tests cannot be UK resident under the automatic residence tests. Thirdly, the sufficient ties test which applies to persons who are neither automatically resident under the automatic residence test nor automatically non-resident under the automatic overseas tests. A number of ties are counted to determine whether or not a person is UK resident for a particular year, such as work ties, family ties and accommodation ties. Other parts of the SRT legislation deal with definitions of split year tax treatment and various anti-avoidance issues such as temporary non-residence. The SRT legislation is contained in the draft Finance Bill 2013 and HMRC has published extensive guidance on the new test. However, until the Finance Bill 2013 receives Royal Assent the SRT legislation may be subject to further amendment. EXPATRIATE NUMBERS IN THE UK CONTINUE TO FALL The latest official figures show that the number of foreign nationals in the UK registered with HM Revenue & Customs as non-domiciled fell by a further 2,000 in 2010/11 to 116,000 as the 30,000 annual non-dom levy continued to impact. Since the levy was introduced in 2008 the number of non-doms in the UK has dropped by 17% from 140,000. The 30,000 annual levy applies to all non-doms that have been in the UK for between seven and twelve years and from April 2012 the levy for non-doms in the UK for twelve or more years has been 50,000. Non-doms can opt out of the levy if they agree to pay UK tax on their worldwide income and gains instead, with less than 5% paying the annual charge (generating just 168m) and the remainder opting to pay income tax on their global earnings.

6 This is an important point for advisers, as it confirms that the great majority of nondoms require advice to enable them to manage their finances tax efficiently as they are exposed to UK s increasing levels of personal taxation, including income tax and capital gains tax. Guaranteed Capital Funds Return Gross Return for uro Guaranteed Fund Gross Return for Sterling Guaranteed Fund Gross Return for US$ Guaranteed Fund Year Total Year Total Year Total % % % % % % % % % % % % % % % % % % With significant size and asset diversification the LA MONDIALE Guaranteed Fund provides liquidity and ensures policyholders receive secure, consistent returns Underlying Assets

Spanish Tax Facts. The Expatriate Financial Guide to Spain

Spanish Tax Facts. The Expatriate Financial Guide to Spain The Expatriate Financial Guide to Spain Spanish Tax Facts Introduction Tax Year Assessment Basis Taxation in Spain occurs at a national level and at a regional ( Autonomous Community ) or municipal level.

More information

Introduction. The Expatriate Financial Guide for UK Expatriates Working Overseas

Introduction. The Expatriate Financial Guide for UK Expatriates Working Overseas Introduction The Expatriate Financial Guide for UK Expatriates Working Overseas An individual who is considering a move from the UK in order to work overseas will need to take into account a number of

More information

September 2014. I hope you will find the enclosed articles to be of interest and I wish you happy reading!

September 2014. I hope you will find the enclosed articles to be of interest and I wish you happy reading! September 2014 It is my pleasure to welcome you to the Autumn edition of La Mondiale Expat News which focuses on several important regulatory and tax developments at both EU and national levels. I m also

More information

German Tax Facts. The Expatriate Financial Guide to Germany

German Tax Facts. The Expatriate Financial Guide to Germany The Expatriate Financial Guide to Germany German Tax Facts Introduction Tax Year Assessment Basis Income Tax Taxation in Germany occurs at a national and municipal level. The Ministry of Finance controls

More information

Non-dom dilemmas and how offshore bonds can help. For advisers only. Not for use with customers.

Non-dom dilemmas and how offshore bonds can help. For advisers only. Not for use with customers. Non-dom dilemmas and how offshore bonds can help For advisers only. Not for use with customers. 2 Non-dom dilemmas and how offshore bonds can help Background The UK has long been considered a tax haven

More information

COPIA QNUPS Retirement Plan

COPIA QNUPS Retirement Plan COPIA QNUPS Retirement Plan FEATURES AND BENEFITS COPIA COPIA Advanced COPIA Advanced Plus 2 COPIA QNUPS Retirement Plan Key Features and Benefits Guide COPIA Retirement Plan The COPIA Retirement Plan

More information

International Tax information for customers Client Guide

International Tax information for customers Client Guide International Tax information for customers Client Guide Contents Please note AXA Wealth International is the brand used for the promotion of international investment products offered by AXA Isle of Man

More information

Cross-Border Investment Bonds

Cross-Border Investment Bonds Summary for UK resident clients A guide to Cross-Border Investment Bonds An investment product designed for everyone... This guide explains some important generic facts about cross-border investment bonds

More information

The structure of the qualification is shown below. It is necessary to pass all three modules to be awarded the full qualification.

