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Expat financial planning blogs & news

Our blog site is designed exclusively to inform on issues that relate to and impact expatriates around the globe.We cover a wealth of topics that include insurances - pensions - investments - estate planning and tax - all designed to keep you informed and up to date.

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CSM Ltd - Expat Financial Planning Blog Team


Unclaimed UK Pensions & Tracing Service

Pension scheme members are missing out on GBP20bn of unclaimed pension pots

It has been revealed that the UK has £20 billion in unclaimed pensions, research from the independent PPI has revealed, adding pressure on the government to act over the "pensions dashboard".

The PPI surveyed half of firms in the private defined contribution (DC) pension market, looking at 12 large insurers, and found 800,000 lost pensions worth around £9.7 billion.

Using this research on half the market, the PPI estimated there are 1.6 million lost, or unclaimed, pots in the UK today worth £19.4 billion.

UK introduces new tax penalties for overseas investors dodging tax liabilities

The "Requirement To Correct" (RTC) legislation came into force on September 30 2018

Britain’s so-called “requirement to correct” (RTC) legislation came into force on 30 September 2018.

The new law requires taxpayers to declare any foreign assets that could affect their UK income tax, capital gains tax or inheritance tax.

Investors who notified HMRC (Her Majesty’s Revenue and Customs) before the deadline were granted 90 days to disclose any offshore assets and pay the relevant tax due.

Australia, Switzerland and Singapore are among the countries that have signed up to let tax authorities share information internationally.

Any individuals who have paid the incorrect amount of tax on overseas income in previous years must have corrected their tax returns by the deadline, or the potential fine will double to 200% of tax owed.

Empty homes tax - a new budjet blow for landlords

Landlords face fresh blow with empty homes tax

Property investors face another hit from the Budget as empty homes could be hit by a 100 per cent council tax premium.

The move, announced by chancellor of the exchequer Philip Hammond during the 22 November 2017 Budget, has been described as "crippling" for buy-to-let investors.

Today Mr Hammond gave local councils the ability to increase the council tax premium on empty homes from 50 per cent to 100 per cent.

5 common mistakes UK expats make with domicile & tax

Misunderstandings persist around issues of domicile - IHT - Wills & tax

British expats still have some crucial misunderstandings about their domicile status and tax position that could leave them and their loved ones financially exposed and even land them in trouble with HM Revenue & Customs, warns Rachael Griffin at Old Mutual Wealth.

The research from Old Mutual International shows that a lack of knowledge can lead to unexpected consequences.

"Inheritance tax will be a concern for many UK expats and appropriate planning needs to be in place to mitigate any on-going liability.”

Learn How HMRC Are Finding Tax Cheats

HMRC are fully focused on catching tax dodgers

Recent high-profile wins against tax evaders prove that when it comes to cracking down on tax dodgers, HMRC is serious about stepping up not only its surveillance but also about finding innovative ways of catching out tax cheats.

Read more about the methods the UK tax office employs.

OBR Reports Increase In Number Of Families Paying IHT

Inheritance Tax (IHT is largely a voluntary tax - proper planning can significantly reduce liabilities

According to the Office for Budget Responsibility (OBR) the number of UK families paying IHT on death has reached a 35 year high.  The main driver of this is the surge in UK house prices. 

Almost three times as many families as six years ago are expected to face the tax. 

The OBR estimates that just over 40,000 families will face IHT in the current tax year but that this will rise to over 45,000 in 2016/17. 

The new residence nil rate band (RNRB), when it is introduced (gradually) from 2017/18, will have an initial "reducing" effect but it is thought this reduction will be gradually countered by predicted increasing house prices.

Brits Set To Lose GBP 550M in IHT Due To Poor Planning

HMRC set to capitalise on Brits who do not plan effectively


The predicted £550m wastage is £20m more than last year and an increase of £78m on 2013.

The TaxAction Report 2015, which was carried out in partnership with Prudential, also found that only one in four Britons think their estate will be subject to IHT when they die.

A common IHT planning mistake identified by the report was a failure to place life protection policies under trust, which could reduce a £100,000 life insurance pay out by as much as £40,000.

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