Autumn Budget 2018: What To Expect For Expats Here In The UAE

Autumn Budget 2018: What To Expect For Expats Here In The UAE

The Autumn Budget 2018 has been released – two days ahead of the norm due to Brexit negotiations – nothing at all to do with avoiding some great Halloween puns.

It’s the final budget before Brexit and having trawled through the Hammond files, I can tell you there are no scares for expats this time, other than the possible non-resident stamp duty rise in England and Wales, which has been on the cards for some time.

So here is Hoxton’s ‘at-a-glance’ analysis… nice and brief.

Property

  • In January, the government will publish a consultation about a Stamp Duty Land Tax surcharge of 1% for non-residents. This will affect expats buying residential property in England and Northern Ireland – currently no mention of our neighbours in Scotland and Wales. But watch this space. Hoxton’s team of property agents are constantly assessing the UK markets to identify hotspots and help guide our investors, so just let us know of you have any queries, concerns or you’re ready to invest. It is a great time to buy in the UK right now.
  • If you’re an expat who owns or lets a property in the UK, you can expect the Personal Allowance threshold to increase from £11,850 to £12,500 from April 2019. This is the amount you don’t have to pay tax on.
  • From April 2020, the Capital Gains Tax exemption period for Private Residence Relief will reduce from 18 months to nine months.

Trusts and Taxation

  • There’s been no change on the Inheritance Tax Allowance, which stands at £325,000. If you’re a UK passport holder, you’re subject to UK inheritance tax on your worldwide assets at the time of your death. At Hoxton, we’re here to help you minimize uncertainties around your estate and protect your assets. For the best multi-jurisdictional solutions, speak to one of our legal and professional providers.
  • UK pensions remain mostly untouched. The Lifetime Allowance for pension savings is due to increase to £1,055,000 for 2019 – 2020, in line with the Consumer Price Index.

More changes may come with the Spring Statement, but for now, that’s it. As ever, any questions about how the budget affects you, or if you’d like to review your portfolio, come and speak to us here at Hoxton.

 

Chris Ball, Managing Partner

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