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Are you Brexit ready? Christina Brady from Blacktower Financial Management with Moody - 6th Oct 2020
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Jan 13, 2025
Christina from www.blacktowerfm.com was in with Moody on Tuesday, the same day that the UK state pension age was raised to 66 with further rises to come. Also covered were transfer of private pensions, how to make sure you're as tax compliant and tax efficient as possible ahead of Brexit, and the TIE card. For any enquiries email [email protected] and be sure to Like and Subscribe up to our YouTube channel for more insights from BayRadio Spain: https://www.youtube.com/channel/UCHyiJYOOyp4cWu5kzr_2RrA Website: http://www.bayradio.fm/ Mobile App: https://app.appinstitute.com/yddcc Facebook: https://www.facebook.com/BayRadioInSpain Twitter: https://twitter.com/bayradioinspain Instagram: https://www.instagram.com/bayradiospain/
View Video Transcript
0:00
what you've got to remember though is
0:01
once you have a final salary pension
0:03
once you start to take money from that
0:06
pension so once you start drawing money
0:08
that is it you can never transfer it so
0:11
once you draw down
0:12
you are locked in that is it this is bay
0:15
radio
0:16
christina brady is back from black tower
0:18
financial management uh just sorting out
0:20
it's all last minute
0:21
it never stops does it no uh continuing
0:23
working on your phone there and
0:24
of course we see you uh pretty much
0:26
fresh from a seminar yesterday you're at
0:28
the javier one
0:29
yes expat info seminar and i
0:33
gave a little talk on finance and how
0:36
leaving the eu would affect expats in
0:38
spain
0:39
um because there's many things that you
0:40
need to consider if you look at the
0:42
government website they've got a traffic
0:44
light system and it says red for check
0:46
orange for change angry for go so for
0:49
check
0:49
really the main thing is your residency
0:51
be ready
0:52
if you're new to spain get your tie
0:55
which is the new residency card
0:57
if you have an old residency card either
1:00
an a4 or a small green one
1:02
there is no pressure to get that change
1:05
this year there's some false rumors on
1:07
different sites that say you have to
1:10
change them this year you do not i
1:11
checked with the experts yesterday
1:13
the main rush is for people who've just
1:16
got here
1:17
to apply before december because after
1:19
then the criteria will change
1:21
and we're not sure what it's going to be
1:22
if there's a no deal brexit or the
1:24
brexit doesn't include
1:26
financial products there could be all
1:28
finance there could be all different
1:29
criteria you have to meet
1:31
at the moment is set down if they change
1:33
it to be something like south africa you
1:35
have to have a lot more money
1:36
you have to have a lot more income
1:37
coming in so for people who want to be
1:40
here um get an appointment by the 31st
1:43
city center or get your paperwork in
1:44
appointments are very hard to come by
1:46
in the valencia region alicante you can
1:48
only do it at alicante
1:50
where we are at the alicante police
1:52
station you can't do it you're local
1:55
so you have to go to alicante and there
1:56
aren't many appointments but as long as
1:57
you've got your paperwork
1:58
in and they've acknowledged they have
2:00
your paperwork by the end of the year
2:02
then you're fine
2:04
it's best to go through an expert i know
2:06
it's going to cost you maybe
2:08
90 euros um but they will get all the
2:10
paperwork done correctly they will clear
2:12
tick the correct box on the forms which
2:15
means you get the correct tie some
2:17
people have been
2:17
getting the wrong ties no there's two
2:20
you can get there's one that says you're
2:21
a permanent resident
2:23
one and one that says you're
2:24
non-permanent and then there's another
2:26
one which says you are married
2:27
to an eu citizen you're a spouse okay
2:30
and some people have been getting that
2:31
one mistakenly so you need to check
2:34
um if you get someone to do it for you
2:35
they will get all the paperwork in order
2:37
they will check the correct ticks are
2:38
done on the forms
2:39
you have to go twice you have to go once
2:41
to give your fingerprint and when you go
2:43
and collect it and you've given a
2:44
picture
2:45
they check your fingerprint again to
2:46
