Connect with us

UK Budget 2013: How will the proposed changes affect you?

Business & Travel

UK Budget 2013: How will the proposed changes affect you?

Against the backdrop of Cyprus teetering on the brink of financial collapse, George Osborne’s Budget may come to be regarded as one of the most memorable from an offshore perspective. The key elements for ex pats are:

1. INTRODUCTION OF A SINGLE TIER PENSION

The chancellor’s decision to accelerate the introduction of the flat rate state pension has been described as a “cash grab on pensions”, after it emerged that it will bring an extra £5bn into Treasury coffers. Now to be introduced in 2016, a year earlier than previously planned, it will bring an extra 400,000 people into the new regime. George Osborne said the early introduction of the £144 p/week payment would “help the low paid, the self-employed and millions of women most of all”.
However he also acknowledged that this would mean all employees in defined benefit schemes, where payments are guaranteed, would pay higher national insurance contributions from 2016 as a result. This is because there will no longer be a second state pension which they can “contract out” of, a process which allows them to divert national insurance contributions to their employer’s pension scheme.
Glyn Jenkins said. “There is a real danger the move could fuel deeper cuts to public services and jobs, as well as be the final nail in the coffin for the few decent pension schemes surviving in the private sector.”
Other pensions experts warned that introducing the scheme with no flexibility could lead some companies to close their schemes. Joanne Segars, chief executive of the National Association of Pension Funds, which represents scheme providers, said: “If the government gets it wrong then it risks sparking a fresh round of final salary pension closures in the private sector.
“Businesses that get caught on the wrong side of these changes will lose a significant rebate from the end of contracting out, and this extra cost may prompt them to close their pensions altogether.”

2. RULES ON DOMICILE/RESIDENCE

Residence is a pillar of any tax system. Since Pitt’s introduction of income tax in 1799, the UK has had a tax code where liability depended (at least to some extent) on the residence status of the individual.
The old test used to be that if you spent 6 months or more in the UK, then you were deemed tax resident for that year. Furthermore, if you averaged greater than 90 days over a 3 year period, then you would also be classed as tax resident for that year and taxed accordingly. Under the new HMRC rules it is no longer simply a question of the number of days you are physically present in the UK, although this remains an important consideration.
So clearly not as straightforward as the previous regime and these new rules could bring many expats who have previously deemed themselves as “tax exempt” as it were, within the clutches once again of the UK tax authorities. It is now extremely important, therefore, for people to look further at their UK connections and take qualified advice to ensure that they do not fall foul of this new tax regime.

3. RULES FOR CROWN DEPENDENCIES

Britain’s Crown Dependencies have, in the past, been repositories for “hot money” though today they have robust anti money laundering regimes. Under Osborne’s Chancellorship the UK has agreed a comprehensive package of measures with the Isle of Man, Guernsey and Jersey governments to clamp down on those who choose to hide their money offshore.
The agreement provides for automatic exchange of a wide range of financial information on UK taxpayers with accounts in the Isle of Man, Guernsey and Jersey. This will significantly enhance HMRC’s ability to crack down on those who do not declare their offshore income or who “hide” capital derived from taxable activities in the UK in one of the Dependencies.
To see if any of these changes will affect you and to determine if your own UK pension scheme could be at risk please feel free to contact us. Either by email at [email protected] or alternatively by telephone on 038 074644 or 0800 178 269.

ukbudget2           ukbudget

 

Continue Reading

More in Business & Travel

Join our Newsletter


Events

november, 2019

31mar(mar 31)00:0030nov(nov 30)23:59The ‘Formula One Race’ Starts at Hooters Exciting F1 Games

01sepalldayTerre Et Mer at Caprice Restaurant Royal Cliff PattayaBeef. Lamb. Monkfish. Or a fancy plate of Bouillabaisse, We are serving them all at Caprice – A Taste Of Riviera.

01sep08:4631dec(dec 31)08:46Premium Cuts at Royal Grill Room & Wine Cellar Royal Cliff PattayaEnjoy our butcher’s premium selections at Royal Grill Room & Wine Cellar – Excellence & Heritage!

01sep08:5631dec(dec 31)23:56Exotic BBQ Skewers at Breezeo Royal Cliff PattayaTry our new Exotic BBQ Skewers and enjoy our chef’s special menus that are grilled to thrill!

01sep09:0731dec(dec 31)09:07Special Prime Beef Teppanyaki at Chamu Royal Cliff PattayaShowcasing one of the most popular dishes in Japan, try our new Teppanyaki promotion and let us bring Japan to you at Chamu – Japanese Corner.