The structure of the qualification is shown below. It is necessary to pass all three modules to be awarded the full qualification. Diploma in Regulated Retirement Advice (DRRA) This qualification is designed to meet the FCA s appropriate examination standards for Retail Distribution Review (RDR) purposes. As such it provides an overview

More information

Your guide to investment funds at Canada Life International Limited

Your guide to investment funds at Canada Life International Limited Your guide to investment funds at Canada Life International Limited Investing in your future Investing offshore Why offshore investing can work for you. Core investment range Access to over 150 internal

More information

International Bond Key features

International Bond Key features International Bond Key features This is an important document. Please read it and keep for future reference. Helping you decide This key features document contains important information about the main

More information

Draft Guidance - Revenue & Customs Brief 04/13

Draft Guidance - Revenue & Customs Brief 04/13 Draft Guidance - Revenue & Customs Brief 04/13 Payments made or benefits provided by fund managers, fund platforms (fund supermarkets), advisers or other intermediaries to investors Following Revenue &

More information

OPES International Retirement Plan

OPES International Retirement Plan OPES OPES Advanced OPES Advanced Plus FE ATUR ES AND BENE FI TS OPES International Retirement Plan 2 OPES International Retirement Plan OPES lets you retire at a time and in a manner that suits you. This

More information

Life Assurance Policies

Life Assurance Policies clarityresearch Life Assurance Policies Summary 1. Some life assurance policies are not taken out as a means of purely providing life insurance (for this subject, please see the Research Notes in the Protection

More information

Changes to dividend taxation what does it mean?

Changes to dividend taxation what does it mean? Changes to dividend taxation 2016-17 what does it mean? This presentation is directed at Professional Financial Advisers only. It should not be distributed to or relied upon by retail clients. Mark King

More information

Expatriation A comparison of tax issues in the US & UK in an increasingly mobile world

Expatriation A comparison of tax issues in the US & UK in an increasingly mobile world London New York Geneva Expatriation A comparison of tax issues in the US & UK in an increasingly mobile world Greenwich Hong Kong Richard Cassell Penelope Williams Milan New Haven UK Perspective What are

More information

The Expatriate Financial Guide to

The Expatriate Financial Guide to The Expatriate Financial Guide to Australian Tax Facts Australia Introduction Tax Year Assessment Basis Income Tax Taxation in Australia is mostly at a national/federal level with property taxes (council

More information

Tax Guide for Individuals Moving to the UK

Tax Guide for Individuals Moving to the UK Tax administration and allowances The UK taxing authority is known as Her Majesty s Revenue and Customs (or HMRC for short) and the tax year runs from 6 April to the following 5 April. There is no system

More information

Setting up your Business in the UK Issues to consider

Setting up your Business in the UK Issues to consider The United Kingdom (UK) continues to be one of the world s leading locations for global investment, being rated again as the most attractive place in Europe for foreign investment. i Also, the World Bank

More information

KEY FEATURES OF YOUR BUYOUT BOND ILLUSTRATION KEY FEATURES. and Conditions, available from your financial adviser.

KEY FEATURES OF YOUR BUYOUT BOND ILLUSTRATION KEY FEATURES. and Conditions, available from your financial adviser. 00000 Old Mutual Wealth Life Assurance Limited is a provider of long-term life assurance. It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential

More information

31 October (paper filing) 31 January (Electronic Filing)

31 October (paper filing) 31 January (Electronic Filing) Worldwide personal tax guide 2013 2014 United Kingdom Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible HM Revenue and Customs (HMRC) www.hmrc.gov.uk 6 April

More information

Tax factsheet Single premium life insurance bonds

Tax factsheet Single premium life insurance bonds Tax factsheet Single premium life insurance bonds The rules relating to the taxation of single premium life insurance bonds are complex. This factsheet outlines the tax treatment where a policy is held