make sure it's you
2:48
so if you can if you're new here and you
2:50
want to remain here
2:52
more than 90 days in 180 because after
2:54
next year if you're a non-resident
2:56
you can only remain here 90 days in any
2:58
180 day period
3:00
if you're residents you can still do 183
3:03
in 365 before you become tax resident
3:06
so it's really important that if you
3:09
want to stay here
3:10
you get that done um and as i said
3:14
you may not get an appointment but as
3:15
long as you've got your paperwork in and
3:16
it's acknowledged you'll be okay
3:18
i'm right i'm saying sorry with the tie
3:20
card if you if you just want one anyway
3:21
and you've already got your residency
3:23
yeah you don't join that same queue as
3:24
people applying for the first time it's
3:25
a lot quicker
3:26
it should be a lot quicker it's not the
3:28
same no but something
3:30
but they still yeah but there's still
3:31
not many appointments for anything at
3:33
the moment so
3:34
but there's no rush to change your green
3:36
ones some people have been scared
3:38
by different bits they've read saying
3:39
you have to do it this year you do not
3:41
have to do it yet this year
3:42
there's no time frame but it's best to
3:44
get it done within the next year or so
3:47
because they're going to bring in
3:47
another requirement i think it's in 2022
3:51
which
3:51
is something completely different so if
3:53
you've got your ti you don't have to
3:54
comply with that
3:55
taxation obviously be as tax efficient
3:57
as possible
3:59
health care be prepared make sure you've
4:01
got your s1
4:02
if you're entitled to it you've got
4:03
private health care or
4:05
you can pay into the social security
4:08
system
4:09
by something conventional i can never
4:11
say it but anyway you pay so much each
4:13
month it's about 70 euros it does go up
4:15
if you're older
4:16
and that entitles you to the nhs here
4:19
the
4:19
the state healthcare um it just doesn't
4:22
uh pay for your prescriptions but it is
4:24
another option if you've got
4:25
pre-existing conditions
4:26
you can't get private health care it's
4:28
something to consider also
4:30
i know you had kevin on uh but foreign
4:32
exchange you've got to be aware
4:33
it's liable to be volatile if there's a
4:35
no deal sterling's liable to fall
4:37
i think at the moment it's about 110
4:39
still yeah it's where it's been for
4:41
the last few days at 1 10 20. yeah it's
4:44
not really moving it's flatlining as i
4:45
said to moody when i came in it's
4:47
actually dead at the moment
4:48
it's it's waiting for news and i think
4:50
it may be brexit-related news it's
4:52
waiting for as well
4:53
you've got you've got the news that's
4:54
meant to come out on the 15th or 16th of
4:56
october
4:57
so we'll have to wait for that and also
4:59
key events with your finances you've got
5:00
to check your pensions are okay
5:02
your investments and savings are okay
5:04
inheritance tax
5:06
you're as tax efficient as possible and
5:08
banking you need to review
5:10
everything to make sure that you're eu
5:12
compliant now first of all we'll touch
5:14
on banking because
5:15
there's been so much about bank accounts
5:17
being in the uk being closed
5:20
i have checked and at the moment it's
5:21
only barclaycard visa
5:23
where they are closing all accounts for
5:25
people in the eu
5:26
you should have received a letter
5:28
they're going to close it on the 16th of
5:29
november
5:30
unless you have a uk residential address
5:34
you do not have to be a uk resident you
5:37
have to have a uk residential address
5:39
and then they will keep it open
5:41
regarding bank accounts the only bank
5:42
that's confirmed that is closing bank
5:44
accounts in spain so far is cootes
5:46
and that's not just spain they're
5:48
closing the whole of europe uh they are
5:50
part of rbs which also owns natwest but
5:52
both of them have said no comment at the
5:53
moment
5:54
so is hsbc and so is barclays on the
5:57
normal accounts i think what they're
5:58
most really doing
5:59
is a review of where they hold accounts
6:01
in europe how many they hold
6:03
how profitable they are and then if
6:05
there is a no deal or a deal that
6:07
doesn't include financial products
6:08
is it worth of them negotiating a deal
6:10
with the country in question
6:12
so i think that's what they're all
6:14
working on this is only uk
6:15
mainland accounts if you have an
