24 Aug, 2018 @ 14:01
1 min read

UK expats in Spain could face losing access to pensions and taxed for using credit cards in event of no-deal Brexit

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NO-DEAL: Could be disastrous for expats

BRITISH expats in Europe could face losing access to their pensions and hit with taxes when using credit cards in the event of a no-deal Brexit.

Annuities, deposit services, lending and insurance are just some of the financial actions where expats could face difficulties if the EU does not take action.

UK citizens in the European Economic Area will not be able to access these products without intervention from Brussels before the Brexit deadline.

It comes after the government released its no-deal preparation plans on Thursday, in a bid to offer guidance in the event of Britain leaving the EU without a mutual agreement with the EU.

It also revealed how credit card users could be slapped with a so-called “Brexit tax”.

Pensioners have also been warned of difficulties accessing their monthly payments as claimed by insurance companies.

Hugh Savill, director of regulation at the Association of British Insurers, said leaving the EU without a deal would cause ‘major inconvenience’ to millions of pensioners, travellers and drivers.

He added: “We urge the Government to agree a deal as a matter of urgency.”

Savill revealed that insurers have been making ‘contingency plans’ for months but the issues are too deep-rooted for them to fix alone.

The government said in its no-deal preparation papers that it will take unilateral action as much as it can but that it will need cooperation from the EU.

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