Carlie: Hey there, it’s Carlie with the Expat Focus Podcast. Jake Barber, Founder and Advisor at SJB Global is back in this episode to talk through the recent UK Budget announcements, and what they mean for UK expats. You can stay up to date with expert analysis like this by signing up to our monthly newsletter – just head to expatfocus.com/newsletter.
Jake, founder and advisor at SJB Global. It’s great to have you back on the Expat Focus Podcast.
Jake: Yeah, great to be back as well. And it’s funny that the first topic we discussed, some of the points are actually now not applicable because of the budget, which we’ll be discussing today.
Carlie: Yes!
Jake: It’s crazy how quick things can change in this environment.
Carlie: 100%. Last time we did talk, it was about transfer options for UK…for expats with UK defined contribution pensions. But as you said, now we’re diving into the UK budget. It was a significant one because it was the UK Labour government’s first budget handed down in, I believe, 14 years. And that happened at the end of October. So first of all, how would you summarize the key changes that were handed down in the budget?
Jake: So a lot of it is trying to increase taxes. And I think some of them are quite difficult to accept. So the one that they sort of said was more of a favor because the Conservatives froze the income brackets for people in the UK and they said they’re going to do the same. That is probably one of the worst things because over the last few years, inflation’s increased, wage inflation hasn’t increased as much as inflation.
So it means people end up having less spending power, but then if income tax is frozen, it means they end up paying more tax on the money that they need to be able to keep up with the spending. So by freezing that to 2028, it just creates a lot more taxes for the government, probably more taxes than some of the other things that people have discussed and I think it’s probably not the right approach because if people are struggling to cover bills already, then they’re going to be struggling even further because these tax brackets are frozen. So that’s the first one.
The next one, which was a big topic, which was capital gains tax. What the UK government often do is they put articles out beforehand. to see how everyone’s going to react. And there were talks of the capital gains tax going up to as much as 39%.
So this was one that I was watching quite considerably, because in the UK, people often structure their assets so that the pension was the last thing they spent, and capital gains tax would be in general investment accounts, which often were spent really quickly, because it was fooled under their estate for inheritance tax.
The rates were 10% for basic tax rate payers, and then it was 20% for higher or additional. And now that’s changed so basic tax rate payers pay 18% and higher or additional pay 24. So it’s not a massive jump for higher but it is a big jump for basic and this won’t raise a lot of taxes, because not everyone is paying capital gains tax. The go to for someone in the UK would be a pension.
The next point of call would be an ISA, because you can put £20,000 per year into an ISA, which grows tax free. Then it’s going to be capital gains. So it would affect people that are selling second properties, for example, because a lot of UK investors invest into property. Property, I’d say would be the favorable option over investing into equities or bonds or funds. That’s more of an American culture. So…or if people invest into cryptocurrencies, then obviously they’re going to be paying higher taxes on that. But it doesn’t generate that much money for the UK.
The next point though is Stamp Duty Land Tax. So this is for anyone that’s buying a second home, buy to let, or companies purchasing residential property. This has gone from 3% to 5%. And there’s also a threshold. It’s called the standard nil rate band, which at the moment is £250,000. Next tax year, that’s gonna reduce to 125,000.
The plan here from the government, or at least what they said, is by increasing this…it’s going to free 125,000 homes. Which is not a lot, it’s the size of a small town in the UK. So I really don’t understand where they got that figure from. But, to give you an example of how much this has increased taxes and how much it will increase next year as well, pre budget: if you bought a £300, 000 property, the tax will be £11,500. Post budget: it’s 17,500. And then when the threshold goes down in April next year, it’s 20,000. So £20,000 in taxes on a £300,000 property is absolutely insane. So, I think that’s where they’re going to be making a lot of money.
Some of the other changes were around inheritance tax. So, there’s two points here. The first one is actual inheritance tax on an estate. So, in the UK you get something called a nil rate band, which means it’s your threshold before you actually start paying an inheritance tax. And each individual gets a £325,000 limit. If they’re a UK resident and they have a UK property, they also get a residential nil rate band for a property of £175,000.
So that means every individual will get £500,000, so a married couple will get a million. And then if your estate is above two million, you start losing £1 for every £2 above on your residential nil rate band. So it never…it didn’t affect that much of the populations in the early 20s, it may have been something like 3 or 4% that actually ended up paying IHT (IHT being an inheritance tax), but they’ve frozen these bands since 2009 and they’re going to be frozen until 2030. So 11 years with the exact same bands, and they haven’t increased at all. To me, it just seems like it’s going to freeze them forever. Because every time they freeze it to a particular year, they then just increase the term.
