Spring Changes 2016 - Tax Saving in Cyprus & UK for Expats
Sam Orgill of ProACT Partnership with Tax Saving Tips March Budget to Pensions Property & Investment 1/3/16
Spring is here and along with it a new broom brings more tax changes and tax saving opportunities for Expats. The UK has the annual tax budget on March 16th, while Cyprus has introduced more changes to Permanent Residency Rules for Cyprus Property Owners. 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.
UK Budget Pension Changes for Expats
Sam Orgill of ProACT Partnership highlights how UK & Cyprus Expats can take advantage of New Pension Freedoms
UK Budget Pension Changes
Pension Freedom came in 2015 and further changes are planned after consultation of the last year by the Treasury. This could affect the tax saving when adding into a pension, but should not affect the rules taking money out.
Under Pension Freedom you can still draw a 25% tax free lump sum; this may go in this budget? In addition, a new freedom to draw the whole pension fund is available to anyone over 55. The catch is you pay income tax in the year of drawing pension up to 40% on lump sums over £43,000.
CYPRUS TAX RETURNS & REBATES
CYPRUS TAX RETURNS & REBATES DUE NOW
Full Cyprus tax returns are now due for 2015.
Personal Returns should have submission completed in May.
Self Employed and Employer Returns IR7 are due by end of May.
Spring Changes - Tax Saving in Cyprus & UK for Expats
Sam Orgill of ProACT Partnership with Tax Saving Tips ARISING from the Budget Affecting Pensions Property & Investment for EXPATS
Spring is here and along with it a new broom brings more tax changes and tax saving opportunities for Expats. Changes have come from the UK e annual tax budget , while Cyprus has introduced more changes to Permanent Residency Rules for Cyprus Property Owners.
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.
Savings Taxes Removed in Cyprus for Expats
Tax Saving as Defence Tax Removed for Non Dom Expat in Cyprus
Happy New Year - Defence Savings Taxes are reduced from 30% to 0% for Expats Living and Working Abroad in Cyprus who qualify for the new 'non-dom' tax status for Expats.
Defence levy Savings taxes are now 0% for all non-domiciled Expat Cyprus investors and tax residents for savings, dividends, investments, property rental income and investments.
