deVere’s UK Budget Survey: Need for financial advice stronger than ever amongst British expatriates
London, United Kingdom – 19th July 2010
The deVere Group, the world’s largest independent financial consultancy group carried out a survey further to Chancellor Osborne’s Emergency Budget held on 22nd June 2010. Though people are aware that initiatives need to occur in order to reduce the UK deficit, the tax implications of some of these changes can have a significant impact on the lives of many British expatriates.
The UK Emergency Budget might seem “out of sight and out of mind” for many British expatriates, but there are measures which could have immediate implications for them. For example, the rise in Capital Gains Tax to 28 percent for higher rate taxpayers will affect some British expatriates selling property they own in the UK, unless they have spent five consecutive tax years as a non-resident.
deVere found that over two thirds of expatriates who took the survey approved of the budget but while more than half think they will return to the UK one day, an overwhelming majority said that they may reconsider coming back whilst taxes are high.
The survey found that while pension plans are failing, education costs are rising and tax regimes are changing, most British expatriates require further financial advice to potentially mitigate their tax liabilities. A number of areas highlighted in the UK Budget can be both positive and negative for their financial well being and the majority expressed a need to receive the right advice to help them make the most of their savings and investments.
For more information on the UK Budget, visit www.devere-group.com
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- deVere Group
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