Carlie: Was this expected, Jake? Did you kind of expect more radical kind of changes under the Labour government?
Jake: It’s difficult to say, because it’s a tough job to get right. They’re obviously trying to raise money, and the way they raise money is by potentially raising taxes, but it’s a bit of a double edged sword because if you raise them too much, it just drives people out of the country. And we do a lot of exhibitions where it’s people that are looking to move overseas. And I just had a stat from a currency expert earlier on, one of our partners.
And she said three years ago in the exhibitions, only 20% of the people were actually looking to change their residency, 80% were buying holiday homes and now it’s jumped to 45%. So people are seeing the UK not as a place where they want to be. They prefer to actually look outside, not just for a holiday home, but to actually live permanently.
Carlie: And to change their tax residency, yeah.
Jake: And the biggest change…the one that’s affected the planning that we do the most and also people in the UK, because the biggest pot is going to be their pensions, pensions now fall under inheritance tax as well. And this is massive because everybody has always saved in their pension because it’s outside of your estate, you can pass it on to your loved ones without paying inheritance tax and it can be passed from generation to generation.
So it was a really, really good planning tool that was used last so that people could make sure that they could pass money on if they didn’t spend it. And nobody’s going to spend every penny they have because nobody knows the day they’re going to pass away.
So people that have done this are feeling really hard done by, because nobody expected this change and the way they tax this in the future, which is what we spoke about on the last podcast was lifetime allowance. Which again, people didn’t like. And they decreased that as the years went on.
But then the Conservatives, they got rid of a form of the lifetime allowance in the budget early on this year, but this now brings everything under people’s estate. So whereas before, only a couple…or 3 or 4% of people were infected by the inheritance tax, it’s now going to jump over to over 10%. Because property prices…if you own a property worth £300,000, and then you’ve got money that you need to live in retirement, it’s going to affect everyone.
And then another thing as well, I mentioned before that with a DC (defined contribution pension transfer), you had two options in Europe, which was a SIPP or a QROPS. There was massive changes with QROPS also. Because what people did in Europe, they utilized a Maltese QROPS, so a QROPS that was based in Malta. You could use this in any country in Europe.
And the reason people use this as opposed to local country QROPS is because the local country QROPS were often very under established and they could have been, for example, just for people that had worked for a particular company in that country. So they were never really used. And there’s also a risk if they’re not used that much, do you really want to put your money with a provider that doesn’t actually have that much of an established business? So the change that they brought in, which was as of effect the same day, is you no longer can use a Maltese QROPS anywhere in Europe, unless you are in Malta. And if you do, there’s a 25% overseas transfer charge.
Carlie: Ouch.
Jake: I know. Killer. Absolute killer. QROPS wasn’t the…over the years, they had made a lot of changes. Many years ago, it was definitely the favored option, whereas in recent years, it’s become more aligned with the UK SIPP rules. But it still was used for particular reasons, and that would be for some of the last one outs issues that were there in the past.
The last point is QNUPS, which is a product used for non UK residents that try to protect themselves for inheritance tax. And this now falls under inheritance tax as well, which is crazy because the product was only used for that particular reason. And I have a client that has (I spoke to last week) I spoke to him before the budget and said, “let’s wait until the budget happens,” because he was planning to take a withdrawal and he has £1.4 million in his SIPP and £1.8 million in a QNUPS. He’s divorced with a son.
So, all of that money…most…well, the QNUPS was completely protected from IHT and the pension did have an element of tax, death tax, which is from what the Conservatives brought in at the beginning of the budget back in April. And now all of that’s going to fall under his estate for inheritance tax. So that is more than a million pounds in taxes. Just from that change in the budget. So yeah, it’s pretty horrific, depending on where you have your money.
Carlie: So what do you…I mean, I know we can’t give specific advice, Jake, but what are you broadly advising your clients to do at this point?
Jake: It depends where they’re resident. Because there was actually one positive change, and this is surrounding the non-dom rules. Now this isn’t something that Labour actually put into play. It was the Conservatives, but the Labour left it. And I was thinking they were going to change this.
And the change is…so before, it was very difficult for a UK born, UK passport holder to know whether they were going to pay inheritance tax on their death if they were living outside of the UK. Because you had something called domicile of origin. So if your parents were married, your domicile of origin would be your father’s passport. If they weren’t married, it would go off with your mother.
