UK Pension Benefits - the Lifetime Allowance Limits Explained by Blevins Franks - Wealth Management Advisors

Will your pensions get caught in the lifetime allowance trap? 

By Rob Kay, Senior Partner, Blevins Franks   

If you have several UK pensions, have been saving for many years or have a generous company pension, you could be at greater risk of 25% or 55% tax penalties following recent measures.

One key outcome of the 2021 UK Budget was that the pensions lifetime allowance (LTA) was frozen at its current level for at least the next five years. This measure alone is estimated to net the Treasury approximately £990 million by 2026, pushing an extra 10,000 people over the threshold. With LTA tax penalties as high as 55%, make sure you are not caught unprepared.

What is the lifetime allowance?

Since 2006, the UK government has capped how much you can hold in combined pension benefits without paying extra tax. Originally £1.5 million, the LTA peaked in 2011 at £1.8 million before gradually dropping to £1 million in 2016. Tracking inflation since then, the March 2021 Budget cancelled this year’s scheduled increase, freezing the LTA at its current level of £1,073,100 until at least 2026. 

Who is affected by the LTA?

While the current lifetime allowance of £1,073,100 sounds high, it does not just capture the ultra-wealthy. 

All UK pension benefits outside the State Pension are counted, including everything accumulated over a working lifetime. After decades of pension contributions, compounding interest, investment growth and tax relief, the limit may be closer than you think. 

For ‘final salary’ (defined benefit) pension schemes, the usual measure of value is 20x the annual income due. Generally this will mean those with pensions worth £53,655+ a year would be affected today. 

What are the LTA penalties? 

Once total pension funds exceed the allowance limit, extra tax is payable whenever you access your money – technically called a ‘benefit crystallisation event’. How much you pay depends on the way funds are withdrawn – rates are 55% for lump sums and 25% for income or transfers to an overseas pension. So at best, the cost of being over can be a quarter of your funds, at worst: over half. Note that this is on top of any other tax payable. 

Being non-UK resident offers no protection. Usually, under the double tax agreement, residents of France are not liable for UK taxes on British pensions (except government service pensions). However, for anyone over the allowance, these rules do not apply – the LTA tax is applied in the UK first and cannot be claimed back. 

How can you check your LTA position?

Calculating how much of your allowance you have used is not always straightforward, especially for final salary pensions, so check your position with your provider or pension adviser.

HM Revenue & Customs (HMRC) will first test your allowance status when you start drawing your pension, then every time you access funds and when you turn 75. If you die before 75, any lump sums paid to your beneficiaries will also be subject to the LTA test and subsequent tax penalties. 

How can you protect your pensions?

While it is possible to obtain ‘protection’ from HMRC to secure a higher limit, be aware that strict conditions apply, so take guidance.

Expatriates have the option of transferring UK pension funds to a Qualifying Recognised Overseas Pension Scheme (QROPS). If you transfer one or more UK pensions into a QROPS and your total benefits are under £1.073 million, you will not face LTA taxes on the transfer. However, make sure the QROPS is within the European Economic Area (EEA), otherwise you would still lose 25% through the ‘overseas transfer charge’. 

Once in a QROPS, funds are out of reach of LTA penalties, no matter how much you have or how you access it. A suitable QROPS can also provide tax-efficiency, currency flexibility and estate planning benefits. 

An alternative option is to explore taking your UK pension as cash and reinvesting it into a tax-efficient French-compliant arrangement. Again, this can unlock other benefits not usually available with UK pensions.

Reviewing your options 

Before making any major pension decisions, it is crucial to take regulated, personalised advice to avoid pension scams and determine the most suitable approach for you.

What if you are already over the limit? While you would trigger an immediate 25% LTA charge on a QROPS transfer, the funds become immune to further penalties. If you instead transferred to a UK scheme, like a Self-Invested Personal Pension (SIPP), you would not trigger immediate taxation but the funds would remain liable – with future charges increasing as funds grew. The 25% or 55% LTA penalties would then become payable whenever you take benefits and also apply to any heirs inheriting the pension.

If you are close to the threshold, consider acting sooner rather than later. Your pension funds should continue to grow while the lifetime allowance remains frozen, so you could potentially avoid unnecessary taxation by taking steps now.

Even if your pension benefits are within the allowance or you are not yet ready to access them, it is a good idea to review your situation. A regulated adviser with cross-border experience can help you explore your options and take advantage of tax-efficient opportunities to help secure a comfortable retirement in France.