More information

For customers Wealth Management Portfolio A flexible, tax-efficient investment

For customers Wealth Management Portfolio A flexible, tax-efficient investment For customers Wealth Management Portfolio A flexible, tax-efficient investment Introducing our Wealth Management Portfolio Our Wealth Management Portfolio is a tax-efficient offshore bond with lots of

More information

Financial Planning for UK Expatriates Living in Australia

Financial Planning for UK Expatriates Living in Australia Financial Planning for UK Expatriates Living in Australia WHITE PAPER SERIES The climate and lifestyle of Australia has long been irresistible to UK citizens. Of the six million migrants currently living

More information

Key Features of investing in an Old Mutual Wealth Collective. via an Old Mutual International - International Portfolio Bond

Key Features of investing in an Old Mutual Wealth Collective. via an Old Mutual International - International Portfolio Bond Key Features of investing in an Old Mutual Wealth Collective Investment Account* via an Old Mutual International - International Portfolio Bond For UK Customers *Provided by Old Mutual Wealth Limited The

More information

Key features of the Nucleus Offshore Bond

Key features of the Nucleus Offshore Bond Key features of the Nucleus Offshore Bond Edition 12 Date of publication 15/04/16 You should note that the terms and conditions of the Nucleus Offshore Bond and a signed declaration constitute a legally

More information

Changes to dividend taxation the crossover point

Changes to dividend taxation the crossover point Changes to dividend taxation 2016-17 the crossover point This presentation is directed at Professional Financial Advisers only. It should not be distributed to or relied upon by retail clients. Mark King

More information

THE OLD MUTUAL INTERNATIONAL investment account

THE OLD MUTUAL INTERNATIONAL investment account THE OLD MUTUAL INTERNATIONAL investment account investments pensions benefit from our strength and reputation The Investment Account is provided by Old Mutual International Isle of Man Limited Singapore

More information

Taxation of Pension Schemes

Taxation of Pension Schemes 20 March 2007 Taxation of Pension Schemes Consultation Response Document Issued by: 2 nd Floor Government Office Buck s Road Douglas IM1 3TX Index Page 1. Introduction...3 2. Consultation...3 3. Executive

More information

Key Features of Evolution

Key Features of Evolution International Key Features of Evolution IMPORTANT INFORMATION The Financial Conduct Authority is a financial services regulator. It requires us, AXA Isle of Man Limited, to give you this important information

More information

Capital gains tax for non-residents disposing of UK residential property: Final Rules

Capital gains tax for non-residents disposing of UK residential property: Final Rules Capital gains tax for non-residents disposing of UK residential property: Final Rules Legal Alert May 2015 The United Kingdom (UK) Finance Act 2015 received Royal Assent on 26 March 2015. This included

More information

Key Features of the MetLife Income for Life Bond (UK and International)

Key Features of the MetLife Income for Life Bond (UK and International) Key Features of the MetLife Income for Life Bond (UK and International) 1 Key Features of the MetLife Income for Life Bond (UK and International) Key Features of the MetLife Income for Life Bond (UK and

More information

Luxembourg Life Assurance for International Investors

Luxembourg Life Assurance for International Investors Luxembourg Life Assurance for International Investors 2 3 CONTENTS 4 Luxembourg Life Assurance for International Investors 4 A truly international focus 6 Maximum protection 8 Solutions designed for sophisticated

More information

Taxation. General. 1. Taxation UK. Mondi plc Ordinary Shareholders

Taxation. General. 1. Taxation UK. Mondi plc Ordinary Shareholders Taxation The statements set out below are intended only as a general guide to United Kingdom ( UK ) and South Africa ( SA ) current law and practice and apply only to certain categories of person who are

More information

Taxation of Investment Products

Taxation of Investment Products 2 December 2009 Taxation of Pension Taxation Schemes of Investment Products A Consultation Document Issued by: 2 nd Floor Government Office Buck s Road Douglas IM1 3TX Index Page 1 Background... 1 2 Investment