And if you have spent many years outside the UK, but you had some type of link to the UK, then they would probably tax you on your worldwide assets, even if you haven’t lived in the UK for many, many years. A very common one is (because we have a US business as well) if you move state, so a lot of people live in places like New York, California…when they retire, they move to Florida. That is probably the most common. By moving state, it reset people’s domicile status back to the UK. So you could have been outside of the UK, have no ties at all.
Kids now have a US passport, but you’ve moved state to retire, and then you automatically have a domicile back in the UK. So it was very complicated and very difficult for people to actually know what would happen when they passed away. But the change they’ve brought in now is to move away from domicile of origin and move to domicile of residency.
And the way this would apply is if you’ve been outside of the UK for more than 10 tax years, you only get taxed in the UK based on your UK assets. So UK pensions, UK properties. But anything that doesn’t have to be in the UK, you would keep out. So, what we always do with our non UK residents, people living outside of the UK, is we keep their investments in tax neutral jurisdictions. And this avoids these problems. Because I live in Spain, but I’m not going to keep my money in a Spanish investment vehicle, because if I leave Spain, there’s going to be withholding taxes. There could be exit taxes.
All these countries have these weird and wonderful rules and every country has different rules. So the idea is to make sure you invest your money in a tax neutral jurisdiction, because if you do move you don’t have to sell those investments and potentially pay taxes that you didn’t have to pay beforehand. And by tax neutral I’m referring to places like the Channel Islands, so Jersey, Guernsey, Isle of Man, Ireland, Luxembourg, Cairn Islands. All these places are used for that particular reason because there’s no inheritance tax, there’s no capital gains tax, dividend tax, withholding tax. You only pay taxes in the country where you reside.
And you’re not avoiding tax because you are paying taxes where you live, but it just makes things much more cleaner. And a good example is Germany has something like 200 different double taxation treaties in the world, but only eight of them cover inheritance tax. So if you did pass away and you had your money in Switzerland or somewhere else, then you have to then find someone that can understand what would actually happen to those assets.
It just creates a massive cluster of problems. So, one of the things we’re definitely making sure (and we always have done) is making sure we can keep the assets that they can keep outside of the UK, just to make sure that they are taking advantage of the non-dom rules that have come into play. So to really summarize, UK people, UK residents are going to struggle, but people living outside of the UK, they don’t have their assets in the UK, are actually going to benefit.
Carlie: Jake, we know the economic climate at the moment is a bit grim. So given that, how realistic do you think are the UK government’s growth projections and fiscal targets as they outlined in the budget?
Jake: I’m very skeptical. They’re looking to raise £40 billion in taxes, but the reason I’m skeptical is I don’t think…normally what they do is they put these predictions in place because they’re going to get money from this place, that place, but what they really need is (and whether they do this or not, I don’t think they do) is an actual charter financial plan to break the holes in the plans, because for example the UK pension change for inheritance doesn’t come into play for two years.
So if I had a massive pension pot, what I could do is I could move to a country like the UAE, where I can take the money out tax free, take all of the money out, and then invest it somewhere else, and then potentially move back…move somewhere else if I didn’t like living in the UAE. So there are strategies you can use to make sure they don’t get these taxes. Another one would be for capital gains tax.
If people aren’t going to…if they don’t want to pay the higher rate, they could just hold on to assets or change their strategy. And this was something people did in the past because there was at one point, the UK had capital gains tax at 40%. And it just makes people not buy and sell investments, they just hold on, which could potentially bring in less money in the short term. So, I think there’s always going to be ways people can break apart the plan they put into place, but a lot of this is also based on projected growth rates and the UK GDP for this year is projected to be 1%. Next year, 1.5%. And government spending is counted towards GDP.
So, it’s…well, I mean, I definitely don’t…I would hate to have the job because it’s an impossible job to get right. But, it’s a very fine line between taxing or driving people away from the country. Because the more taxes you increase for people, the more likely people with money are going to move away. And the UK is expected to lose the largest percentage of rich people over the coming years, which I think would end up bringing less money in for the UK.
So the one side is taxes, but the second is the asset inflation side. And this is where you invest your money. And every country is going to have a bias towards their own country. So I was a derivative trader before I was a financial advisor. (This was going back 10 years ago.) And when I was buying, I could buy anything I wanted, but I had a UK bias because that’s the market that I was reading all of the time, it’s the market I was researching, everyone around me was talking about it.