Tax rates, scope and reliefs may change. Any statements concerning taxation are based upon our understanding of current taxation laws and practices which are subject to change. Tax information has been summarised; individuals should seek personalised advice. 

Blevins Franks Group is represented in France by the following companies:  Blevins Franks Wealth Management Limited (BFWML) and Blevins Franks France SASU (BFF). BFWML is authorised and regulated by the Malta Financial Services Authority, registered number C 92917. Authorised to conduct investment services under the Investment Services Act and authorised to carry out insurance intermediary activities under the Insurance Distribution Act. Where advice is provided outside of Malta via the Insurance Distribution Directive or the Markets in Financial Instruments Directive II, the applicable regulatory system differs in some respects from that of Malta. BFWML also provides taxation advice; its tax advisers are fully qualified tax specialists.  Blevins Franks France SASU (BFF), is registered with ORIAS, registered number 07 027 475, and authorised as ‘Conseil en Investissements Financiers’ and ‘Courtiers d’Assurance’ Category B (register can be consulted on www.orias.fr). Member of ANACOFI-CIF. BFF’s registered office: 1 rue Pablo Neruda, 33140 Villenave d’Ornon – RCS BX 498 800 465 APE 6622Z.  Garantie Financière et Assurance de Responsabilité Civile Professionnelle conformes aux articles L 541-3 du Code Monétaire et Financier and L512-6 and 512-7 du Code des Assurances (assureur MMA). Blevins Franks Trustees Limited is authorised and regulated by the Malta Financial Services Authority for the administration of retirement schemes. This promotion has been approved and issued by BFWML. 

Declaring Your Income Tax in France - Deadlines And General Advice From Our Corporate Partner Blevins Franks

Income tax return time in France 2021

By Rob Kay, Senior Partner, Blevins Franks 

For those of you who were a resident of France in 2020, it is now time for the annual tax return for income and gains made during the calendar year 2020.

 For those who arrived in France from the UK during last year, you will, in theory, be declaring your income and gains from your date of arrival in France until 31st December 2020.

You are taxed as a ‘household in France, so a married couple is taxed together, for instance.

In France, income tax declarations generally need to be submitted around the end of May/beginning of June, with the dates varying slightly each year.  The online portal for 2021 opened on 8th April and the submission dates have been published.  

Deadlines dates for online and paper declarations

Everyone should now file their income tax return online, on the government portal  www.impots.gouv.fr, unless you have a genuine reason for not being able to do so.  

The dates for online declarations vary according to which department you live in:

01-19
Midnight Wednesday 26 May

20-54
Midnight Tuesday 1 June

55-976
Midnight Tuesday 8 June

Non-residents
Midnight Wednesday 26 May

IIf you have no internet connection or struggle with online forms due to age or a disability, you can submit a paper return. Paper returns can be obtained from your local tax office or downloaded from the ‘impôts’ website, once available.

Moreover, for those of you who are submitting your first return, you may not have received the necessary codes to be able to set up your ‘personal space’ on the tax portal. You can go on the website www.impots.gouv.fr and on the ‘espace particulier’ page to get your login code and your tax number if you don’t have one. You can also contact your relevant ‘service des impots’ to obtain your tax number.  If you cannot make on online declaration, your first return will have to be in paper form.

The deadline for paper returns is earlier than online returns, on Thursday 20th May (for both residents and non-residents).  It is the date of the postmark on the envelope which is used to verify whether you have submitted on time! If you submitted an online return last year, you will no longer receive a paper one in the post.

The big difference this year is that a large number of taxpayers will not have to complete a declaration at all, unless their situation has changed since last year.

However, normally only those who only receive French salaries or pensions are exempted from completing a return. Anyone with income from abroad will almost certainly have to continue to file every year.

Income tax rates

Income tax is payable on earnings, pensions and rental income, and you are taxed as a household rather than an individual – the parts familiales system, which can prove beneficial. 

Taxes are declared in arrears, so your 2021 return needs to report the income you earned last year. The tax rates for 2020 income are:

Up to €10,084 – 0%
€10,085 to €25,710 – 11%
€25,711to €73,516 – 30%
€72,517 to €158,122 – 41%
Over €158,122 – 45%

There is an additional 3% for a single person where income is between €250,000 and €500,000 per part (nothing is due from a family) and 4% for income exceeding €500,000 per part for an individual, reduced to 3% for a family (up to a limit).   