More information

PAPER IIA UNITED KINGDOM OPTION

PAPER IIA UNITED KINGDOM OPTION THE ADVANCED DIPLOMA IN INTERNATIONAL TAXATION June 2008 PAPER IIA UNITED KINGDOM OPTION ADVANCED INTERNATIONAL TAXATION TIME ALLOWED 3¼ HOURS You should answer FOUR out of the seven questions. Each question

More information

KEY FEATURES OF THE METLIFE INVESTMENT BOND PORTFOLIO ENTER A MORE CERTAIN WORLD

KEY FEATURES OF THE METLIFE INVESTMENT BOND PORTFOLIO ENTER A MORE CERTAIN WORLD KEY FEATURES OF THE METLIFE INVESTMENT BOND PORTFOLIO ENTER A MORE CERTAIN WORLD Investment Bond Portfolio Contents 1 Key Features of the MetLife Investment Bond Portfolio 2 2 Guarantee Options 6 3 Other

More information

Key Features. of the Suffolk Life SIPP (Deed Poll Scheme)

Key Features. of the Suffolk Life SIPP (Deed Poll Scheme) Key Features of the Suffolk Life SIPP (Deed Poll Scheme) This document is part of a set, all of which should be read together. Key Features Your Personal Illustration Schedule of Fees Schedule of Allowable

More information

Planning your future.

Planning your future. Planning your future. Preserving your wealth. We live in a world whose main constant is change. 2 Introduction Introduction 3 Structuring your wealth in a changing world. We live in a world whose main

More information

UNITED KINGDOM LIMITED LIABILITY PARTNERSHIPS

UNITED KINGDOM LIMITED LIABILITY PARTNERSHIPS UNITED KINGDOM LIMITED LIABILITY PARTNERSHIPS Background A United Kingdom Limited Liability Partnership (LLP) has become a very popular vehicle for international commercial activity. This is because the

More information

QUICK GUIDE TO ISAs 2014/2015

QUICK GUIDE TO ISAs 2014/2015 INDIVIDUAL SAVINGS ACCOUNTS 2014/2015 An Individual Savings Account (ISA) is not an investment in its own right rather it is a type of account that can be used to undertake tax-advantageous investment.

More information

Relevant Life Insurance

Relevant Life Insurance For adviser use only. Not approved for use with customers. Relevant Life Insurance Introducing Relevant Life Insurance Retirement Investments Insurance Health Introducing Relevant Life Insurance We ve

More information

Tax solutions for financial services firms

Tax solutions for financial services firms Draft Version 1 15/09/2015 Tax solutions for financial services firms PRECISE. PROVEN. PERFORMANCE. Tax solutions for financial services firms The Financial Services tax team at Moore Stephens provides

More information

EXPLANATORY MEMORANDUM TO THE LIFE INSURANCE QUALIFYING POLICIES (STATEMENT AND REPORTING REQUIREMENTS) REGULATIONS 2013. 2013 No.

EXPLANATORY MEMORANDUM TO THE LIFE INSURANCE QUALIFYING POLICIES (STATEMENT AND REPORTING REQUIREMENTS) REGULATIONS 2013. 2013 No. EXPLANATORY MEMORANDUM TO THE LIFE INSURANCE QUALIFYING POLICIES (STATEMENT AND REPORTING REQUIREMENTS) REGULATIONS 2013 2013 No. 1820 1. This explanatory memorandum has been prepared by Her Majesty s

More information

Welcome. VAT news from the Isle of Man I hope you enjoy our newsletter.

Welcome. VAT news from the Isle of Man I hope you enjoy our newsletter. Trusted to deliver... Welcome I am delighted to introduce myself as the new Head of VAT Services. VAT is a constantly changing tax and this has been particularly noticeable latterly where changes have

More information

Netherlands. Croatia. Malta. Slovenia. Greece. Czech Republic. Portugal. Compulsory. households actual. social contributions.

Netherlands. Croatia. Malta. Slovenia. Greece. Czech Republic. Portugal. Compulsory. households actual. social contributions. Structure and development of tax revenues Table EL.: Revenue (% of GDP) 2004 2005 2006 2007 2008 2009 200 20 202 203 I. Indirect taxes : : 2.3 2.7 2.7.8 2.6 3.5 3. 3.4 VAT : : 6.8 7. 7.0 6.3 7. 7.2 7.