6:18
offshore account jersey guernsey isle of
6:19
man
6:20
they are not affected okay so they will
6:22
carry on being open so just remember
6:24
that
6:25
so i had a lady in the other day who was
6:27
in the late 80s who's really really
6:28
panicking
6:29
and i said to worse comes to worse if
6:31
they close your account
6:32
you should be able to open one in the
6:34
isle of man it's not ideal because spain
6:36
sees that as a tax haven
6:38
but it is a uk bank account and if you
6:41
hold
6:41
premium bonds or if you hold nsni
6:43
investment bonds
6:45
one of the things is if you hold them
6:47
you must have a uk bank account or if
6:48
you want to open them
6:50
so that's why it's quite important to
6:52
have a uk bank account plus some
6:53
pensions want to pay into a uk bank
6:55
account
6:55
so there are ways around it so please
6:57
don't panic and don't be scared into
6:59
doing anything hastily
7:01
as i said at the moment it's just
7:02
barkley card that sent out the letters
7:04
but if you have a uk residential address
7:06
advise them of it
7:07
and they will not close your account
7:09
okay and this was um the first of these
7:11
for this week you're in javier at the
7:13
parador they continue through the week
7:14
but um
7:15
well attended and it went really well it
7:17
was we had social distancing
7:19
um everything was you know mars
7:21
sanitizers it went very very well
7:23
a very very good turnout and today uh
7:25
where there's 9 30 which has already
7:27
started
7:27
out here at the villager and then at 12
7:30
o'clock
7:31
and then tomorrow it's in casada
7:34
and that is again at 9 30 and 12 and
7:37
then the one after that
7:38
is in the orawela costa
7:42
yeah at 9 30 and at 12 so if you want to
7:45
go
7:46
uh you should go on to expat info is it
7:48
es yes
7:49
and register but if not you can try and
7:52
turn up on the day if there is space
7:54
they will let them in
7:55
you're in but if you're registered you
7:56
will definitely get seat because
7:57
obviously with social distancing
7:59
usually you can have maybe 60 70 80
8:02
you know up to 100 in some places of
8:04
course that's now cut in half
8:06
so but it is very very interesting
8:08
you've got citizens advice
8:10
you've got advices from black tower on
8:13
savings and investments
8:14
you've got a lawyer there who tells you
8:17
about your residencia
8:19
and if you wanted there's people to talk
8:21
about about funerals and foreign
8:23
exchange so
8:23
it's quite in all encompassing and it is
8:26
very very good and they don't go on too
8:27
long
8:28
there's a questions session at the end
8:30
so you can ask as many questions as you
8:32
want
8:32
and obviously you can meet with people
8:33
afterwards from what you could tell do
8:35
most people
8:36
sort of know what they need to do now or
8:38
one or two sort of thinking
8:40
asking you basic questions that they
8:42
haven't sorted sort of stuff out yet
8:43
most people
8:44
are are quite good but regarding the tie
8:47
there has been so much confusion
8:49
um it was very nice to get all clarified
8:51
as and again regarding how much time you
8:53
could remain
8:54
in spain if you're a resident and
8:56
non-resident and before you become tax
8:58
resident
8:59
um again most people didn't know about
9:02
changes that could affect their pensions
9:04
or investments which we can talk about
9:05
in a minute
9:06
so there was lots of lots of people
9:08
learned a lot i got
9:10
quite a few emails saying thank you it's
9:11
very informative and that's already
9:14
always a very very good feedback
9:16
um just a quick look at the markets then
9:17
because we would normally start with
9:19
that so we
9:19
had him headed back up a little bit
9:21
there must have been some falls big
9:22
falls at some point
9:23
we've climbed back up towards towards
9:26
ish the 6
9:26
000 mark we're at five nine and we're
9:28
down now
9:30
so we're nearly down one percent
9:32
although the ibex is up
9:34
just slightly everything's not going
9:36
very far i think
9:37
obviously when dora donald got uh taken
9:40
into hospital
9:41
um the markets did react now no he's out
9:45
um they were back up a bit yesterday
9:47
yeah but now
9:49
they're all flatlining at the moment i
9:51
think we're waiting for news on brexit
9:52
which is meant to
9:53
with the brexit you've got the key dates
9:55
of the 15th and 16th of october
9:58
