BOOKING:COM
Information regarding the Vocanic Ash situation for anyone who booked accommodation via our website with Booking.com
http://www.booking.com/general.html?sid=c7bd5e512704ec1aa7820488e5d9837f;tmpl=docs/faqmain#volcano
Wednesday, April 21, 2010
Wednesday, April 14, 2010
Click to make your own wedding day website and for gift ideas!
http://www.lanzaroteweddingplanning.com/extras.html
Tuesday, April 13, 2010
UK TELECOM CANARY ISLANDS
The NUMBER ONE in Spain
We are still celebrating our NINTH BIRTHDAY, NINE successful years thanks to you our 60,000 members for all of your support during the past.
To thank you for your tremendous loyalty we are giving a birthday present of NINE EUROS for each new introduction to our services. That is a BONUS of 4•50 EUROS to the introducer, and 4•50 EUROS to the new member off the next invoice. This is worth more than 2½ FREE HOURS of calls to U.K. landlines on Saturdays. The offer has been extended to 31st May 2010, so for every 10 introductions there are 25 FREE HOURS and for every 100 introductions there are 250 FREE HOURS!
Click directly to 360canaries UK Telecom site!
http://www.360canaries.com/links.php
We are still celebrating our NINTH BIRTHDAY, NINE successful years thanks to you our 60,000 members for all of your support during the past.
To thank you for your tremendous loyalty we are giving a birthday present of NINE EUROS for each new introduction to our services. That is a BONUS of 4•50 EUROS to the introducer, and 4•50 EUROS to the new member off the next invoice. This is worth more than 2½ FREE HOURS of calls to U.K. landlines on Saturdays. The offer has been extended to 31st May 2010, so for every 10 introductions there are 25 FREE HOURS and for every 100 introductions there are 250 FREE HOURS!
http://www.360canaries.com/links.php
Friday, April 9, 2010
News from 360canaries
We are now linked to Blog Ex Pat and Business Services UK ... take a look!
BLOG Ex Pat
Business Services UK
BLOG Ex Pat
Business Services UK
Wednesday, April 7, 2010
QNUPS
QNUPS Advice
QNUPS - the next major offshore pensions planning opportunity for UK tax-relieved pension funds and the interaction with QROPS.
The Inheritance Tax (Qualifying Non-UK Pension Schemes) Regulations 2010 [SI 2010 / 0051] came into force on 15 February 2010 and have introduced QNUPS.
The purpose was to correct an error in the Finance Act 2004. Without these amending regulations UK pension funds once transferred to a QROPS would become liable to UK Inheritance Tax (IHT) charges. These regulations now mean a non-UK resident may transfer UK pension rights to a QROPS and upon death, whether before or after age 75, no Inheritance Tax liability arises.
These regulations apply to overseas schemes generally. But they have wider application for two reasons :
1. taxable property rules associated with one form of QROPS and
2. a restriction on the tax relief available on pension contributions to high-earning UK residents.
The technical side
To be a QNUPS the overseas scheme must satisfy the same conditions necessary for a Recognised Overseas Pension Scheme (ROPS) (SI 2006/206) with the importannt exception that there is no necessity for there to be Double Taxation Treaty (DTA) with the overseas scheme’s jurisdiction if the scheme is outside of the European Economic Area. A DTA is not necessary because there are no reporting requirements from the QNUPS to HMRC.
The outcomes are that a QNUPS benefits from UK IHT exemption in respect of:
(a) UK tax-relieved pension funds that have been transferred to a QNUPS.
(b) contributions to a QNUPS and
(c) assets held by a QNUPS generally.
A QROPS will by definition be a QNUPS. But a QNUPS need not be a QROPS. This leads to the feasibility of using QNUPS as an ultimate destination for UK tax-relieved pension funds to gain further advantage.
A QNUPS (which is not a QROPS), is a good home for UK pension funds which were originally transferred to a QROPS. A QNUPS (which is not a QROPS) need have no specific investment restrictions and may for example invest in residential property and the like. But the key to this is transferring from the QROPS to a QNUPS.
For clarification we need to differentiate between “investment regulated” and “non-investment regulated” QROPS. This is a consequence of SI 2009 / 2047, effective August 2009. These taxable property provisions (relating to investment in residential property, fine wines, antiques, and the like) extend UK investment rules to some QROPS. If the QROPS is “investment regulated” then Paragraph 7A of Schedule 34 Finance Act 2004, provides for a 70% tax charge where investment is made into taxable property out of UK pension funds which have been transferred to the QROPS. But there are further implications.
What follows are direct quotes from the Registered Pension Schemes Manual (RPSM).
“A transfer from a UK pension scheme to a QROPS constitutes a Relevant Transfer Fund” (RPSM13102130). Then we have to consider whether that fund comprises a Taxable Asset Transfer Fund (TATF). All transfers from UK pension schemes to an investment-regulated QROPS since 6 April 2006 comprise a TATF.