And it’s the same for people living in the UK. Would you buy US stock over UK stock? Probably not, because you’ve heard of the UK ones as opposed to the US ones. And the UK stock market has been the worst performing market in the developed world over the last 10 years. And if you stretch that to 25 years, since the millennium, it’s hardly gone up. Compare that to the US, which is up over 350%. It makes much more sense to have that international bias. So where’s the growth coming from? I just, I really…I can’t see it, because also it’s a cultural thing. And because I deal with people all over the world, I can see how the cultures have an impact on the economy.
And the US again, I’ll mention it again, because they have a very different culture. They very much live to work. And I do reviews with my clients at five, six in the morning, their time. I’ve never had someone in the UK do that. And all the innovation…if I have an innovative idea, I’m living in the UK and actually one of the advisors, their best friends, they actually set up…it was like a gaming app in the UK and ended up moving to San Francisco where all the venture capital and private equity money comes from and sold the business out there. There’s just more opportunity.
The US has that monopoly, whereas the UK doesn’t. Plus you’ve got this aging population issue as well, which is going to drive GDP down even further. So I think it’s an impossible job. The only good thing I see is if I compare, for example, the UK to Europe, Europe is a lot more fragmented and they’re going to be lowering rates, I think, at a quicker rate, which is going to favor the GBP versus the Euro, and I’m all for that because I live in Europe and most of my income is actually in pounds.
Carlie: That’s your international bias, yeah.
Jake: Yeah. But since I left the UK, it’s important to have that international bias as opposed to the UK. Because when you look at things, especially post Brexit, we’re just a shrinking economy. And you have this index which covers the 23 developed countries worldwide. It’s called the MSCI world.
And what it’s done…every company and country, the percentage is based on the market capitalization of the companies in the country, the UK, when I first became a financial advisor, it was something like 4.5, 5% of the MSCI world was the UK. And now it’s down into the 3% something. So it’s shrunk and you’ve got companies…NVIDIA, one company is larger than the whole of the UK economy. Yeah. In fact, any of the top five companies are bigger than the UK. So they are effectively more powerful than the whole of the UK economy.
Carlie: Jake, you mentioned the UK’s rich people are leaving. Where are they going?
Jake: That’s a good question because every…so, especially in places like Europe, people want to move somewhere and they’re looking for something that…a country that has structure, good infrastructure, it has good weather. So the Mediterranean, of course, is a really popular place. People may end up moving somewhere like South East Asia or Australia, but that might be too far away. But then you’ve got tax free, tax neutral jurisdictions…sorry, tax free jurisdictions such as the Middle East, which aren’t really places that you’re going to retire.
So the most common places in the last 10 years have been places like Portugal, France, Spain, Italy, and Greece is now becoming quite a favored option. But what these countries do, they want to entice the wealthy retirees to come over, so Portugal introduced something called the non habitual residency, which meant that if you got the visa, you had zero tax for 10 years. They then increased that to 10% and now they’ve gotten rid of it. And they got rid of it because house prices went through the roof. The locals couldn’t afford to live there. And they brought enough money in, so they just needed to cool things down before it became a problem unsustainable.
Spain has the golden visa, which they are planning to get rid of as well. And then Italy, there are places in the south…so Italy has a huge aging population issue, probably beyond the point of fixing it. And they have lots of villages and small towns with no one living there. No young people.
Carlie: The €1 houses! Are you going to talk about the €1 houses?
Jake: Yeah, well, they’re even trying to pay people to live in places.
Carlie: I’ve thought about it, Jake. I’ve thought about it!
Jake: Yeah. I mean, I love Italy but I haven’t actually been to some of these places, and I’ll bet they’re terrible! Everyone’s in their 60s and 70s.
Carlie: There’s a reason why the houses are €1.
Jake: But I do have one client that lives in one of these towns in southern Italy, and it’s a 7% flat tax rate as a retiree.
Carlie: Oh, wow, that’s nice.
Jake: It’s fantastic, yeah. And Greece, I think, is the up and coming place because they also have a new visa where it’s a 7% flat rate for retirees. So there’s always some type of visa that’s coming out. It’s not just about the tax rates in the country, it’s also about the products that are available.
So places like France, Spain, they have very high taxes. If you were to research retiring in Spain or France, you looked at, for example, the capital gains tax rates, or the income tax rate, you probably would be turned off. But they have very favorable products that are available through financial advisors. So it really depends what people are looking for, but those are definitely the most common places. Because it’s places where people go on holiday, they know the country’s not too far from many other countries in Europe, and it has good weather, apart from the odd rainy day like we’ve had in Spain the last few days.