um when the eu and the uk are meant to
10:02
come to some sort of agreement i must
10:04
admit boris did say he may have an extra
10:06
month but we don't know and then of
10:07
course 31st of december
10:09
midnight europe central european time
10:12
transition period ends full brexit
10:14
begins and the uk is no longer
10:16
bound by eu rules so they've got the
10:17
markets with that you've got the u.s
10:19
elections
10:20
you've still got covid you know figures
10:22
excel spreadsheets go wrong
10:24
figures go up and down like a yo-yo so
10:26
there's lots of things but the markets
10:28
are now just sort of bumbling along
10:30
waiting i think for what happens with
10:32
brexit
10:33
and seeing how uh the us uh
10:36
politicians all recover from the coving
10:39
outbreak they're suffering from at the
10:40
moment
10:41
yeah they found a super spreader at the
10:44
white house in the rose garden there um
10:46
we'll have to wait to see on that one by
10:47
the way i just got um heidi gordon in
10:49
qatar
10:50
listening on the costa blanca uh i had a
10:52
good experience doing the tie thing all
10:54
went very smoothly
10:55
yeah i've heard 50 50 you know some
10:56
people have trouble getting the
10:57
appointments
10:58
he did say it does take forever to get
11:00
them yeah it was just the appointment
11:01
once you get there it's very very
11:02
efficient
11:03
it really is if you've got everything in
11:04
order um it's it is very very efficient
11:07
it's just getting the initial
11:08
appointments
11:08
yeah he said just he said they do speak
11:10
good english as well so yeah
11:12
if you struggle with that you'll be all
11:13
set thank you for that it's good to know
11:15
you're
11:15
all gone through all right now then uh
11:17
it's my bit of prep for the show today i
11:19
was surprised by this
11:21
it's because i heard it in our main news
11:22
this morning but um so today's the day
11:25
the first increase in the pension age
11:27
the retirement age
11:28
for the uk pensions yeah so is that 66
11:31
is that that's that male and female
11:33
i would assume so i know it's going
11:36
well for not only for men for people who
11:39
are in their mid 50s it's now 66.5
11:42
because by the time you get to
11:44
be the age you could so it's going up
11:45
all the time it's going to go up to 67
11:48
and there is talk of it even going up to
11:49
70. but at the moment it's 66 and it has
11:52
to be equal across both sexes
11:54
right okay so that would make yeah yeah
11:56
that makes sense so that's that but
11:57
talking on pensions there's one good
11:59
thing
12:00
in the withdrawal agreement the uk has
12:02
committed to continue the yearly cost of
12:04
living rises
12:05
for state pensions for recruit retired
12:07
uk expats in in europe
12:10
in spain um obviously what happens in
12:12
the uk if they ever get rid of the
12:13
triple lock it will affect people here
12:15
but at the moment it's the same as the
12:16
uk
12:17
so that's very very good uh post brexit
12:20
we're a bit worried that the uk could
12:22
widen the taxation net
12:24
and change taxes on pensions or pension
12:27
transfers
12:28
and make it very hard to transfer final
12:30
salary pensions abroad
12:32
or they may decide to get rid of the 25
12:35
tax free you can take from your pensions
12:37
in the uk that's been an idea that's
12:39
been passed around but what you have to
12:40
remember as well
12:41
final salary pensions at the moment
12:43
we've seen a lot of people coming in
12:44
they're getting very
12:45
high transfer values so they're
12:47
expecting say to see something of 150
12:50
and some of them are getting 200 or 250
12:52
which is a lot more
12:54
um and for some of them they'd have to
12:55
live to 106 or 110
12:57
to use up their pension pot and in some
13:00
of those cases it is worth transferring
13:02
them
13:02
the costs are high you have to get uk
13:04
independent
13:05
report which comes off your transfer
13:09
value when you transfer but it can be
13:10
about 2 000 or more
13:11
and you've got to add v80 on top but for
13:14
some people it's worth doing it what
13:15
you've got to remember though is once
13:16
you have a final salary pension
13:18
once you start to take money from that
13:21
pension so once you start drawing money
13:24
that is it you can never transfer it
13:27
you can never take a you know take take
13:29
all your money out as cash
13:30
