You may believe you are an expat because you have lived overseas for a while, but under complicated rules this may make no difference to your tax status.
Britain and the European Union are squabbling like a divorcing married couple over who picks up the tab for money they both agreed to spend while the UK remains in Europe.
Financial experts are starting to pick up on the idea that expats are not well-served by their providers once they stop contributing into their pensions.
As the latest statistics published by HMRC suggest, overseas pension transfers are on the decline. The rule change in March 2017, in which a 25% exit tax was introduced on any UK pension transferred into a jurisdiction other than that where the investor resides, has negated many of the financial benefits offered the world’s Qualifying Recognised Overseas Pension Schemes (QROPS).
The financial world is a maze of jargon investors and savers must cut a path through to find the information they want.
In this confusing mass of acronyms and technical terms, here’s a guide to some of the more common financial phrases you may need to unravel:
If you’re aged 50 or over and want to retire with a £50,000 a year pension, can you do it?
You need a £1 million pension pot to generate that level of retirement income and the target looks like an impossible mission, but it’s not so far out of reach as many people believe.