More information

APPLICATION FORM. / / / PENSION ANNUITY. Once you ve completed this form, please return it to: Legal & General Annuities PO Box 809 Cardiff CF24 0YL

APPLICATION FORM. / / / PENSION ANNUITY. Once you ve completed this form, please return it to: Legal & General Annuities PO Box 809 Cardiff CF24 0YL PENSION ANNUITY APPLICATION FORM. Once you ve completed this form, please return it to: Legal & General Annuities PO Box 809 Cardiff CF24 0YL We will already have sent you a quote(s), illustrating the

More information

CONSULTATION PAPER. Insurance (Fees) Regulations 2013 Registered Schemes Administrators (Fees) Order 2013

CONSULTATION PAPER. Insurance (Fees) Regulations 2013 Registered Schemes Administrators (Fees) Order 2013 CONSULTATION PAPER Insurance (Fees) Regulations 2013 Registered Schemes Administrators (Fees) Order 2013 This document is relevant to all entities regulated by the Insurance and Pensions Authority under

More information

Flexible Life Plan Key Features

Flexible Life Plan Key Features Flexible Life Plan Flexible Life Plan Key Features This document shows the main points about your plan. Please read it with your personal illustration and keep it with the other documents relating to your

More information

Setting up your Business in Jersey Issues to consider

Setting up your Business in Jersey Issues to consider Jersey is a pro-business Island and provides the ideal location for future European operations. Jersey has an accessible, business-focused, independent government offering some of the lowest direct tax

More information

News Flash. September, 2015. Tax guide for property investment in Hungary

News Flash. September, 2015. Tax guide for property investment in Hungary News Flash September, 2015 Tax guide for property investment in Hungary Tax guide for property investment in Hungary In our current newsletter we would like to inform you about the most important taxation

More information

Offshore Savings Account

Offshore Savings Account Offshore Savings Account Client Guide Investing in your future Saving for the future Choose a level of investment which is both affordable and meets your saving objectives. See page 4 A wide range of investment

More information

The Investment Bond s key features Important info you need to read

The Investment Bond s key features Important info you need to read The Investment Bond s key features Important info you need to read Before applying for the Investment Bond, please read the Key Features, which you ll find on the next few pages. The Key Features explain

More information

Important information. Key Features of the Prudential International Investment Portfolio

Important information. Key Features of the Prudential International Investment Portfolio Important information Key Features of the Prudential International Investment Portfolio > Contents About this booklet 3 About the Prudential International Investment Portfolio 3 Its aim 4 Your investment

More information

in Guernsey, the Isle of Man, Ireland, Luxembourg and UK

in Guernsey, the Isle of Man, Ireland, Luxembourg and UK A summary of the life insurance policyholder protection measures in Guernsey, the Isle of Man, Ireland, Luxembourg and UK for professional advisers This summary should be read in conjunction with AILO

More information

Key Features of the MetLife Income for Life Bond (UK and International)

Key Features of the MetLife Income for Life Bond (UK and International) Key Features of the MetLife Income for Life Bond (UK and International) 1 Key Features of the MetLife Income for Life Bond (UK and International) Key Features of the MetLife Income for Life Bond (UK and

More information

METLIFE EXCEPTED GROUP LIFE POLICY TECHNICAL GUIDE

METLIFE EXCEPTED GROUP LIFE POLICY TECHNICAL GUIDE METLIFE EXCEPTED GROUP LIFE POLICY TECHNICAL GUIDE This document is a guide to the features, benefits, risks and limitations of the MetLife Excepted Group Life policy, including how the policy works and

More information

CLIENT AGREEMENT CLIENT AGREEMENT VERSION 1.5.15

CLIENT AGREEMENT CLIENT AGREEMENT VERSION 1.5.15 CLIENT AGREEMENT VERSION 1.5.15 CLIENT AGREEMENT Chadney Bulgin is authorised and regulated by the Financial Conduct Authority (FCA), FCA register number 483323. Contents 1. The Financial Conduct Authority

