What does the UK Budget 2020 mean for expats

Published on: 03/12/20 07:14:am

Against a backdrop of Coronavirus panic and unprecidented market volatility, Rishi Sunak relaxed the purse strings with his first Budget after being named Chancellor a few weeks ago.

With the announcement of a blank cheque for the NHS, and big handouts to SME's, expats with memories of previous Budgets using their pensions to fill spending black holes are left wondering how it will affect them.

As fellow expats, we know just how easy it is to develop an “out of sight, out of mind” approach to most things that happen back home, that's why we have put together a 'quick look' guide to the UK's Budget 2018 to provide you with all of the facts and figures you need.

So, what does this really mean for expats?

The chancellor of the exchequer, Philip Hammond, has spared the annual allowance on pensions despite HM Treasury briefings ahead of budget, so is it time to look at your pension before it's too late.

"Today’s respite for pension tax relief is likely to be only temporary.”

Download our FREE e-guide to the Budget 2020 now to find out:

  • All the key announcements
  • Pension Lifetime Allowance
  • Income Tax thresholds
  • Property Tax for non- Uk Residents

Steve Webb, director of Policy at Royal London and a former pension minister in the coalition government, agreed: “The chancellor’s windfall from better-than-expected borrowing forecasts meant that he did not have to cut back pension tax relief in this budget.

“But having described the system as ‘eye-wateringly expensive’, it is likely to be only a matter of time before this chancellor – or his successor – comes back for more. Today’s respite for pension tax relief is likely to be only temporary.”

International Adviser

Download our FREE UK Budget 2018 e-guide to discover the facts behind the headlines

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