you've watched you've done as you you
13:32
sort of crystallized it so you're now
13:34
stuck at that even if they transfer
13:36
because some companies what doing is
13:37
they're
13:37
they're selling their pension book to
13:39
get it off their balance sheet and
13:40
they're selling it to insurance
13:42
companies like aviva
13:43
and aviva's taking it on just because
13:45
it's been sold to an insurance company
13:47
does not change any of the terms and
13:48
conditions of your pension
13:50
it does not become flexible draw down it
13:52
does not become
13:54
a pension where you can take your all
13:55
your money out it stays exactly as the
13:57
terms and conditions
13:58
of a final salary pension so once you
14:00
draw down you are locked in
14:02
that is it you've that is what you're
14:04
going to get from life so you're going
14:05
to get your pension with your cost of
14:07
living rise if anything happens to you
14:08
your spouse gets 50
14:10
if you both die that pension dies with
14:12
you okay so just remember that once you
14:14
start taking from your final salary
14:16
pension that is it it's not the same for
14:19
private pensions
14:20
and it's not the same for defined
14:21
contribution pensions which is where you
14:23
pay money in a
14:24
you know to your pension that's
14:26
different you can get flexible drawdown
14:28
you can transfer them
14:29
you can take cash but this is company
14:31
pensions final salary ones
14:33
where they have they are in charge of
14:35
that pension pot so please remember that
14:37
because that is key yeah just while
14:39
we're on the uk state pension yeah
14:41
reminder about this where you can check
14:42
up
14:43
because a lot of people the way this
14:45
came up um you're surprising folk with
14:47
this thing well i've
14:48
completely forgotten about that or if
14:49
they've been in spain foreign
14:53
website it's check dash state dash
14:56
yeah but if you search for golf dot uk
14:58
check this out you have to and you know
15:00
you just put in your
15:01
date of birth if you want to go further
15:04
and you want to find out when you're
15:04
going to get your pension how much is
15:06
you need your national insurance number
15:08
most people have that if not you can go
15:10
again to the uk government website
15:12
it tells you how to get your national
15:13
insurance number it does take a little
15:15
while for
15:16
someone who's trying to do it they've
15:17
been waiting now about four or five
15:18
weeks
15:19
but it's worthwhile getting to see if
15:21
you are entitled to anything
15:22
and for some people it can be a nice
15:24
surprise yeah i mean they may have
15:26
broken off from paying in
15:27
so they think well it's there's nothing
15:28
there but if you've contributed up to
15:31
the time you left then
15:32
you may have something i had someone who
15:34
came in the other day
15:35
and his pension was going to please
15:38
he'd contributed into a pension he was
15:40
going to get 86 was it 68 pounds a year
15:43
but you know
15:44
[Laughter]
15:46
but as i said it's a meal out yeah i'll
15:48
take it so take it
15:50
um no it is worthwhile to find out what
15:52
you're going to get and for some people
15:53
if you're near retirement age and you're
15:55
not getting the full pension it'll give
15:56
you a calculation to top it up to the
15:57
full pension
15:58
and sometimes it's worthwhile doing it
16:00
if you do your calculation
16:02
and it works it's beneficial do it
16:05
there's no reason not to that money is
16:07
guaranteed by the government once you
16:08
start taking it
16:09
they can't stop it unless the government
16:11
goes bust obviously they can stop the
16:12
cost of living rises if they change how
16:14
that's calculated
16:15
so it's worth looking as well if you're
16:17
near retirement how you can top it up
16:19
if you've only missed a few years or
16:20
maybe five years it may be worthwhile
16:22
yeah i mean the end the end figure is
16:24
going to be the same isn't it nine
16:26
one one or something it depends if
16:27
you've done full contributions yeah yeah
16:29
but
16:29
it'll show you where you're at at the
16:30
moment we'll show you but if you keep
16:31
playing in then it gets anything and it
16:33
will tell you where you're going to get
16:34
to
16:34
yeah um so it's worthwhile doing it's
16:36
good fun as well it's it's
16:38
you sort of think it's a bit of a