More information

Your guide to taxation in India

Your guide to taxation in India Sharing our experience Your guide to taxation in India www.fpinternational.com The tax treatment of our products if you return to India Whilst tax planning might be an important part of your overall financial

More information

KEY GUIDE. Living abroad the new tax rules

KEY GUIDE. Living abroad the new tax rules KEY GUIDE Living abroad the new tax rules Planning to leave the UK While the thought of going abroad to work or retire may be exciting, the months before departure may be stressful. Finding somewhere to

More information

For customers Wealth Management Portfolio Key features of the Wealth Management Portfolio

For customers Wealth Management Portfolio Key features of the Wealth Management Portfolio For customers Wealth Management Portfolio Key features of the Wealth Management Portfolio The Financial Conduct Authority is a financial services regulator. It requires us, Aegon, to give you this important

More information

Alderney The most competitive tax environment for egambling Operators - Page 1 of 7

Alderney The most competitive tax environment for egambling Operators - Page 1 of 7 ALDERNEY THE MOST COMPETITIVE TAX ENVIRONMENT FOR EGAMBLING OPERATORS The global egambling and taxation environment is evolving into one of an increasing number of regulated markets, seeking to impose

More information

trust and corporate services in Gibraltar

trust and corporate services in Gibraltar Acquarius Trust Group trust and corporate services in Gibraltar Comprehensive Global Fiduciary Services.the total solution built around you the people the service the quality Acquarius Trust Group 1 OUR

More information

The International Schools Retirement Plan

The International Schools Retirement Plan Alexander Beard (International Schools & Aid Agencies) Limited is a member of the Alexander Beard Group of Companies Limited, Registered in England no: 2144184. The International Schools Retirement Plan

More information

Delivering financial freedom. UK and European financial management specialists

Delivering financial freedom. UK and European financial management specialists Delivering financial freedom UK and European financial management specialists Our origins and brief history We provide the big-picture oversight that you need to succeed. The Blacktower group was formed

More information

A guide to pension tax

A guide to pension tax A guide to pension tax Footer info Zurich Blue 2 or White Contents About this guide 3 Tax treatment of payments 4 Eligibility to receive tax relief on payments Tax relief on payments made to pension schemes

More information

INVESTOR PORTFOLIO SERVICE (IPS) PORTFOLIO INVESTMENTS INVESTING WITH IPS.

INVESTOR PORTFOLIO SERVICE (IPS) PORTFOLIO INVESTMENTS INVESTING WITH IPS. INVESTOR PORTFOLIO SERVICE (IPS) PORTFOLIO INVESTMENTS INVESTING WITH IPS. This brochure tells you about investing in unit trusts, OEICs and ISAs with us, and supports the Key Investor Information Document.

More information

International Portfolio Bond for Wrap Key Features

International Portfolio Bond for Wrap Key Features International Portfolio Bond for Wrap Key Features This is an important document. Please read it and keep it along with the enclosed personal illustration for future reference. The Financial Conduct Authority

More information

Setting up your Business in Australia Issues to consider

Setting up your Business in Australia Issues to consider According to a recent International Monetary Fund study, Australia is in the top ten wealthiest countries in the world. With an educated and skilled workforce, it presents great opportunity for expansion.

More information

Key features of your Old Mutual International. For UK customers

Key features of your Old Mutual International. For UK customers Key features of your Old Mutual International Portfolio Bond For UK customers The Financial Conduct Authority is a financial services regulator. It requires us, Old Mutual International Isle of Man Limited,

More information

Offshore Funds. Should you be concerned by the proposed changes?

Offshore Funds. Should you be concerned by the proposed changes? Offshore Funds Should you be concerned by the proposed changes? February 2009 Executive summary HM Treasury is currently nearing the end of its consultation process on amendments to the "offshore funds"

More information

Investor protection. This document is for financial professionals only.

Investor protection. This document is for financial professionals only. Investor protection This document is for financial professionals only. Contents 01 An overview 06 International Bond 10 Onshore Bond 11 Standard Life SIPP 15 Investment Funds 16 Wrap and platforms i Please

More information

Application form. For trustees and companies Wealth Management Portfolio. Please read these notes before completing this instruction.