This is important because: “A payment to a transfer member has to be notified to HMRC regardless of whether or not they have been non-resident for more than five tax years if it is deemed to have been made from their Taxable Asset Transfer Fund” (RPSM14101070).
An investment-regulated QROPS means that the member is able to direct or influence the investments made. Most Guernsey QROPS have concluded that they are not investment regulated. Some have not declared their hand and one considers the distinction to be “immaterial”. New Zealand QROPS are not investment-regulated pension schemes. Some Hong Kong QROPS have taken the same view. The same is likely to apply to schemes in Gibraltar, Isle of Man and Malta
For all QROPS / QNOPS information and advice http://www.360canaries.com/
QNUPS - the next major offshore pensions planning opportunity for UK tax-relieved pension funds and the interaction with QROPS.
The Inheritance Tax (Qualifying Non-UK Pension Schemes) Regulations 2010 [SI 2010 / 0051] came into force on 15 February 2010 and have introduced QNUPS.
The purpose was to correct an error in the Finance Act 2004. Without these amending regulations UK pension funds once transferred to a QROPS would become liable to UK Inheritance Tax (IHT) charges. These regulations now mean a non-UK resident may transfer UK pension rights to a QROPS and upon death, whether before or after age 75, no Inheritance Tax liability arises.
These regulations apply to overseas schemes generally. But they have wider application for two reasons :
1. taxable property rules associated with one form of QROPS and
2. a restriction on the tax relief available on pension contributions to high-earning UK residents.
The technical side
To be a QNUPS the overseas scheme must satisfy the same conditions necessary for a Recognised Overseas Pension Scheme (ROPS) (SI 2006/206) with the importannt exception that there is no necessity for there to be Double Taxation Treaty (DTA) with the overseas scheme’s jurisdiction if the scheme is outside of the European Economic Area. A DTA is not necessary because there are no reporting requirements from the QNUPS to HMRC.
The outcomes are that a QNUPS benefits from UK IHT exemption in respect of:
(a) UK tax-relieved pension funds that have been transferred to a QNUPS.
(b) contributions to a QNUPS and
(c) assets held by a QNUPS generally.
A QROPS will by definition be a QNUPS. But a QNUPS need not be a QROPS. This leads to the feasibility of using QNUPS as an ultimate destination for UK tax-relieved pension funds to gain further advantage.
A QNUPS (which is not a QROPS), is a good home for UK pension funds which were originally transferred to a QROPS. A QNUPS (which is not a QROPS) need have no specific investment restrictions and may for example invest in residential property and the like. But the key to this is transferring from the QROPS to a QNUPS.
For clarification we need to differentiate between “investment regulated” and “non-investment regulated” QROPS. This is a consequence of SI 2009 / 2047, effective August 2009. These taxable property provisions (relating to investment in residential property, fine wines, antiques, and the like) extend UK investment rules to some QROPS. If the QROPS is “investment regulated” then Paragraph 7A of Schedule 34 Finance Act 2004, provides for a 70% tax charge where investment is made into taxable property out of UK pension funds which have been transferred to the QROPS. But there are further implications.
What follows are direct quotes from the Registered Pension Schemes Manual (RPSM).
“A transfer from a UK pension scheme to a QROPS constitutes a Relevant Transfer Fund” (RPSM13102130). Then we have to consider whether that fund comprises a Taxable Asset Transfer Fund (TATF). All transfers from UK pension schemes to an investment-regulated QROPS since 6 April 2006 comprise a TATF.
This is important because: “A payment to a transfer member has to be notified to HMRC regardless of whether or not they have been non-resident for more than five tax years if it is deemed to have been made from their Taxable Asset Transfer Fund” (RPSM14101070).
An investment-regulated QROPS means that the member is able to direct or influence the investments made. Most Guernsey QROPS have concluded that they are not investment regulated. Some have not declared their hand and one considers the distinction to be “immaterial”. New Zealand QROPS are not investment-regulated pension schemes. Some Hong Kong QROPS have taken the same view. The same is likely to apply to schemes in Gibraltar, Isle of Man and Malta
For all QROPS / QNOPS information and advice http://www.360canaries.com/
Tuesday, April 6, 2010
Amazon on line for all Canary Islands
Link up to Amazon now and have your favourite books delivered to you on the Canary Islands!Amazon On Line
Saturday, April 3, 2010
Pensions answers to the Daily Mail
Here is a quote with in answer to The Daily Mail article entitled “widows abandoned without a pension” .