16:39
mystery that sometimes you think i would
16:41
kind of
16:41
deal with that when he could come to it
16:42
but and also it's nice to know that when
16:45
you get to say
16:46
67 or whenever you've got that money
16:48
coming in yeah it's nearly a thousand
16:50
pounds a month
16:51
and that in spain that goes a long way
16:54
um
16:54
so please don't forget about your state
16:56
pension hopefully this will trigger it
16:58
with most people
16:59
it is a good thing to have yeah it is
17:00
gov dot uk forward slash czech
17:03
hyphen state hyphen pension or just put
17:05
in uh you know government pensions but
17:07
make sure you go
17:08
on to the government website and it's
17:10
not one of these that says we'll check
17:11
for you and we'll charge you
17:13
so it's all for free if you're asked to
17:15
pay any money for any of this
17:16
it's a scam don't do it it's all for
17:18
free on government websites so please
17:20
don't be
17:21
you know affording to take paying money
17:23
when you don't need to for someone to do
17:24
it for you it's very very simple
17:26
it really is if moody can do it and i
17:28
can do it it's very simple yeah and the
17:29
most sobering bit is it tells you the
17:31
exact date when it's due and i think
17:32
well that doesn't seem that long away
17:34
for me 2028. later than that
17:38
2048. something like that no hey not far
17:41
off um
17:42
but that's yeah that was worth
17:43
mentioning again because it's still one
17:45
or two people that's surprising and
17:46
pleasantly of course yeah
17:48
and also we're talking about pensions
17:49
we've got curators which is qualified
17:51
recognized overseas suspension schemes
17:53
and we've got sips which is a
17:54
self-invested personal pension scheme
17:56
after brexit if there is no deal or the
17:59
deal doesn't include
18:00
financial products it could have an
18:02
impact on people who've taken out cure
18:03
ups
18:04
after march 2017 when the rules changed
18:06
slightly
18:07
and they bought in an overseas transfer
18:09
charge and what it will mean is if you
18:11
do decide
18:12
to move back to the uk within five years
18:15
of when you've issued your cure ops
18:17
you could be subject to this otc charge
18:19
which is 25
18:20
of the value there is an easy way to get
18:22
round of it you can transfer from your
18:24
cure ups into a sip
18:26
a sip is uk jurisdiction it doesn't have
18:28
the same otc on it
18:29
and if you have set this up for a
18:31
financial advisor they've set you up
18:32
with the cure ops
18:33
you're now going back to the uk they
18:36
should be able to switch you
18:37
from your cure ups to your sips free
18:40
offer a very
18:41
minimal charge now if you go to a
18:43
financial advisor and they are charging
18:45
you three
18:46
four five percent to do this please say
18:49
no
18:49
and walk away and find someone who can
18:51
do it for you cheaper
18:53
they've made you know they've made money
18:55
doing your original cure ups
18:56
and now because of your changing
18:58
circumstances or maybe
19:00
you've just decided you want to go back
19:02
you know you've had to change it
19:05
for most people you can get it done for
19:07
free or as i said a very small charge
19:09
but if you want to do it you should
19:10
really do it before the 31st of december
19:12
this year
19:13
because if you're doing after that we
19:14
don't know what the rules are going to
19:16
be we
19:16
at the moment you know it looks like
19:18
we're going towards a no deal we may
19:20
have a deal but who's going to say
19:21
that's going to include finance
19:22
financial services at the moment that
19:24
hasn't been discussed
19:25
so please be wary of that sips
19:29
at the moment are the best seller the
19:31
only difference with the sip is you
19:32
remain under a uk jurisdiction
19:35
so you're subject to uk tax law unless
19:37
you get an nt tax code which then means
19:39
you get your money gross
19:40
and you declare your income in spain
19:43
it's quite easy to get as you get you go
19:44
on the government website and you apply
19:46
for an nt tax code
19:48
cure ups are still governed by uk
19:50
pension rules because the hmrc has to
19:53
agree
19:53
that they are curious to have to meet
19:55
certain criteria um
19:56
but as i said a sip is under the uk
19:58
jurisdiction so
20:00
it doesn't matter if you it won't affect
20:02
