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ALTYX Financial Planning Autumn Newsletter 2015

Welcome to ALTYX Financial Planning’s Newsletter

I am delighted to introduce this second edition of ALTYX Financial Planning's newsletter.

You will note that articles are written in English or French reflecting the significance of the matter.

I hope that you find it to be both interesting and informative.

Please do not hesitate to contact me at Berangere@altyxfp.com if you would like to discuss any of the articles or indeed have any questions.
 

Pension solutions in Euros for our clients:
 
We recently had a case where Mrs. X a French citizen has settled back in France. She can not access her pension yet as she is "underage" I.e. Under age 55 . She knows that she will now continue to work in France where she has set up her business and has no plan to return to the UK.
She has accumulated over the 13 years she has worked in the UK a good pension fund.

Over these years she has also seen the Euro / GBP exchange rate fluctuate vastly and she now feels that it would be very much in her favour as she contemplates to retire within the Euro area.
 
We have analysed various possibilities including the transfer of her pension fund into a Qualifying Recognised Overseas Pension Schemes (QROPS) . We finally opted for a UK Self Invested Personal Pension (SIPP) which can be managed in GBP and Euros Funds.
Mrs X is pleased to maintain her UK Pension within the UK environment and to be offered greater investment possibilities.
She will be able gradually to transfer part of her GBP funds into Euros when she feels appropriate.

 

Comment se porte le marché immobilier en France?

Notaires, agents immobiliers et banquiers sont unanimes : le mouvement de baisse des prix, amorcé en 2011, est enrayé, et le marché du logement ancien a redémarré au cours du premier semestre. La durée moyenne de recherche du bien à acheter s’est raccourcie à 4,4 mois, en mai, contre 6,8 mois en mai 2014 . Ce climat de confiance gagne aussi les professionnels, agents immobiliers, notaires, dont 59 % se déclaraient, fin avril 2015, optimistes, contre deux tiers de pessimistes, un an plus tôt.

Les taux historiquement bas, à moins de 2 %, solvabilisent de nombreux ménages et élargissent la clientèle puisque, à mensualité identique pour un prêt d’une durée de 18 ans, l’acheteur de 2015 peut emprunter 24 % de plus que de celui de 2008.

Pour la clientèle étrangère ; après deux années orientées à la baisse, le marché semble retrouver quelques couleurs, avec une légère progression moyenne de 1,5% pour 2014. Ceci dans un contexte général de baisse des prix puisque le montant moyen des transactions a chuté de près de 10% en un an.

Pour des acheteurs étrangers les taux d’emprunt à partir de 2.5%  se révèlent également très attractifs. Pour nos acheteurs anglais la force du Pound est également un facteur positif.

 

Brèves:

Insurance tax Premium (IPT): Increase to Standard rate

 

The Insurance tax Premium is a tax that is paid on all insurance products, such as Life Cover and Medical Insurance, at a standard rate.

It is currently at 6% in the UK and will be increasing to 9.5% on November 1st 2015 for all premiums received on/after that date.

This is an increase of more than 50% with the UK government estimating it will generate an extra £ 1.75 billion per year.

On the optimistic side :

-  It is the first dramatic increase since the introduction of IPT

-  At 9.5% the UK still remains one of the lowest IPT rates in Europe much lower than Germany at 19% or Italy 21.5%.

 However, the higher rate of 20% applicable to travel, mechanical/electrical and some vehicle insurance will still remain the same.

Let’s just hope that individuals will not reconsider taking out some vital insurance such as Private Medical Insurance because of this increase.


 

Déclaration des comptes et avoirs détenus à l’étranger

Afin de permettre à l’administration française de pouvoir lutter plus efficacement contre la fraude et l’évasion fiscale, le Livre des Procédures Fiscales (Art L 169 du LPF) vient d’étendre de 3 à 10 ans le délai de reprise en matière d’impôt sur le revenu quand les obligations déclaratives n’ont pas été respectées.
Pour nos clients qui deviennent résident fiscal français, Il est donc important de déclarer tout compte ou avoirs détenus à l’étranger.

 

Berangere Hassenforder
Chartered Financial Planner
Conseiller en Gestion de Patrimoine

 

Thank you for reading our newsletter. To learn more about our company please visit our website http://altyxfp.com/ .

Copyright © 2015 ALTYX Financial Planning, All rights reserved.


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