The UAP Group

08/12/2022

Great News and some more information on our acquisition of Alltrust and exchanged on Rowanmoor SIPP business.

07/12/2022

The UAP Group has acquired Cardiff-based Alltrust Services, a self-invested personal pension and small self-administered scheme provider

17/11/2022

UK inflation jumps to a 41-year high of 11.1%.

Soaring energy costs drove UK inflation to a fresh high in October, the latest piece of bad news for an economy sliding into recession.

The annual rate of inflation rose to 11.1% in October, up from 10.1% in the 12 months to September, the Office for National Statistics said on Wednesday. The sharp increase in living costs was caused by rising gas and electricity prices, despite a government energy price guarantee, which caps energy bills at £2,500 ($2,970) for the typical household. Food price inflation rose to 16.4%.

“Over the past year, gas prices have climbed nearly 130% while electricity has risen by around 66%,” ONS chief economist Grant Fitzner said in a statement.

Andrew Bailey, governor of the Bank of England (BOE), during the Monetary Policy Report news conference at the bank's headquarters in the City of London, UK, on Thursday, Nov. 3, 2022. The Bank of England raised interest rates by the most in 33 years but strongly pushed back against market expectations for the scale of future increases, warning that following that path would induce a two-year recession.

Bank of England sets biggest rate hike in 33 years and warns of a long recession

The prices of goods and services bought or consumed by UK households increased by 2% between September and October, according to the ONS. That means that in the space of one month, prices rose by as much as they did in the entire year to July 2021. The acceleration in inflation even as the economy weakens presents a conundrum for policymakers because Britain’s economy is expected to suffer as the Bank of England keeps raising borrowing costs to cap rising prices.

The Office For National Statistics announced that September's retail sales volumes have fallen by 1.4% much more than expected as households cut back spending in the face of rising borrowing and energy costs. The mourning period following Queen Elizabeth II's death was also considered a factor. Meanwhile, public sector borrowing hit £20 billion in September, compared with the £17.1 billion forecast.

Rising prices in Britain contrast with cooling inflation in the United States. The US Consumer Price Index rose 7.7% for the year ending in October, a slower pace of increase than the 8% economists had expected and January.

https://lnkd.in/ethNADqJ

For more on this story and further statistics regarding inflation within the UK economy, please click on the link above.

15/11/2022

AURORA ADVANTAGE TRUST

The Aurora Advantage Trust is a low-cost, streamlined, discretionary trust, which can be used to efficiently ‘wrap’ simple investments, or where necessary, more complex, or bespoke assets. The trust is a useful wealth, succession and estate planning vehicle and offers all the benefits of a full discretionary Guernsey-based trust with market-leading fees, with reserved powers over investment.

The three options that are available within the trust:

Option 1 - Power Holder appoints an Investment Manager.
The Investment Manager ( which may be the Settlor of the Power Holder) will be responsible for managing assets within a selected Custodian account.

Option 2 - Power Holder directs the trustees to appoint a Discretionary Investment Manager.
The Discretionary Investment Manager will be responsible for managing assets within the discretionary managed account.

Option 3 - Power Holder Directs the Trustees to appoint an Investment Adviser.
The Investment Adviser (which may be the W of the Power Holder, appointed by the Trustee), will provide investment advisory services to the Trustees.

https://linktr.ee/the_uap_group

For more information on all our products and services, please contact [email protected] or alternatively you can view our full list of products by clicking on the link above.

14/11/2022

Spain Wants to Permit British Tourists to Stay Longer than 90 Days in 6 Months

Spain’s Secretary of State for the Ministry of Tourism and Industry, Fernando Valdés, wants to scrap the rule that limits British tourists, as well as tourists from other countries, from staying in Spain for only 90 days in any 180-day period, in a bid to boost the tourism sector in this country further.

In an interview for iNews, Secretary Valdés said that Spain would like to end the rule that permits non-EU travellers from visa-free countries to stay in the Schengen area for only 90 days within any six months, in order to enable travellers, including British holidaymakers, to stay in Spain indefinitely, when visiting for tourism purposes.