01sep09:2031dec(dec 31)23:20Silk Road to Huang Chao at Huang Chao Royal Cliff PattayaDiscover Marco Polo’s favorite noodle dishes at Huang Chao – Royal Cantonese Cuisine

01sep09:5631dec(dec 31)23:56Flavours of Siam at Larn Thong Royal Cliff PattayaWe are serving world class cuisine from the 4 regions of Thailand at Larn Thong – Authentic Thai Traditions. This is your opportunity to explore the famous dishes from each region without ever leaving Pattaya!

01sep10:0631dec(dec 31)23:06Gold Medal Cocktails at The Bars of the Royal Cliff PattayaLife is good, especially on the weekend. Drop by and enjoy breath-taking views while you sip and savour our new refreshing cocktails.

01sep10:1931dec(dec 31)23:19World of Cupcakes at Café Royal Royal Cliff Beach HotelEnjoy the most adorable selection of cupcakes at our Café Royal located at the Royal Cliff Beach Hotel!

29oct(oct 29)18:0030nov(nov 30)23:00Pattaya International Fireworks Festival 2019Back again with the International Firework Festival Marvel at the spectacular fireworks display.

12nov19:0023:00499 Baht Buffet Dinner at Thai Garden ResortOnly for 499.- net per adult.

13nov19:0023:00499 Baht Buffet Dinner at Thai Garden ResortOnly for 499.- net per adult.

14nov19:0023:00499 Baht Buffet Dinner at Thai Garden ResortOnly for 499.- net per adult.

15novalldayA Taste of Santa Carolina Chilean Wine Dinner at deVine Wine Club Royal Cliff HotelWe are delighted to invite you to our next deVine Club wine dinner, ” A Taste of Santa Carolina Chilean Wine Dinner“, which is due to take place on Friday, 15 November 2019.

15nov18:3021:00Multi Chambers Eastern Seaboard Networking at ANA ANAN Resort & Villas PattayaMembers and friends in Samutprakarn, Chacheongsao, Chonburi, Rayong and those who have a business meeting in the area, please join us at this one of the best networking event of November!

15nov19:0023:00499 Baht Buffet Dinner at Thai Garden ResortOnly for 499.- net per adult.

16nov(nov 16)06:0022(nov 22)23:59World’s Premier Seniors’ Tennis Tournament ITF Grade A Returns to Fitz Club Top-level Tennis tournament returns to Pattaya on November 16-22 2019 with the Thailand Seniors Championship (ITF Grade A).

16nov18:3022:30Saturday Seafood Bonanza, Centara Grand Mirage Beach Resort PattayaSeafood lovers will enjoy the wide selection and variety of freshly grilled seafood including salmon, king crab, rock lobster, tiger prawn, fresh oyster trolley. The buffet line also features shrimp on ice, freshly rolled sushi, Thai noodles, Italian pasta, pizza, local Thai dishes, mouthwatering dessert corner and much more every Saturday night at only THB 1,299++ per person with half price for children from 6-12 years.

16nov18:3022:00Yves Baron Tenor under the Stars at Centara Grand PratumnakOn Saturday 16th November 2019 Kick off Buffet and Live Music at Centara Grand Pratumnak.

16nov19:0023:00499 Baht Buffet Dinner at Thai Garden ResortOnly for 499.- net per adult.

16nov19:0022:00International Wine & Dine at Patrick’s Steak House PattayaA 6 Course menu with 6 International wines to taste

17novallday70’s Night at Scooters Bar Soi 6Its “70’s Night at Scooters Soi 6, come and join the Fun

17nov19:0023:00499 Baht Buffet Dinner at Thai Garden ResortOnly for 499.- net per adult.

18nov19:0023:00499 Baht Buffet Dinner at Thai Garden ResortOnly for 499.- net per adult.

19nov19:0023:00499 Baht Buffet Dinner at Thai Garden ResortOnly for 499.- net per adult.

20nov19:0023:00499 Baht Buffet Dinner at Thai Garden ResortOnly for 499.- net per adult.

21nov(nov 21)11:0024(nov 24)21:00Ocean Marina Pattaya Boat Show 2019 at Ocean Marina Yacht Club, PattayaOcean Marina Pattaya Boat Show 2019 is Thailand’s Biggest Boating, Lifestyle, and Leisure Show.

