How a No Deal Brexit could affect you and your business

October 31 is fast approaching and it’s looking increasingly possible that the UK (and the rest of Europe) could be facing into a No Deal Brexit. There’s a lot of uncertainty around what might happen if that transpires, both on an individual and a commercial level. Here are some important factors that you might want to consider.

Motor

Individual insurers will each make their own arrangements in relation to Irish private policy holders driving in the UK.

These arrangements will be announced closer to the date but if you know you will be driving in the UK after October 31, we recommend that you leave ample time to request a green card as this will be a requirement.

Getting a green card will be especially important for commercial vehicles, haulage and bus tours etc.

Products

If you’re importing goods from a non-EU state (which the UK will be in the event of a No Deal Brexit), you should inform your broker/insurer and install quality checks to ensure the standard of goods. This will reduce your products liability exposure.

If you have any queries or concerns relating to private or commercial insurance, the team at GMIB.ie are here to help. Give us a call today on 064 66 34632.

Bringing your pension back to Ireland

If you’ve worked in the UK at some stage in your career, you may have a UK pension. Now that you’re back living in Ireland, is the long-term plan to remain in Ireland and retire here at some point? If so, you may wish to bring your pension back to Ireland.

Most private sector pensions can be transferred to Ireland. Public sector pensions, however can not.

Advantages

So, what are the benefits of transferring a UK pension to Ireland? Firstly, transferring your pension makes sense if you want to retire in Ireland because it’s convenient and it will be in euro.

There are also benefits in relation to tax. In most circumstances, the pension can be transferred to Ireland without triggering a tax.

Another plus point is that pensions transferred from the UK do not count towards your standard fund threshold of €2 million in Ireland.

If the beneficiaries of your will or estate are not living in the UK then, dealing with the pension after death could be prolonged and may have tax implications.

Prevent Uncertainty

With Brexit looming, there is very real uncertainty in terms of the potential legislative changes that are coming down the line, in particular re: drawing pension benefits. The fact that you will be non- resident, non-tax paying, and the UK will no longer be part of the EU, means that we have no idea what implications this will have for drawing down benefits in the future.

As a result, we have seen a large number of clients transferring their UK pensions back to Ireland over the past number of years.

One of the major benefits is that you will be in full control of your own funds going forward.

If you have any questions about your pension, the team at Gallivan Financial will be happy to advise. Give us a call today on 064 66 37393.