Yet, in order for such a thing to happen, the decision should be taken at Brussels-level, as Spain alone, cannot change anything in this regard, SchengenVisaInfo.com reports.

“Unfortunately, this is not something Spain has established by itself or can get rid of it. It is true that after Brexit some problems have emerged with people wanting to stay longer,” Secretary Valdés told iNews.

According to the news site, the existing rule is disadvantageous for Spain, for which the tourism industry accounts for 12 per cent of its GDP. As a result, the authorities of this country are already putting pressure on Brussels to change the rule.

https://www.schengenvisainfo.com/news/spain-wants-to-permit-british-tourists-to-stay-longer-than-90-days-in-6-months/

Please click on the link above for more information on this story and what requirements are needed when travelling to any of the Schengen area countries.

11/11/2022

10/11/2022

Spain’s New Digital Nomad Law Is a Game Changer

Dreaming of late evenings in stunning tapas bars and weekend trips to some of Europe’s best beaches?

It has been anticipated for over 16 months, and Spain’s Parliament has finally given the “go-ahead” to new startups and digital nomad law which paves the way for a new generation of visitors and nomads to use Spain as a “home” base.

If you are considering living and working in Spain, this new law will bring tax benefits and other perks to digital nomads, entrepreneurs, and remote workers. Perhaps most compelling for remote workers, are the details of Spain’s New Digital Nomad Law. As the world embraces this exciting trend, it’s clear that lovely Spain wants in, too.

Spain’s Startups And Digital Nomad Law

The expectation is that this long-touted, but brand-new digital nomad law will take effect on January 1st, 2023. The nuance of the tax laws and when new fiscal laws will take place for dealing with tax from 2023 is a huge motivator for speedy approval. Basically, this means there is a financial incentive for the Spanish authorities to have the law operating by January 1st.

Broad stroke, the law will be open to those from the EU or third countries — aka that outside of Europe where there will be considerable interest – as long as they have not been a resident in Spain in the previous five years.

https://www.godsavethepoints.com/spains-new-digital-nomad-law/

For the full story on Spain´s new Digital Nomad Law and its tax advantages, please click on the link above.

08/11/2022

AURORA UAP INTERNATIONAL PLAN

The International Plan is available to anyone and has been created to complement those people who are internationally mobile, or for people who wish to save into a plan to support their existing retirement arrangements.

Key Features:

No limit on contributions;

Access to professional investment management and holistic retirement planning services;

Minimum retirement age of 50;

Maximum retirement age of 75;

Flexible options at retirement;

Assets within the plan grow tax-free (other than any specific country taxes);

The plan proceeds to pay out gross;

Greater ownership and control over your accumulated funds;

Investment flexibility which may include a full range of asset classes, including property, private company shares and esoteric investments;

UK Lifetime Allowance and Annual Allowance limits do not apply UK s58 (1)
(d) IHTA Compliance as such settled property is not deemed ‘relevant property for IHT purposes.

For more information on all our products and services, please contact [email protected]

07/11/2022

03/11/2022

Germany to increase home working allowance from 2023.

Anyone who works from home in Germany can look forward to more tax relief next year, after the federal government opted to continue and expand its home office flat rate, along with various other tax improvements on pension contributions and energy.

Germany extends 5-euro-per-day home office tax rebate
As it does every year, the German federal government this week implemented its Annual Tax Act - a kind of “article law” that bundles together multiple different tax law regulations to change a large number of laws in one go, for instance in response to new requirements, EU initiatives and case law developments.
Alongside a lot of dense, complicated legal text, the Annual Tax Act 2022 contains some clauses that should interest expat workers in Germany.

Pension contributions to be fully tax-deductible from 2023
The government also decided to give extra financial relief to workers by bringing forward its policy of making pension contributions fully tax-deductible. This policy is intended to prevent the double taxation of pensions by making contributions tax-deductible (saving workers money on their tax bill), while also gradually making pensions fully taxable once they start being drawn. This was originally supposed to happen in 2025, but this is being brought forward to 2023.

https://www.iamexpat.de/expat-info/german-expat-news/germany-increase-home-working-allowance-2023

For more information on this story and how the German Government will be doing more to assist home office workers, please click on the link above.