Oliver Seldon

A summary of today's UK Budget, written for expats. Following every Budget I read the fine print (a tedious 168 pages this time) and write a summary for you. This is the information that you need to know as GCC residents. All the most important info, in one place. Financial issues matter but I try and make it as painless as possible. Just part of my professional financial services. If you like this, read it, or find it useful, please give this post a like. It is appreciated. #UKBudget https://lnkd.in/duJ8wqQf

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📊 An Evening at DIFC with Sanctuary: Key Updates from the UK Budget 📊 I recently attended an insightful evening at DIFC hosted by Sanctuary, where we covered some significant UK budget changes. Here’s a quick recap of the updates that could be relevant for those with UK ties: - Capital Gains Tax (CGT): CGT rates have increased to 18% for basic taxpayers and 24% for higher-rate taxpayers. Business asset disposal relief will move to 14% in 2025/26 and 18% in 2026/27, affecting UK property or investment sales. - Inheritance Tax (IHT): From April 2026, 100% relief for business and agricultural assets will be capped at £1 million, with any amount above this receiving 50% relief. AIM shares will also qualify for only 50% relief, impacting estate planning. - Pensions and IHT: Unused pension funds will be included in a person’s estate for IHT starting April 2027, affecting inheritance planning. - Stamp Duty: Considering a UK property purchase? The SDLT for second homes will increase from 3% to 5% on 31 October 2024, and the temporary 0% SDLT band for first-time buyers ends in March 2025. - VAT on Private Education: From January 2025, a 20% VAT will apply to private school tuition and boarding in the UK. Charitable relief on English business rates ends in April 2025. - ISA Limits: Contribution limits for ISAs, Junior ISAs, and Lifetime ISAs will remain frozen until April 2030, potentially impacting long-term UK savings plans. - Non-UK Domiciled Taxation: From April 2025, the remittance basis for non-UK domiciled individuals will be replaced with a residence-based system, offering a four-year grace period without UK tax on foreign income and gains. A residence-based IHT system will also take effect, limiting offshore trusts. Additionally, overseas workday relief will continue, with the relief capped at the lower of £300,000 or 30% of net income. - Carried Interest: Starting April 2026, all carried interest, common in private equity and hedge funds, will be taxed under the income tax framework and subject to Class 4 NICs. A 72.5% multiplier will apply to qualifying carried interest, and the two current CGT rates on carried interest will both increase to 32% from April 2025, with additional conditions under review. These updates highlight how swiftly tax landscapes can change. It was a timely reminder of the importance of staying proactive and informed for those with financial interests in the UK. #FinancialPlanning #UKBudget #TaxUpdates #WealthManagement #DIFC #Sanctuary

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In this new insight by Mirek Gruna he discusses why now is the time to make some simple steps to minimise the potential impacts of the changes to your personal and offshore position. Find out more below. #oneiqeq #nondomiciles #generationalplanning

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US September Services sector PMI shows expansion while manufacturing sinks into contraction. Eurozone PMIs disappoint, and UK output slows. Stay informed on key global business developments. #USPMIs #GlobalEconomy #CentralBanks #BusinessUpdates #Germanyeconomy #eurozonepmi #germanypmi #nigeriampc, #Ukeconomy #ukchancellor #CENTRALBANKS #USfederalreserve #Jeromepowell #BusinessInsights #PMI #GlobalBusiness #EconomicUpdates   0:00 Intro 0:24 Business Headlines 4:00 US PMIs 5:27 Eurozone PMI 8:05 UK PMI 9:44 Global markets    

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In a dynamic global landscape, safeguarding your wealth and ensuring a smooth transition for your loved ones is paramount. Yet, many expats find themselves overlooking crucial aspects of tax and estate planning, leaving their financial legacies vulnerable.  #WealthManagement #TaxPlanning #EstatePlanning #FinancialSecurity https://lnkd.in/ex7ASE4T

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An unprecedented 128,000 #millionaires are expected to relocate worldwide 🌍 this year, eclipsing the previous record of 120,000 set in 2023. As the world grapples with a perfect storm of geopolitical tensions, economic uncertainty, and social upheaval, millionaires are voting with their feet in record numbers. In many respects, this great millionaire migration is a leading indicator, signaling a profound shift in the global landscape and the tectonic plates of wealth and power, with far-reaching implications for the future trajectory of the nations they leave behind or those which they make their new home.

