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April 2025

23Apr

Is France really planning a ‘tax raid’ on pensioners?

Proposed changes to the tax system for pensioners in the 2026 Budget are already raising anger - here's what is planned and how it affects foreign retirees. France has only just managed to pass its 2025 Budget, but already attention is turning to the 2026 spending plans, with prime minister François Bayrou giving a press conference outlining the financial problems that the country faces, and what must be done to tackle them. France faces a soaring budget deficit and the parliamentary crisis...

April 23, 2025
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14Apr

UK households warned over HMRC tax change ‘which should be grabbing headlines’

Inheritance tax changes on pensions are what should be grabbing headlines, according to a pensions expert. Former Pensions Minister Steve Webb says the Labour Party government is set for a multi-billion pound windfall. Webb is a partner at pension consultants LCP, and was UK pensions minister from 2010 to 2015. He warned: "While the inheritance tax changes for farmers have grabbed most of the media attention, it is the IHT changes relating to pensions which will affect far more people and raise...

April 14, 2025
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March 2025

31Mar

UK. FCA to consult on using pension savings to buy first home

The Financial Conduct Authority will consult on whether pension savings should be used to buy a first home in the summer, as part of its bid to widen homeownership.  “One of the biggest challenges prospective homeowners face is raising a deposit,” Financial Conduct Authority chief executive Nikhil Rathi said in a speech on Friday at the JP Morgan Pensions and Savings Symposium in London.  He added: “Australia, New Zealand, the United States, Singapore and South Africa all permit citizens to leverage...

March 31, 2025
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28Mar

UK. Reeves could tax pensions and wealth if economy worsens, says IFS

Pensioners and wealthy people could be the target of tax increases at Rachel Reeves’s autumn budget if the drastically worsening economic backdrop fails to improve, the Institute for Fiscal Studies (IFS) has said. After the chancellor’s spring statement featured deep cuts to welfare to meet her fiscal targets, the UK’s leading experts on the public finances said Reeves could be forced to come back later this year with tax rises. Paul Johnson, the IFS director, said a “risky and changing world – as...

March 28, 2025
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February 2025

05Feb

UK. Pensions inheritance tax raid to punish 150,000 families with higher bills

Labour’s pensions inheritance tax raid will hit 150,000 grieving families with higher death duty bills, figures show. Rachel Reeves’s decision to apply inheritance tax to pension wealth from April 2027 will drag 31,200 families into paying the levy for the first time by 2030, according to data obtained through a Freedom of Information request. Some 121,500 families that already pay inheritance tax will also see their bills rise as a result of the change. The policy means that estates with relatively modest assets...

February 5, 2025
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January 2025

27Jan

2025 Pension Updates And Tax Changes Impact Mexican Retirees

Pension payments now subject to taxes after surpassing new UMA thresholds starting this year. Every year at the start of January, the value of the Unidad de Medida y Actualización (UMA) increases, leading to adjustments in the exempt amounts for pension payments. Recently, it was announced once again the increment of this measure, which is pivotal for various obligations and taxes levied by both the federal government and the states. The UMA not only plays a role in determining tax...

January 27, 2025
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10Jan

Retirees Relocate for Income Tax Exemptions

By Linda Gorman In 2013, the Portuguese government offered foreign retirees relocating to Portugal a 10-year tax exemption on their foreign-source pension income, provided their country of origin had a tax treaty with Portugal. As the number of immigrant retirees grew, the amount of forgone income taxes grew, reaching €1.5 billion, or about 0.6 percent of GDP, by 2021. In that year, the tax exemption was replaced by a 10 percent rate. In 2024, the exemption was repealed. Source National Bureau...

January 10, 2025
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October 2024

18Oct

UK. Tax-free withdrawals from pension pots surge amid fears over autumn budget

Savers have started to withdraw cash from their pension pots amid fears over potential tax changes at the autumn budget, according to investment companies. The investment platform AJ Bell said reports that the chancellor, Rachel Reeeves, was likely to increase taxes at the budget on 30 October had spooked some of its customers into new retirement savings decisions. The wealth management firm Quilter, which manages more than £113bn of customers’ money, also said it had experienced a surge in calls from...

October 18, 2024
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September 2024

13Sep

Pensioners Without Borders: Agglomeration and the Migration Response to Taxation

By Salla Kalin, Antoine Levy & Mathilde Munoz  This paper investigates whether and why pensioners move across borders in response to tax rate differentials. In 2013, retirees relocating to Portugal became eligible to a full tax exemption of foreign-source pensions. Contrary to the broadly held belief that seniors "age in place", we find substantial international mobility responses to the reform, concentrated among wealthy and educated pensioners in higher-tax origin countries. The implied migration elasticity of the stock of foreign pensioners...

September 13, 2024
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August 2024

27Aug

UK. Reeves could raise £10bn a year by reducing pension tax relief, report says

Rachel Reeves could raise at least £10bn a year through a radical shake-up of pensions that would make tax relief less generous to better-off earners, a leading left-of-centre thinktank has said. The report by the Fabian Society says tax breaks for pensions have become markedly more expensive for the government and its proposed changes would fill half the £22bn shortfall the chancellor has identified in the public finances. Reeves has dropped strong hints that she is planning a tough, tax-raising budget on...

August 27, 2024
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