Spring Changes - Tax Saving in Cyprus & UK for Expats
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Spring's Budget & Tax changes affecting Pensions Property & Investment for Expats in Cyprus and UK
Spring is here and, along with it a new broom, brings more tax changes and tax saving opportunities for Expats.
The UK and Cyprus have introduced more Tax affecting Saving and Property and Pensions for Expats in the UK and Cyprus.
Meanwhile Property Transfer Tax remains discounted for 2016 offer large tax saving for expats with Cyprus property contracts of sale - but no title deeds yet.
Pension Tax Saving for Expats
If a Cyprus Tax Resident, you can pay just 5% on this pension freedom lump sum. - a tax saving of 15-35% for Expats who register to pay Cyprus Tax. This is the case even if the whole fund is paid into a UK bank account. You can also reduce the tax payable by timing pension withdrawals over a period of time to maximise allowances.
Cyprus Tax Returns Due Now
Full Cyprus tax returns are now due for 2015. With the reduction of Defence Savings Tax to 0% for Expats on Bank Interest and Dividends you can make a Tax Rebate claim for Savings tax paid at source in the UK and Cyprus in 2015.
Make a Will Changes for Inheritance in Cyprus
The Cyprus changes to Succession mean Expats must make written changes to their Will to avoid forced heirship and retain financial control of their affairs on first death. This can cost you - or - save you 40% UK Inheritance Tax.
Free Review - Inheritance & Saving Taxes
ProACT offer a Free Review of your family situation. Expats must make written changes of your Will if you want to use the succession rules of your home country. But consider the impact on inheritance tax at 40% in the UK or other countries. Consider who you want to benefit in your Will, is this possible with your arrangements?
How do you need to change your savings and investments to save tax on defence levy for bank interest, dividends, property rental?
Contact us to book a Free review.
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