21nov19:0023:00499 Baht Buffet Dinner at Thai Garden ResortOnly for 499.- net per adult.

22nov19:0023:00499 Baht Buffet Dinner at Thai Garden ResortOnly for 499.- net per adult.

23novalldayElton John Tribute Night at Scooters Bar Soi BuakhaoA musical experience at Scooters Soi Buakhao

23nov(nov 23)07:0024(nov 24)18:00Bangkok Bank CycleFest 2019 at Siam Country Club Old CourseA cycling and lifestyle event that celebrates the joy of mobility on two wheels, the Bangkok Bank CycleFest 2019 will see riders take part in a variety of ride categories over the two days.

23nov18:3022:30Saturday Seafood Bonanza, Centara Grand Mirage Beach Resort PattayaSeafood lovers will enjoy the wide selection and variety of freshly grilled seafood including salmon, king crab, rock lobster, tiger prawn, fresh oyster trolley. The buffet line also features shrimp on ice, freshly rolled sushi, Thai noodles, Italian pasta, pizza, local Thai dishes, mouthwatering dessert corner and much more every Saturday night at only THB 1,299++ per person with half price for children from 6-12 years.

23nov19:0023:00499 Baht Buffet Dinner at Thai Garden ResortOnly for 499.- net per adult.

24nov19:0023:00499 Baht Buffet Dinner at Thai Garden ResortOnly for 499.- net per adult.

25nov19:0023:00499 Baht Buffet Dinner at Thai Garden ResortOnly for 499.- net per adult.

26nov19:0023:00499 Baht Buffet Dinner at Thai Garden ResortOnly for 499.- net per adult.

27nov08:0021:00Pattaya Amateur Golf Series at Eastern StarPrice includes green fee, caddy fee plus FREE BBQ from 7pm at Hemingways Jomtien – Prize Presentation 8pm.

27nov19:0023:00499 Baht Buffet Dinner at Thai Garden ResortOnly for 499.- net per adult.

28nov09:2623:26Thanksgiving Celebration at The Sportsman PubOur annual Thanksgiving set menu

28nov19:0023:00499 Baht Buffet Dinner at Thai Garden ResortOnly for 499.- net per adult.

29novalldayPattaya International Firework Festival at Centara Grand Mirage Beach Resort PattayaPattaya International Firework Festival 2019

29nov(nov 29)01:0030(nov 30)23:00Pattaya International Fireworks Festival at Hard Rock Cafe PattayaJoin us for watching fireworks dance across the night sky to music. 2 nights only.

29nov(nov 29)07:0930(nov 30)23:09Pattaya International Fireworks Buffet at Dusit Thani PattayaWhat a better way to enjoy the Pattaya International Fireworks than to dine at The Bay Terrace & The Point, the magnificent view of Pattaya Bay.

29nov(nov 29)17:0030(nov 30)23:55Pattaya International Fireworks November 2019 at Sky Bar – Siam At Siam Design Hotel PattayaGet the best spot ready for Pattaya International Fireworks Festival on Friday 29 & Saturday 30 November 2019 on our Sky Bar rooftop, one of the best rooftops in Pattaya! Many packages from [email protected] Design Hotel Pattaya for you to enjoy the fireworks!

29nov(nov 29)18:0030(nov 30)23:00Pattaya International Fireworks Festival 2019 at Hilton PattayaEnjoy the fireworks display over the bay from the prime location, Hilton Pattaya. Choices of dining venues are available with exclusive views.

29nov19:0023:00499 Baht Buffet Dinner at Thai Garden ResortOnly for 499.- net per adult.

30nov18:3022:30Saturday Seafood Bonanza, Centara Grand Mirage Beach Resort PattayaSeafood lovers will enjoy the wide selection and variety of freshly grilled seafood including salmon, king crab, rock lobster, tiger prawn, fresh oyster trolley. The buffet line also features shrimp on ice, freshly rolled sushi, Thai noodles, Italian pasta, pizza, local Thai dishes, mouthwatering dessert corner and much more every Saturday night at only THB 1,299++ per person with half price for children from 6-12 years.

30nov19:0023:00499 Baht Buffet Dinner at Thai Garden ResortOnly for 499.- net per adult.

30nov01decPIPPA Presents HUGO at PIPPA RestaurantOne of the most iconic artists, Hugo – Chulachak Chakrabongse is known for challenging Thai conventional norms through music, blending in the influences of Psychedelic Rock infused with Alternative Folk from the 60s.

Trending

Sponsor

To Top
X