Carlie: Well, lots of rain. Let’s acknowledge you’ve had some pretty devastating floods there at the time of recording this.
Jake: Yeah. It definitely makes you think that you need to buy your property in somewhere that’s not next to a dry riverbed or at the bottom of a hill because then you could lose your house.
Carlie: I hope your house is okay, Jake.
Jake: Yeah, it’s fine. I’m actually on a really steep hill. That steep that it was almost too difficult to walk the pram when my kids were babies.
Carlie: So what are some of your other thoughts on the tax changes?
Jake: I think given how much of a u-turn they’ve taken on pensions, and I think the reason they go after pensions as well is because even if you leave the country, it’s still going to affect you. So there’s no running away from the problem, because the only way you could avoid it is by taking all of your money out, and you’ll be taxed income tax, which nobody’s going to do because you’ll end up losing half the pot.
So they always go after things that they know they can get regardless of where someone’s living. And the only way to avoid that, as I mentioned, would be to go somewhere where you can take the money out tax free, but that’s very niche. So I think it just…people are not going to trust the government, because if they’re going to make such a big change, then who knows what they’re going to change in the future.
Because imagine you’re now planning to take money out of the pension and keep your money in general investment account, and then two years later, they change again. It just leaves people in a situation…especially me, because before as a financial advisor, I was very much…I knew the structure that the UK government were putting into place. Now it’s completely different. I had a client that eight years ago…they had £4.3 million in a UK pension scheme, they moved it into a QRUPS to avoid…because before if you transferred into a QRUPS, that was what’s called a crystallization event.
So you were taxed 25% above the lifetime allowance. They paid something like 700, £800,000 as a one off tax on transfer to avoid LTO in the future, lifetime allowance in the future. And then they get rid of it…and then they increase, and then they add inheritance tax on top. I mean, you literally can’t win. It’s shocking. It really is. It’s not like the UK government is the only country doing this, but you compare it to the US, and I keep mentioning the US, they change things for the better. They increase the allowances towards pension contributions. They don’t make drastic changes and their inheritance tax threshold is just over $15 million per person. So nobody’s going to be hurt.
Carlie: So for, for the average Jill or Joe…
Jake: They’re not going to have it. They’re not going to have the issue. But it does create an environment…if you’re in the UK, you’re going to have to completely change your plan. Because the ISA and ISA which is tax free, growth, tax free taking the money out. That’s going to be by far the favorite option.
The only thing I’d say on that though is you need to look at what your tax rate is at the time and how much money you’re earning. Because if you’re paying 20% tax on your income pre-retirement, and you’re looking to maybe pay 20% tax in retirement, then it’s exactly the same. But if you’re paying 40% tax before you retire and 20% tax when you retire, then that obviously changes the strategy.
So the ISA saving that over the pension, people may end up doing that. And they have done that in the past because a lot of people just don’t understand all the different pension jargon, because it’s just confusing. And then other than that, it’s general investment accounts. So, just investing in a taxable account in the past was the last option. But now if you can invest in a general investment account, and on death it rebases the capital gains to zero, it’s actually the best IHT tool there is.
So I really don’t like the changes. It’s going to affect every single individual. If you are overseas though, there’s definitely a lot that can be done to make sure you’re planning around that. And if you are…if you’ve been overseas for more than 10 years and you’re going back to the UK, in theory, you could be classed as non-dom (this is the following tax year), which means the first four years going back, you actually won’t pay tax on your assets outside of the UK. So there is a lot of planning that can be done if you are looking to move back to the UK, and you have been outside of the UK for 10 years…
Carlie: Something to definitely pay attention to.
Jake: But 10 years in the same country, I will add again, because as I mentioned, if you change country, it starts back.
Carlie: You can’t have been digital nomading for a decade.
Jake: Yeah. The digital nomading idea of jumping around country without having a tax certificate is completely false. You have to have a tax certificate.
Carlie: It’s a great idea though!
Jake: Yeah, it is, but you have to utilize a country like…Cyprus is a good one, Andorra is a good one. You can be there for three months, you get the tax certificate, and you just don’t meet requirements in any other country to end up not paying tax there. But if you jump in from country to country, one month here, one month there, then they normally just go back to the country of where you’re actually from.