Various deductions are available, so make sure you are using all the ones you are entitled to.

Tax on investment income – the Prélèvement Forfaitaire Unique (PFU)

Investment income, such as interest, dividends, capital gains and gains from life insurance policies/non-French assurance-vie, is currently taxed at a fixed rate of 30% rather than the scale rates of income tax.  This includes both tax and social charges, so it is beneficial for those with higher investment income.  

Households in low-income brackets can opt for the progressive income tax rates (plus social charges) so they are not taxed more under this system. 

Unless you are a low-income household, you need to declare interest or dividends received from abroad within 15 days of the month end and pay the 30% tax. This is then offset against the tax due on your tax return.  

What you need to declare 

French tax residents are liable to French income tax on their worldwide income and gains, so you need to declare all income you earn in the UK and anywhere else outside France, whether it is pension, rental or investment income. 

You will not, however, pay tax twice on income that is taxable in the UK. Under the terms of the France-UK double taxation treaty, UK government service pension and rental income are only taxable in the UK. However this does not mean that you do not declare it in France – you must include it on your French tax return. You will then receive a credit equal to the French income tax and social charges.

Real estate gains are liable to tax in both countries, but you receive a credit in France for UK tax paid.   Gains made on the disposal of capital investments are generally taxed in the country where the seller is resident.  

Remember that if you are resident in France you are also obliged to declare all your foreign bank accounts and non-French life insurance policies, even if you do not earn an income and/or they are dormant. This is done when you submit your annual tax return, using a separate form.  The penalties for failing to declare accounts were increased in 2018, so don’t forget about any old accounts. 

Non-residents of France need to submit a tax return listing all income earned in France (eg, rental income). 

Social charges

Social charges are paid on top of income tax, and for 2020 income generally range from 9.1% to 17.2% depending on the type of income.  

They are usually calculated based on the income declared in your income tax return and the authorities will send notification of the amount payable in the autumn, along with your income tax assessment.  

Exchange rate

When converting your regular Sterling 2020 income (such as pensions for instance) to Euros for your tax return, you can use the rate from the Banque de France, which is £1 = €1.125. 

This article is a brief summary covering the basic elements of income tax in France.  It is important to seek personalised, professional advice. For questions about completing your tax return, speak to your local tax accountant. 

If you have any general questions about taxation in France and how you may be able to lower your tax liabilities, please do not hesitate to contact Blevins Franks.  Our advisers are cross-border tax and wealth management specialists with in-depth knowledge of the French tax regime and the compliant tax planning opportunities available here.

The tax rates, scope and reliefs may change. Any statements concerning taxation are based upon our understanding of current taxation laws and practices which are subject to change. Tax information has been summarised; an individual is advised to seek personalised advice.

Blevins Franks Group is represented in France by the following companies: Blevins Franks Wealth Management Limited (BFWML) and Blevins Franks France SASU (BFF). BFWML is authorised and regulated by the Malta Financial Services Authority, registered number C 92917. Authorised to conduct investment services under the Investment Services Act and authorised to carry out insurance intermediary activities under the Insurance Distribution Act. Where advice is provided outside of Malta via the Insurance Distribution Directive or the Markets in Financial Instruments Directive II, the applicable regulatory system differs in some respects from that of Malta. BFWML also provides taxation advice; its tax advisers are fully qualified tax specialists. Blevins Franks France SASU (BFF), is registered with ORIAS, registered number 07 027 475, and authorised as ‘Conseil en Investissements Financiers’ and ‘Courtiers d’Assurance’ Category B (register can be consulted on www.orias.fr). Member of ANACOFI-CIF. BFF’s registered office: 1 rue Pablo Neruda, 33140 Villenave d’Ornon – RCS BX 498 800 465 APE 6622Z.  Garantie Financière et Assurance de Responsabilité Civile Professionnelle conformes aux articles L 541-3 du Code Monétaire et Financier and L512-6 and 512-7 du Code des Assurances (assureur MMA). This promotion has been approved and issued by BFWML.

You can find other financial advisory articles by visiting our website here

The Latest 2021 UK Budget - What Are The Implications For Expatriates?

While there was little in the way of immediate changes in the latest UK Budget, the freezing of some allowances is set to increase tax bills in the long run. 