"Expatriates should give very careful consideration to the rights associated with any annuity purchased as part of their pension arrangement. This is particularly relevant where there is a dependent spouse and/or dependent children. Ensuring an ongoing income after the death of the annuity holder is vital in such circumstances. For many expatriates moving their pension into a QROPS provides additional flexibility in terms of income via draw-down and/or temporary annuities. Both these options ensure that on the death of the member the remaining capital is left to provide an income for dependents. However, advisors and clients would need to weigh this up against the guarantees that a life annuity might provide."
The second paragraph is in answer to the story which appeared with regards to savings.
“When moving to a foreign country which has a different currency it is very important to consider moving one's savings into the base currency of their new country of residence. This is ensure that income and expenses are in the same currency in order to mitigate the effect of exchange rates, which for British expatriates holding sterling and currently residing in the Euro zone is very marked as their income has reduced significantly given the devaluation of the pound. A QROPS enables British expatriates to move their sterling based pensions outside of the UK and hold the underlying investments in the same currency as that of their new country of residence. This helps mitigate the impact of foreign exchange rates on income and the real value of one's pension." (Close Brothers AM QROPS Provider, Rex Cowley - Head of Marketing)
Her Majesty's Revenue & Customs (HMRC) permits UK pension rights to be transferred to a Qualifying Recognised Overseas Pension Scheme (QROPS). The QROPS must be in effect as if it were a UK scheme for those members who have been resident in the UK at any time in the previous five tax years. The QROPS is structured very much like a UK pension; i.e. an investment vehicle which is owned on your behalf by a pension provider/administrator (the trustees). The trustees must be based outside the UK and approved by HMRC as a QROPS administrator.
Benefits of QROPS
There is NO requirement to purchase an insurance annuity.
Leave all unused pension funds to your beneficiaries free of UK taxes.
There are no limits on contributions to the fund, nor fund size.
Flexibility as to when benefits can be taken from the Plan (personal tax status allowing).
Take income and benefits in currency of your choice.
Greater Tax efficiency on drawdown.
Tax advantages and savings.
The ability to take in transfers from UK approved pension schemes
Open to all nationalities.
Investment flexibility, with investments in stocks, bonds, alternative investments, deposits, real estate, private equity, options and life policies.
Transparent fee structure with no hidden penalties or exit fees.
For over 22 years Argent International has assisted investors to enhance their financial position and make the most of the opportunities available in the global financial market. For details of all our services including QROPS (which we have been advising on since its inception) go to http://www.360canaries.com/ and follow the PIGGY Bank link!
"Expatriates should give very careful consideration to the rights associated with any annuity purchased as part of their pension arrangement. This is particularly relevant where there is a dependent spouse and/or dependent children. Ensuring an ongoing income after the death of the annuity holder is vital in such circumstances. For many expatriates moving their pension into a QROPS provides additional flexibility in terms of income via draw-down and/or temporary annuities. Both these options ensure that on the death of the member the remaining capital is left to provide an income for dependents. However, advisors and clients would need to weigh this up against the guarantees that a life annuity might provide."
The second paragraph is in answer to the story which appeared with regards to savings.
“When moving to a foreign country which has a different currency it is very important to consider moving one's savings into the base currency of their new country of residence. This is ensure that income and expenses are in the same currency in order to mitigate the effect of exchange rates, which for British expatriates holding sterling and currently residing in the Euro zone is very marked as their income has reduced significantly given the devaluation of the pound. A QROPS enables British expatriates to move their sterling based pensions outside of the UK and hold the underlying investments in the same currency as that of their new country of residence. This helps mitigate the impact of foreign exchange rates on income and the real value of one's pension." (Close Brothers AM QROPS Provider, Rex Cowley - Head of Marketing)
Her Majesty's Revenue & Customs (HMRC) permits UK pension rights to be transferred to a Qualifying Recognised Overseas Pension Scheme (QROPS). The QROPS must be in effect as if it were a UK scheme for those members who have been resident in the UK at any time in the previous five tax years. The QROPS is structured very much like a UK pension; i.e. an investment vehicle which is owned on your behalf by a pension provider/administrator (the trustees). The trustees must be based outside the UK and approved by HMRC as a QROPS administrator.
Benefits of QROPS
There is NO requirement to purchase an insurance annuity.
Leave all unused pension funds to your beneficiaries free of UK taxes.
There are no limits on contributions to the fund, nor fund size.
Flexibility as to when benefits can be taken from the Plan (personal tax status allowing).
Take income and benefits in currency of your choice.
Greater Tax efficiency on drawdown.
Tax advantages and savings.
The ability to take in transfers from UK approved pension schemes
Open to all nationalities.
Investment flexibility, with investments in stocks, bonds, alternative investments, deposits, real estate, private equity, options and life policies.
Transparent fee structure with no hidden penalties or exit fees.
For over 22 years Argent International has assisted investors to enhance their financial position and make the most of the opportunities available in the global financial market. For details of all our services including QROPS (which we have been advising on since its inception) go to http://www.360canaries.com/ and follow the PIGGY Bank link!
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