Application form. For trustees and companies Wealth Management Portfolio. Please read these notes before completing this instruction. For trustees and companies Wealth Management Portfolio Application form Please read these notes before completing this instruction. About this form You should use this form if you re a company or a trust

More information

SELECT SIPP. Taking pension benefits guide

SELECT SIPP. Taking pension benefits guide SELECT SIPP Taking pension benefits guide Please read this guide in conjunction with the Alliance Trust Savings Handbook and the appropriate Key Features documents. Alliance Trust Savings does not give

More information

Offshore Savings Account Key Features

Offshore Savings Account Key Features Offshore Savings Account Offshore Savings Account Key Features This document shows the main points about your Offshore Savings Account. Please read it with your personal illustration and keep it with the

More information

Oppor o t r unit i ie i s e s W it i hin i T h T e e M alt l e t s e e s e Fin i ancia i l l S ec e to t r o Banking

Oppor o t r unit i ie i s e s W it i hin i T h T e e M alt l e t s e e s e Fin i ancia i l l S ec e to t r o Banking Opportunities Within The Maltese Financial Sector Banking Growth of the Industry Malta s international banking centre has been gaining considerable ground in establishing itself as a finance hub in the

More information

Criteria for Acceptable Business

Criteria for Acceptable Business For Adviser use only not approved for use with clients Criteria for Acceptable Business You must have terms of business with Prudential International Assurance plc ( PIA ) or with Prudential Distribution

More information

Newsletter UK Tax Update 2009

Newsletter UK Tax Update 2009 May 2009 Ernst & Young Shinnihon Tax JAPAN Newsletter UK Tax Update 2009 Contents 1. Dividend exemption 2. Worldwide Debt Cap ( WWDC ) 3. Tax and Risk Management The UK Government has recently published

More information

We provide a truly personal service

We provide a truly personal service We provide a truly personal service Welcome C. Hoare & Co. is a bank which is proud of its heritage but focused on the future. We combine the traditional values of prudence and integrity with thoroughly

More information

AIG Life. AIG Relevant Life Insurance. Adviser guide

AIG Life. AIG Relevant Life Insurance. Adviser guide AIG Life AIG Relevant Life Insurance Adviser guide Contents The basics 4 What is relevant life insurance? 4 Who is it suitable for? 4 What are the conditions that have to be met for relevant life insurance?

More information

Bank Payroll Tax. Technical Note, Draft legislation and Explanatory Notes

Bank Payroll Tax. Technical Note, Draft legislation and Explanatory Notes Bank Payroll Tax Technical Note, Draft legislation and Explanatory Notes 9 December 2009 1 Contents Introduction Chapter 1 Chapter 2 Chapter 3 Technical Note Draft Legislation Draft Explanatory Notes 2

More information

For financial advisers only Relevant life technical guide

For financial advisers only Relevant life technical guide For financial advisers only Relevant life technical guide Please note this communication is for financial advisers only. It mustn t be distributed to, or relied on by, customers. About this guide We ve

More information

THE GREYFRIARS PREFERRED RETIREMENT ACCOUNT (GPRA) A SELF-INVESTED PERSONAL PENSION (SIPP) KEY FEATURES DOCUMENT

THE GREYFRIARS PREFERRED RETIREMENT ACCOUNT (GPRA) A SELF-INVESTED PERSONAL PENSION (SIPP) KEY FEATURES DOCUMENT 1. Introduction: Before you proceed with your SIPP we want you to be sure that you know what the decision will mean for you; what the plan is, how it works and what the risks are. This key features document

More information

This factsheet contains help and information for financial advisers who wish to advise their clients who live in Europe.