This year’s UK Budget predictably focused on ongoing pandemic support, bringing very few changes to personal taxes. Chancellor Rishi Sunak did, however, introduce some longer-term measures to collect more tax by freezing the main allowances and exemptions for the next five years. 

According to the Office for Budget Responsibility (OBR), the overall impact of these measures will be that the UK’s tax burden will rise to its highest level since the 1960s! 

So what changes in April may affect UK nationals living in France, and what can you do to minimise any negative impact?

Income tax

UK taxpayers (including non-UK residents) see a slight increase to the personal income tax allowance thresholds at each end: £12,570 at the basic 20% tax band and £50,270 at the higher 40% rate. However, these will be frozen until at least April 2026. 

This is estimated to bring 1.3 million more people into income tax liability, with one million more paying the higher tax rate, altogether netting an extra £8 billion in the 2025/6 tax year. 

Savings and investments

The band of UK savings income that can be earned tax-free stays at £5,000 and the annual ISA subscription limit at £20,000 (£9,000 for a Junior ISA). 

The dividend allowance remains at £2,000.

Remember: investments like ISAs may become taxable in France once you are non-UK resident. Take time to explore alternative arrangements that may be more tax efficient and better suit your circumstances, goals and risk appetite.

Capital gains tax (CGT)

As with income tax, the annual allowance will be frozen for the next five years. Unlike income tax, the CGT allowance does not increase, staying at its current level of £12,300 for individuals (£6,150 for most trusts). 

Despite expectations that CGT rates would be aligned with income tax rates, there is no change here, so rates remain between 10% and 28%.

Don’t forget that, in recent years, non-UK residents became liable for capital gains tax on most UK property and land.

Pensions

Annual allowance: This remains at £40,000 – as it has been since 2016 – and starts reducing once ‘adjusted income’ reaches £240,000.

Lifetime allowance (LTA) – This will not increase with inflation as planned so remains at £1,073,100, where it sticks until at least 2026. 

If your combined UK pension benefits are near the LTA threshold, you need to consider the potential impact of future growth. If investment markets recover in line with the Chancellor’s forecast that the economy will return to pre-pandemic levels by mid-2022, this could bring many more pension funds within the scope of the LTA’s 25% or 55% penalties. The Treasury expects to collect an extra £250 million as a result.

QROPS – There were no changes to Qualifying Recognised Overseas Pension Schemes, with transfers to EU/EEA-based QROPS still tax-free for EU residents. The 25% ‘overseas transfer charge’ continues to only apply to transfers outside the EU/EEA. But now the UK has left the bloc, this could potentially be extended to capture EU transfers in future. 

Once in a QROPS, UK pension funds become immune to LTA penalties and future changes to UK pension rules while unlocking other benefits, so carefully consider your options here. 

Inheritance tax

Despite much anticipation that this year could see inheritance tax changes, again the only action was freezing the exemptions, allowances and reliefs for the next five years.

The tax-free ‘nil rate band’ allowance stays at £325,000 per person (unchanged since 2009!) The residential nil rate band (RNRB) – which provides extra tax relief when passing on a main home (including overseas) to direct descendants – remains at £175,000 per person.

The Treasury collected £5.2 billion in inheritance taxes in the 2019/20 tax year. With these latest freezes, they expect to generate an additional £15 million next year, increasing to £445 million by 2026.

What can you do to minimise the impact?

Although this new tax year brings relatively few changes, there are longer term implications. The Chancellor’s strategy of freezing allowances, exemptions and reliefs is clearly designed to raise more tax revenue as people’s income, capital gains, and asset values grow. Taxpayers may also feel the pinch as the cost of living increases over time. 

Wherever possible, you should make full use of the available allowances each year to help minimise your tax bill. However, no one action in isolation will make a substantial difference. You need to make sure your overall financial arrangements are structured as tax efficiently as possible for your life in France to help minimise exposure for you and your heirs. 

As always, subsequent Budgets can change the current trajectory by introducing new taxes with little notice, but this is especially likely as the economy picks up and the government looks to recoup its pandemic spending.  

This is a good prompt to think ahead and review your tax planning to check you are making the most of all the available tax-efficient opportunities, in the UK and your country of residence. For the best results, take personalised advice from a cross-border specialist with understanding of both the UK and French tax regimes.