you if you leave from spain and go back
20:04
to the uk so that's something to bear in
20:05
mind
20:06
also investments if you have a spanish
20:08
compliant bond
20:10
if there is a no deal brexit or there is
20:13
a failure to negotiate a financial
20:16
um services part of it what it will mean
20:20
is that certain funds within your
20:23
portfolio if they begin they've all got
20:25
a code it's called an icing code
20:26
if they begin with the pre-prefixed gb
20:30
what will mean is if they are uk
20:32
domiciled
20:34
and we don't have a deal then they will
20:37
lose
20:37
their tax efficient status so what it
20:40
could mean is that the spanish will say
20:42
you have to declare your gains every
20:43
year on those funds and pay tax
20:45
there is a way around it most uk
20:47
domicile funds
20:48
have set up the identical fund either in
20:50
ireland or luxembourg
20:52
so you could switch between the two so
20:53
can you make your portfolio as efficient
20:55
as possible
20:56
and there are some providers are
20:57
actually giving out uh
20:59
information now saying any new deals we
21:01
will not accept
21:03
uk domicile funds until we know what's
21:06
happening
21:06
it's only a few months but just be aware
21:08
you could get that also uk advisors
21:11
numerous people coming to see us at the
21:13
moment uk advisors sorry
21:15
brexit we will no longer be able to
21:16
passport into spa into europe because
21:19
there hasn't been a financial services
21:21
agreement therefore we can no longer
21:23
service your financial affairs
21:27
you have to find a financial advisor in
21:29
the country you live in
21:30
one lady her company could but they said
21:33
they didn't understand the tax laws
21:35
in spain therefore is advisable to get a
21:37
spanish adviser so there's two scenarios
21:39
there
21:40
they may lose their passporting rights
21:42
which means their professional indemnity
21:43
insurance doesn't cover them
21:45
so you need to find an advisor here
21:47
that's all well and good but if you've
21:49
had an investment for the long time
21:51
in the uk you could have made a
21:52
substantial gain if you have to close
21:54
that down to reopen one
21:55
you've then got a tax charge capital
21:57
gains and that can be quite high
22:00
and if you're resident in spain the
22:01
spanish will expect you to pay that
22:03
because you'll have declared it on your
22:04
modelo 720
22:05
and regarding the modulo 720 you do it
22:08
once you don't have to again unless
22:10
something's gone up by 20 000 euros
22:12
or you close something down so if you've
22:13
closed down your uk investment they'll
22:15
know
22:16
and they'll ask if there's a gain on
22:17
that so just be very very careful
22:19
don't rush into anything take good
22:21
advice and make sure that if you have
22:23
got a tax charge
22:24
it can be compensated either through an
22:26
enhanced allocation on your new
22:28
investment
22:28
or a reduction in fees but make sure
22:31
everything is covered before you do
22:33
anything
22:33
christina's in from black tower
22:35
financial management just wrapping up
22:36
here but a reminder
22:37
um important news we're waiting for
22:39
it'll be this month in a couple of weeks
22:41
time uh what's that the 15th did you say
22:42
yeah
22:43
it's a week um yes it is just about yeah
22:45
just over a week yeah just a week when
22:47
when the eu and britain are meant to uh
22:49
come to some agreement
22:50
they may extend it for another month
22:52
we'll have to wait and see
22:53
but it's all got to be done and dusted
22:55
by the 31st of december
22:57
um and we've been talking about stuff
22:59
that could be impacted also you need to
23:00
look at inheritance tax
23:02
make sure as you're as efficient as
23:04
possible as you can be not only in spain
23:06
but also in the uk
23:08
because even though you are a spanish
23:09
tax resident you're also
23:11
if you're uk domiciled liable for uk
23:13
inheritance tax
23:15
so you need to make sure you're
23:16
efficient from both and we can help you
23:17
there as well
23:18
blacktail we can help you with wealth
23:19
management we can help you pensions
23:21
we can help you with investments uh you
23:23
know tax planning solutions we are here
23:25
to help and guide you
23:27
and if you think the 31st of december is
23:29
going to come very very quickly
23:31
it's just over two months away yeah it
23:33
was
23:34
