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Glasgow
+44 (0)141 221 2984

Edinburgh
+44 (0)131 225 6366

Stirling
+44 (0)1786 451745

Dumbarton
+44 (0)1389 765238

Hamilton
+44 (0)1698 459444

French Duncan

Blog

MAY 2017 - Foreign Pensions

Position pre 6 April 2017

As a UK resident in receipt of foreign pension income whether it is a state pension or occupational pension an automatic deduction of 10% was available meaning only 90% of the foreign pension income was subject to UK income tax.

Under certain conditions lump sums from non-UK pension schemes could be taken wholly or partially exempt from UK tax depending on whether the benefits were accrued during a period of non UK residence.

Position post 6 April 2017

Finance Act 2017 includes provisions to remove the 10% reduction therefore the foreign pension rules and UK pension rules will be aligned. This means that in 2017/18 the whole foreign pension will be chargeable therefore individuals with foreign pension income will be subject to an increased tax charge on their foreign pension income.

If foreign tax has been deducted from the pension then relief will remain available in the normal manner ie either under the double tax treaty or via unilateral relief where the relief will be the lower of the UK tax payable or the foreign tax paid.

If a non-UK domiciled individual is in receipt of foreign pension income then this pension income can still be taxed on the remittance basis although this will have to be considered based on whether this is beneficial in light of a possible remittance basis charge and if you have chosen to retire in the UK whether you have gained a UK domicile of choice.

HMRC have also changed the rules for lump sum payments received from non-UK pension schemes and these payments will now generally be taxable however the exact tax treatment will depend on whether the scheme is registered with HMRC or not.

If you require any further information on the above please call your usual contact at French Duncan or click here to email us. 

MAY 2017 - New image for French Duncan Restructuring & Debt Advisory

On 31 March 2017, French Duncan Business Recovery rebranded to become French Duncan Restructuring & Debt Advisory (R&DA). The new brand better articulates the work the team does to assist individuals and companies in financially vulnerable situations.

The division is led by partner and head of Restructuring and Debt Advisory, Eileen Blackburn, together with Brian Milne and Linda Barr.  They are supported by an excellent and highly skilled senior management team with experience not only in insolvency and restructuring but industry, legal services and banking. The team operates from offices across the central belt in Edinburgh, Glasgow, Hamilton and Stirling, with a total of 23 members of staff.

French Duncan Restructuring & Debt Advisory advises on all aspects of corporate insolvency processes including administrations, compulsory liquidations, creditors voluntary liquidations, members voluntary liquidations, receiverships and company voluntary arrangements.

The team has extensive investigation, advisory and restructuring skills to assist a variety of stakeholders, including directors, secured and unsecured lenders, private investors and creditors, both prior to and during restructuring including formal insolvency processes.   The team can also assist businesses with cash flow optimisation, independent business reviews, options analysis and informal payment plans should a company require turnaround support. The team understands that each company has its own set of unique circumstances and so advice is provided on a tailored basis.

We can also assist shareholders to wind up solvent companies via the process of members’ voluntary liquidation. Working with the Company’s tax advisors and our own in-house tax experts the team will ensure optimal tax efficiency, maximising shareholder wealth whilst at the same time attending to all statutory and administrative duties associated with winding up a solvent company before returning the surplus funds to the shareholders.

We are recognised leaders in the field of personal insolvency advice and have a wealth of experience in advising on sequestrations and protected trust deeds, operating through our dedicated consumer debt arm, FD Debt Solutions. As part of the rebranding, FD Debt Solutions launched a dedicated website: http://www.fddebtsolutions.co.uk/ which advises the consumer debtor, tailoring every debt solution to the individual.  This website has been designed to ensure the person enters a process that is sustainable, allowing them to exit the solution debt and stress free.

FD Debt Solutions works in close contact with the money advice sector and has over many years forged a strong relationship with this sector. This allows FD Debt Solutions to ensure that debtors who require access to the Debt Arrangement Scheme or other informal debt solutions are referred to this sector without delay.

If you would like to know more about how we could help you and or your business, please contact Eileen Blackburn on 0131 243 0176 or email e.blackburn@frenchduncan.co.uk

 

APRIL 2017 - FD Debt Solutions website has launched

We are pleased to announce that, after a few months of hard work, our new and refreshed website is finally live. We would like to thank everyone involved in the development and rebrand of our new website, especially GT4 web design team.

FD Debt Solutions provides comprehensive information about problem debt, insolvency procedures and debt relief options such as sequestration and trust deeds. It aims to help people with unmanageable debt by finding the best debt solution for them to take them forward to financial freedom.

The website is constantly updated with the new content, blogs and the most recent regulations. It is interactive and mobile responsive which means that it can be viewed on any device including desktop, tablet and mobile phone.

How is FD Debt Solutions different?

Our experience shows that people are often confused with the number of debt management and debt relief options available to them. The vast majority of our clients claim that information overload on the internet means that they are not able to identify which are reliable websites and ethical organisations online.

Our team of licensed insolvency practitioners has designed a website you can trust. FD Debt Solutions is dedicated to providing clear information about debt, bankruptcy and various personal insolvency options available to the residents of Scotland. It is constantly monitored by the industry leading insolvency professionals Eileen Blackburn, Brian Milne, Linda Barr and Judith Howson. This team plays a key role in trying to influence and develop the Insolvency regulation and landscape in Scotland by being part of the R3 technical committee, the ICAS technical committee, the Law Society Insolvency Committee and by being involved in the development of teaching and examination of the next generation of Insolvency Practitioners.

Debt Barometer

FD Debt Solutions features a Debt Barometer which shows different debt help options available, the results are based on the information provided. Please note that this is just an indicator and we recommend contacting our team for more in-depth advice and recommendations. There are various debt solutions available depending on individual circumstances and it is important to make an informed decision before committing to a particular debt solution. We offer free and independent debt advice to the residents of Scotland who want to improve their financial situation.

Our director of insolvency Linda Barr said: ‘People often seek our assistance having researched the internet and are set on a particular debt solution, however after discussing all options together with their own particular circumstances sometimes their initial option is not right for them and their own set of circumstances.  Our goal is to find the best solution for their personal situation and help them become debt free. We don’t charge for our advice but if our client decides to go for a Trust Deed or a Sequestration they pay a fee which forms part of their monthly contribution. We guide them through the process and advise them at no extra cost to them. Our goal is to provide people with clear and comprehensive information and help them achieve financial freedom’.

Are you looking for a personal insolvency advice?

If you are looking for a professional insolvency advice in Scotland visit our new website www.fddebtsolutions.co.uk for guidance and help. We have offices located all over central Scotland including Glasgow, Edinburgh, Hamilton, Stirling and Dumbarton. Simply give us a call and see how we can help.

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