Rob Kay, Senior Partner, Blevins Franks

Tax rates, scope and reliefs may change. Any statements concerning taxation are based upon our understanding of current taxation laws and practices which are subject to change. Tax information has been summarised; individuals should seek personalised advice.

Blevins Franks Group is represented in France by the following companies:  Blevins Franks Wealth Management Limited (BFWML) and Blevins Franks France SASU (BFF). BFWML is authorised and regulated by the Malta Financial Services Authority, registered number C 92917. Authorised to conduct investment services under the Investment Services Act and authorised to carry out insurance intermediary activities under the Insurance Distribution Act. Where advice is provided outside of Malta via the Insurance Distribution Directive or the Markets in Financial Instruments Directive II, the applicable regulatory system differs in some respects from that of Malta. BFWML also provides taxation advice; its tax advisers are fully qualified tax specialists.  Blevins Franks France SASU (BFF), is registered with ORIAS, registered number 07 027 475, and authorised as ‘Conseil en Investissements Financiers’ and ‘Courtiers d’Assurance’ Category B (register can be consulted on www.orias.fr). Member of ANACOFI-CIF. BFF’s registered office: 1 rue Pablo Neruda, 33140 Villenave d’Ornon – RCS BX 498 800 465 APE 6622Z.  Garantie Financière et Assurance de Responsabilité Civile Professionnelle conformes aux articles L 541-3 du Code Monétaire et Financier and L512-6 and 512-7 du Code des Assurances (assureur MMA). Blevins Franks Trustees Limited is authorised and regulated by the Malta Financial Services Authority for the administration of retirement schemes. This promotion has been approved and issued by BFWML.

You can find other financial advisory articles by visiting our website here

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EU Post Brexit - Why It’s Time To 'Think Local' For Your Financial Planning In France

Now that Brexit is here, EU-resident Britons with UK bank accounts, investments or a UK-based financial adviser may see accounts closed or face restrictions. In these times of widespread restrictions and lockdowns, our worlds have become a lot smaller. Whether this will have a long-term effect on your travel, lifestyle and shopping habits will be a personal matter. But with Brexit now in full flow, UK nationals living in France have good reason to permanently ‘think local’ when it comes to financial arrangements. 

Just as UK citizens lost automatic EU freedom of movement when Brexit took effect on 1 January, many UK financial businesses lost the right to provide banking and investment services within the EU. If you are resident in France but still use a UK bank account, other financial products or a UK-based financial adviser, make sure you check where you – and your money – stand.

UK financial services and Brexit 
Before Brexit, UK firms providing financial services to Britons living in the EU could legally do so through ‘passporting’ arrangements. This meant UK providers – enforced by the Financial Conduct Authority (FCA) – were committed to meet the same minimum standards and consumer protections for EU residents as other EU states. 

But now that the UK (and the FCA) are free to make their own rules, the EU has no assurance that UK firms will meet their requirements. Consequently, on 1 January, the EU withdrew passporting rights for UK firms ­– including banks, insurance companies, investment providers and financial advisers. Now, some could even be breaking the law by working with EU residents.  

Does this affect all UK financial firms?
This depends on various factors, including how a company is structured and where it is based. Those with headquarters in an EU country, for example, can retain their passporting licence and continue operating as before. 

However, wholly UK-based firms who want to support EU-resident clients will likely need to restructure and form agreements with the financial regulators for each EU/EEA country they operate in. This is a highly complex, expensive and time-consuming process, so not a cost-effective option for all.

Negotiations on financial services are ongoing, so it is possible that the UK and EU may still reach an arrangement in this area. Some companies may be holding out for this before going through the potentially unnecessary expense of restructuring. Others have already withdrawn from EU markets. 

Some major UK banks have informed EU-based clients that they cannot provide services for them post-Brexit and closed their accounts. Other providers have kept accounts/policies open but suspended activity, or are allowing them to run until the end of their term.  

How might this affect you? 
If you hold a British bank account, insurance policy, investment or other financial product and your provider hasn’t contacted you about limited services, ask them what arrangements they have in place for France. 

If your account has not been closed, has it been frozen? In some cases, while you may be able to retain existing accounts and make withdrawals as an EU resident, you may be restricted from adding or moving funds or renewing policies. You may also be unable to apply for new services, such as term deposits, bonds, foreign currency management, loans, credit cards and mortgages. 