This factsheet contains help and information for financial advisers who wish to advise their clients who live in Europe. Financial Conduct Authority Factsheet No.025 Investment advisers Passporting This factsheet contains help and information for financial advisers who wish to advise their clients who live in Europe. Introduction

More information

Receita Federal do Brasil (RFB) www.receita.fazenda.gov.br 1 January to 31 December Last working day of April following end of tax year

Receita Federal do Brasil (RFB) www.receita.fazenda.gov.br 1 January to 31 December Last working day of April following end of tax year Worldwide personal tax guide 2013 2014 Brazil Local Information Tax Authority Receita Federal do Brasil (RFB) Website www.receita.fazenda.gov.br Tax Year 1 January to 31 December Tax Return due date: Last

More information

FOREWORD. Cape Verde. Services provided by member firms include:

FOREWORD. Cape Verde. Services provided by member firms include: 2015/16 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are

More information

RETIREMENT ANNUITY TRUST SCHEMES (RATS)

RETIREMENT ANNUITY TRUST SCHEMES (RATS) FACT SHEET RETIREMENT ANNUITY TRUST SCHEMES (RATS) With only a limited number of retirement annuity contracts (RAC) and personal pension schemes (PPS) available in Guernsey, the popularity of RATS is growing

More information

POWER OF ATTORNEY SAVINGS ACCOUNT APPLICATION FORM PAGE 1 OF 4

POWER OF ATTORNEY SAVINGS ACCOUNT APPLICATION FORM PAGE 1 OF 4 PAGE 1 OF 4 SECTION 1 - DONOR (PLEASE NOTE, WE WILL OPEN THE ACCOUNT IN THE NAME OF THE DONOR) Are you a permanent UK resident? (Excludes Channel Islands, Isle of Man and other crown dependencies) Please

More information

Capital Investment Bond Key features for additional investments only

Capital Investment Bond Key features for additional investments only Capital Investment Bond Key features for additional investments only This is an important document. Please read it and keep for future reference. The Financial Conduct Authority is a financial services

More information

New High Earner Tax in the UK Applies to US Pension Plan Contributions and Accruals

New High Earner Tax in the UK Applies to US Pension Plan Contributions and Accruals MEMORANDUM TO CLIENTS May 13, 2010 RE: New High Earner Tax in the UK Applies to US Pension Plan Contributions and Accruals For a number of years, the UK has had a relatively generous annual contribution

More information

Deduction of income tax from savings income: implementation of the Personal Savings Allowance

Deduction of income tax from savings income: implementation of the Personal Savings Allowance Deduction of income tax from savings income: implementation of the Personal Savings Allowance Consultation document Publication date: 15 July 2015 Closing date for comments: 18 September 2015 Subject of

More information

10 minutes on... post FOFA rewards

10 minutes on... post FOFA rewards September 2012 What you need to know about emerging topics essential to your business. 10 minutes on... post FOFA rewards Brought to you by PwC. Highlights With the FOFA deadline looming and ASIC regulatory

More information

Investor Protection for your Standard Life product

Investor Protection for your Standard Life product Investor Protection for your Standard Life product This guide explains how the Financial Services Compensation Scheme (FSCS) works in relation to Standard Life This guide explains how the UK Financial

More information

Belgium: Tax treatment of immigrating taxpayers

Belgium: Tax treatment of immigrating taxpayers Belgium: Tax treatment of immigrating taxpayers IFA Congres Madrid 30 May 2014 Marc Vandendijk Tax Lawyer VANDENDIJK & PARTNERS Rue Edith Cavellstraat 66 1180 Brussels Tel.: + 32 (0)2.343.33.45 E-MAIL:

More information

tax and other important information for Malta

tax and other important information for Malta tax and other important information for Malta For Malta based Trustees only This document provides the policyholder with important information before investing in the European Executive Investment Bond,

More information

Facts on Taxation in Denmark

Facts on Taxation in Denmark Facts on Taxation in Denmark Updated by Njord Law Firm, December 2015 www.investindk.com Contents Corporate taxation... 2 Tax liability for different corporate forms... 2 Full or limited tax liability...

More information

Self managed superannuation funds. A Financial Planning Technical Guide

Self managed superannuation funds. A Financial Planning Technical Guide Self managed superannuation funds A Financial Planning Technical Guide 2 Self managed superannuation funds What is a self managed 4 superannuation fund (SMSF)? What are the benefits? 4 What are the risks?

More information

Scottish Widows Unit Funds Limited

Scottish Widows Unit Funds Limited Scottish Widows Unit Funds Limited Annual PRA Insurance Returns for the ended 31 December 2015 IPRU(INS) Appendices 9.1, 9.3, 9.4, 9.6 Balance Sheet and Profit and Loss Account Contents Long Term Insurance

More information