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✅ As more companies implode, it was a privilege to speak at the EBRD annual director conference this week about board psychology. ✅ With direct equity investments of €3.8 billion in 179 infrastructure and agri projects, appreciation of behaviour-informed governance is rising - confirmed by an audience of directors, advisors, recruiters and investors. ✅ Our panel covered toxic dynamics, board friction, fractious Chair-CEO relationships, conflict, social penalties, and the opportunity to do better - John Amaechi OBE, Umran Beba, Dr. Andy Palmer CMG, very well moderated by Prasun Singhal. 🙏 Much credit to Justin Robertson and Dirk Werner. ✅ As scrutiny intensifies, I suspect more attention will be redirected to this gap on the board agenda. #boards #diversity #behavioralscience #psychology #governance #

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Useful insights for the next country you plan to expand your business.

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IFAs and accountants, this is a fascinating article from Professional Advisor about the impact of VAT on school fees. Research from Saltus prior to the general election showed that 26% of HNW clients expected to have to switch their children's schools as a result of the new tax rules. With average fees per child to go through private secondary education now running at over £100,000 an additional £20,000 per year of taxed income is going to be a lot for some find. So are there any other alternatives to either tightening belts or moving schools? I'm not a tax expert, but options might include accessing pensions (with a potential tax implication), the sale of investment/property portfolios (also with potential tax implications) or accessing some of the wealth from the generation above to help fund the education of the newest members of the family (also with potential tax implications). Time will tell, but I'll confidently predict we'll see an increase in equity release lending to fund school fees, especially once IFAs consider the potential tax benefits and start to see AUM reducing as clients look to access pensions to cover increased costs. If you'd like to find out more about we help support clients and our professional partners please contact me directly on 07583 992335 or you can email me at [email protected] #schoolfees #VAT #IFA #financialplanning #equityrelease #laterlifelending #SJP https://lnkd.in/e6ZkAMiA

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Africa is rapidly emerging as a vital market for the UAE. Recognising the immense potential within the continent’s growing economies, the UAE has proactively invested $60 billion over the past decade – positioning itself as the fourth largest foreign investor on the continent and a vital conduit of capital into Africa. Concurrently, African countries increasingly view the UAE as a key export destination, with Abu Dhabi ranking among the top ten importers for over a dozen African markets and hosting more than 21,000 African companies. Premier Invest seeks to intermediate these South-Sourh trade flows by originating, advising, structuring, co-financing, distributing and transacting these trade assets on its platforms in Abu Dhabi hence facilitating trade, payments and collections.

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Although Cyprus was proclaimed an independent state on 16 August 1960, independence Day is celebrated on 1 October. It was recognised as an independent and sovereign state and joined the family of nations as the Republic of Cyprus. The people of Cyprus won their independence after a long and multifaceted struggle against British colonial rule that kept denying the people of Cyprus the right to self-determination. Between 1955-1959 the anti-colonial struggle took the form of an armed struggle. In order to serve its strategic interests, Great Britain applied the well-known policy of “divide and rule” so as to undermine relations between Greek and Turkish Cypriots and stir up conflicts between the two communities. Unfortunately, extremist nationalist groups from both communities in Cyprus fell into the trap of this colonial divisive policy. Following the conflicts of 1963-64, Turkey and their Cypriot leadership forced the Turkish Cypriot community to withdraw from the Government of Cyprus and the administration of the state, compelling many Turkish Cypriots into confinement in enclaves. This development was the first population segregation of the people of Cyprus. The criminal and treacherous coup against the legitimate President of the Republic on 15 July 1974 gave a long-sought pretext for Turkey to invade Cyprus in order to implement its partitionist plans. The invasion of Cyprus on 20 July 1974 is undoubtedly the most dark and tragic chapter in the turbulent history of the island. The blow was heavy and the human suffering indescribable: about 37% of the sovereign territory of the Republic of Cyprus was occupied by Turkish troops; one third of the population was forcibly expelled from their homes and properties and became refugees in their very own country; thousands of people were killed while hundreds of families are still waiting for the ascertainment of the fate of their loved ones who have been missing since then. Turkey has transferred to Cyprus more than 160,000 Turkish settlers from Anatolia (many of them criminals that were unwanted in Turkey), as part of its organised plan to alter the demographic structure of Cyprus and to falsify the will of the Turkish Cypriots, whom Turkey uses as a tool for its expansionist plans. 50 years later and the Cyprus Republic remains forcibly divided. So, as we ‘celebrate’ our independence tomorrow, it is a bitter-sweet moment, knowing we cannot be truly free until the shackles of the barbaric occupation have been shed. Ζήτω η Κύπρος! Ζήτω η ελευθερία!

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The Wall of Worry. Recent events in the middle east have caused the oil price to rise and spark concerns among investors. Whilst short term volatility can be scary it is just that, short term. You should never feel panicked into making an investment decision based on the noise. Any decisions relating to your investments should be taken after careful consideration of your overall financial plan. History tells us that geopolitical events soon pass and have little impact on the long term direction of the global stock market. Credit to https://buff.ly/3BxggUE for the chart.

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