Carlie: We’ve been speaking in and out about the UK budget’s effects on expats, but can we summarize what does the latest Labour, UK Labour government budget mean for UK expats?
Jake: Yeah, I think for UK expats, it’s depending on their assets again, and depending on where they hold their money. So if you have a large UK property portfolio, for example, it’s about working out whether that is actually the best strategy. And it’s comparing your UK properties to, for example, other assets you may have had, such as UK pensions, where they’re all going to fall under your estate for inheritance tax.
There is one thing that you can do to…it depends on, again, your family circumstance. The spousal exemption will still apply within the pension. So if you pass your pension onto your spouse, then there isn’t any inheritance tax, it’s going to be on second death. But if you have done planning in the past with trusts and things like that, then potentially that’s now gone out of the window with things like QNUPS because they’re going to fall under inheritance tax. So a lot of the tax is on the living people as well as people that are going to pass away. So it’s going to raise a lot of money for the UK.
But if you are an expat, it’s really important to understand how these changes are going to affect you because what you knew in the past, you may not know today. And I’ve only covered a few things here, but it’s important to speak to a financial advisor to actually go through these points based on your particular circumstances, because it may be completely different for you.
And we often see structures for expats, especially UK expats, who are…who very much have everything in the UK, including things like UK bank accounts. There’s absolutely zero point in having a UK bank account if you can keep your money outside of the UK, because if you’re going to be a non-dom, you’ve been outside of the UK for more than 10 years, you can avoid more inheritance tax by keeping it somewhere else. So I think the summary is: it’s complicated. And it’s hard to really put together a plan unless you fully understand the information, but the worst thing you can do is plan without all the information available.
Carlie: Just finally, Jake, before I let you go, at the time of recording this, the US election has happened. Trump is heading back into power in the new year. I’m curious for your thoughts on how a Republican, Trump led government in the States is going to impact the UK or not?
Jake: It’s definitely going to apply pressure, because they’re trying to deregulate everything they’re trying to…they’re very pro business. They’re even pro crypto for example, which was a big thing with for example, Joe Biden that was very restrictive. The UK has been quite restrictive in the crypto market as well. But since Trump’s come into power US markets have gone to all time highs, crypto bitcoins at an all time high. Everyone loves the fact that he’s won and it just again…I just see if I just compare the UK to the US, it just…it’s doing all of the wrong things. It should be trying to increase business productivity, but it feels like it’s not doing that.
Carlie: We know business leaders, particularly in the tech sector in the USA, are very enthusiastic about Trump heading back into power. Is there a flow on effect for the UK tech sector, for example? Are business leaders in the UK excited about what might be coming from the United States over the next four years?
Jake: You mean, would that directly impact the UK positively? I doubt it, because the US…
Carlie: I was trying to find something, Jake!
Jake: I know. I wish there was, but I just can’t see it. I don’t see any…when you look at the…they have a Magnificent Seven version in Europe, but they’re all pharmaceutical companies. They’ve nothing to do with innovation. And the US just has, you know, they have the monopoly on AI. It’s difficult to compete against them, when you’ve got people like Elon Musk, that is just revolutionizing every single industry, whether it’s aerospace, or electrical vehicles, AI, he’s at the forefront of everything. And he’s gonna be working really closely with Donald Trump. So I think that partnership’s going to be really good for the US market.
And the Tesla share price has gone through the roof. And I think the reason why a lot of people voted for Trump is because they didn’t just…they didn’t believe in Kamala and Biden. There’s just so many things over the years that people disagreed with and I think Trump winning the Senate as well means that he has more control. Whether that’s a good or a bad thing, we’ll have to see. But I think based on his previous election term, markets really loved it, and they’re loving it again. So, I just really struggled to see how the UK can compete.
Carlie: Well, a sobering but important update on the effect of the latest UK budget on UK expats. Jake, thanks so much for coming on the show. Where can people find you if they want to learn more about you and your services?
Jake: They can find me on LinkedIn, or they can go to our website, which is www.sjb (that’s Sierra Juliet Bravo) -global.com. And they can put their details into our contact page to get one of our advisors to contact them. That’s probably the best place. I’m hoping you might leave a link on the blog post as well, so they can click on the link and go directly to our page. Yeah, that’s probably the best place.
Carlie: That’s it for today. You can sound off in the comments on our YouTube channel or hit us up on social media to let us know what you think of the UK budget. And we’d love to know what you think of the show. Leave us a review on Apple podcasts or wherever you like to listen, and I’ll catch you next time.