i mean i think it was the last time
23:35
you're in you revealed that uh release
23:37
financial products and things they're
23:38
not it's not been sorted not under the
23:40
withdrawal agreement so there is a lot
23:42
of
23:42
grey area it's best to be um on the
23:46
right side of that grave if there is
23:47
such a thing
23:49
be whiter rather than black so so that
23:52
you if anything does
23:53
go uh you know in the way we don't
23:56
expect you're covered
23:57
but we can help you with that obviously
23:58
there are certain unknowns
24:00
um but if you need anything remember it
24:02
is going to come across very quickly
24:04
we've got christmas coming up
24:05
so if you need any advice just get in
24:08
touch and the best way
24:09
is to email bay radio
24:13
or one word at black tower fm
24:16
financialmanagement.com um or you can do
24:19
info at blacktowerfm.com if you do
24:22
either can you put the attention of
24:23
christina
24:24
because sometimes they can take a little
24:26
extra time to be
24:27
relayed not from bay radio the bay radio
24:30
one but the info one
24:31
you can also go to our website which is
24:33
blackterrfm.com
24:34
look under spain look under across the
24:36
blanket you'll find me there
24:38
as i said it's not just the costa blanca
24:39
we cover the whole of spain whole of
24:40
europe so if you've got any questions
24:42
from france
24:42
from the canary islands from anywhere in
24:44
spain italy
24:46
greece anywhere please just email them
24:48
through them we'll get them to the right
24:49
person who can answer you
24:51
um again if you send any emails through
24:53
a website
24:54
please put for the attention of
24:55
christina otherwise it takes them a
24:56
while to find out where they need to go
24:58
you can always close call the office
25:00
which is 965-05-8212
25:05
um or failing on that just email or call
25:08
bay radio
25:09
if you email it is bay radio
25:12
oh i forgot what it is go on after all
25:13
this time i'm gonna leave you two no no
25:15
no no
25:16
radio studio at bay radio dot fm
25:19
yeah i've got that it was just it was
25:21
one of those menopause moments
25:23
when you get uh this fog on your mutt
25:25
you see you can use that and i can't say
25:27
anything i can't come back no you can't
25:28
because otherwise you'd be
25:29
called sexist or something so you can't
25:31
challenge but um i mean
25:32
if you remember the bay radio at
25:34
blacktowerffm.com that's the useful one
25:36
they can see
25:36
it's gonna be this one and then we know
25:37
where it's coming from yeah we try and
25:39
get back to you within 24 hours
25:41
uh it depends if it's over the weekend
25:42
it might take a bit longer
25:44
but we will come back to you if you
25:46
don't hear from us it mostly means that
25:47
your inquiry's gonna stray
25:49
so please either call or email again
25:51
because we never ignore anyone
25:53
and of course as much as you can be
25:55
brexit proof at black tower as far as
25:57
you know regulation and everything goes
26:00
i hate to say this it's corny but the
26:01
clock is ticking and you know how time
26:04
runs away with you and before it
26:05
is is here is honors it's like christmas
26:07
you think you've got ages and it's
26:08
suddenly here
26:09
31st is going to come around very very
26:11
quickly so
26:12
you have got time now to sort out your
26:14
affairs and make sure that you are in
26:16
the best position you can be
26:18
with the facts that we know at the
26:19
moment okay now just quick thanks to
26:21
gordon who's in valencia if you are
26:23
doing the swap over to the tie card if
26:24
you've already got your residency
26:26
try valencia city if you can't if you're
26:28
struggling with alicante if you're in
26:29
the middle somewhere yeah if you're in
26:30
the middle not if you're down south no
26:31
no
26:32
it depends which office is nearer to you
26:33
but yes you can try that one as well it
26:35
might be worth it
26:36
all right yep well we'll see you in a
26:37
couple of weeks time that'll be after
26:39
any
26:39
um announcements perhaps on the 15th
26:42
maybe get you in an extraordinary
26:44
announcement so
26:45
no deal um maybe i'll come in if there's
26:47
a deal
26:48
obviously the markets will be fine um if
26:51
there's a no deal i can come in and just
26:52
explain how it impacts people
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