3. Are there more tax-efficient opportunities in France?
Transferring UK pensions to a Qualifying Recognised Overseas Pension Scheme (QROPS) or reinvesting funds into an ‘assurance-vie’ can unlock tax benefits, estate planning advantages and currency flexibility. But benefits can vary greatly, so take personalised, professional advice for the best results.
4. Will Brexit change things?
Today, French residents can transfer UK pensions to an EU/EEA-based QROPS tax-free (a 25% charge applies outside the bloc). Post-Brexit, the UK government may widen the net to capture transfers within the EU, and it may become harder to access UK pension funds tax-efficiently.
5. Do I need regulated advice?
Talking to an adviser who is regulated by the UK Financial Conduct Authority is compulsory when transferring ‘final-salary’ benefits worth £30,000+, but sensible for anyone considering their pension options. At worst, making the wrong decision could mean losing everything through unsuitable investments or pension scams.
With Brexit only months away, now is the time to review your pension arrangements. A locally-based adviser can tailor a suitable strategy for your unique circumstances and goals to help secure the retirement you want in France.
The tax rates, scope and reliefs may change. Any statements concerning taxation are based upon our understanding of current taxation laws and practices which are subject to change. Tax information has been summarised; an individual is advised to seek personalised advice.
Contributed by: Blevins Franks
For further advice, contact Blevins Franks by clicking here.