If you still use a UK-based financial adviser, check they have the authority to continue supporting you as a French resident. Besides the legal implications – and whether you are protected if things go wrong – some financial institutions have stopped accepting instructions from UK-based (unregulated) providers. So if you hold EU-based investments, your planning options may be significantly limited with a UK adviser. 

Post-Brexit financial planning for France
Even if the financial services issue does not affect you, there are other key benefits to thinking more local for your finances. 

Still holding on to UK savings and investments? Now that UK assets are no longer EU/EEA assets, they could potentially attract a higher tax bill within the EU. ISAs are also taxable in France for non-UK residents. Own UK property? Remember: EU residents are still in the firing line for UK stamp duty and capital gains tax.

Meanwhile, French residents have access to opportunities that can offer better tax-efficiency and other potential benefits, so make sure you review your options.

What about UK pensions? This is not so straightforward. You may be better off leaving them in the UK and drawing income as needed in France. However, while Brexit does not affect the ability to receive UK pension income into an EU account, it will always be paid in sterling, so the value could be adversely affected by exchange rates and conversion costs. Explore whether it may be more beneficial for you to transfer funds out of the UK into a tax-efficient structure for France. Doing so could also unlock currency flexibility and estate planning benefits, but be sure to take specialist, regulated advice to do what’s right for you.

With Brexit bringing such a seismic shift in the landscape, it has never been more important to ensure your financial arrangements are compliant and suitable for your life in France. A specialist, locally-based adviser is best placed to help you take advantage of suitable opportunities here and secure financial peace of mind for you and your family.

Blevins Franks is fully authorised to provide advice in France.  Our financial advisers live and work locally and have in-depth knowledge of the local tax and succession regimes and common issues faced by UK expatriates. Contact us to discuss how we can help you with your investments, pensions and cross-border tax and estate planning.

By Rob Kay, Senior Partner, Blevins Franks

Blevins Franks accepts no liability for any loss resulting from any action or inaction or omission as a result of reading this article, which is general in nature and not specific to your circumstances.

Blevins Franks Group is represented in France by the following companies:  Blevins Franks Wealth Management Limited (BFWML) and Blevins Franks France SASU (BFF). BFWML is authorised and regulated by the Malta Financial Services Authority, registered number C 92917. Authorised to conduct investment services under the Investment Services Act and authorised to carry out insurance intermediary activities under the Insurance Distribution Act. Where advice is provided outside of Malta via the Insurance Distribution Directive or the Markets in Financial Instruments Directive II, the applicable regulatory system differs in some respects from that of Malta. BFWML also provides taxation advice; its tax advisers are fully qualified tax specialists.  Blevins Franks France SASU (BFF), is registered with ORIAS, registered number 07 027 475, and authorised as ‘Conseil en Investissements Financiers’ and ‘Courtiers d’Assurance’ Category B (register can be consulted on www.orias.fr). Member of ANACOFI-CIF. BFF’s registered office: 1 rue Pablo Neruda, 33140 Villenave d’Ornon – RCS BX 498 800 465 APE 6622Z.  Garantie Financière et Assurance de Responsabilité Civile Professionnelle conformes aux articles L 541-3 du Code Monétaire et Financier and L512-6 and 512-7 du Code des Assurances (assureur MMA). Blevins Franks Trustees Limited is authorised and regulated by the Malta Financial Services Authority for the administration of retirement schemes. This promotion has been approved and issued by BFWML.

You can find other financial advisory articles by visiting our website here

Planning for Retirement - It Is Never Too Early To Start Thinking About How You Will Finance Your Golden Years

Whether you are nearing retirement or it is several years away, it is never too early to start thinking about how you will finance your golden years. Even if you are already retired, you should regularly review your arrangements to ensure you continue meeting your retirement goals. It might be that you enjoy spending time in France or Monaco and would like to retire in the sun, now or a few years down the line. Or maybe you are already living here and are unsure what your options are. Whatever your situation, what do you need to think about to secure the retirement of your choice?

Why retirement planning matters at any age 
By Rob Kay, Senior Partner, Blevins Franks

Approaching retirement

Even if retirement is a way off, there are certain things you need to consider – the earlier the better – to make sure you are on the right track financially. There may be steps you can take today to help make your dream retirement a reality.

Questions you should ask include: 

·      Will I be able to afford to retire when I want to?

·      What is the best strategy for withdrawing from my business or employment?

·      What options do I have for my pensions? Are they likely to change?

·      Will I be able to retain my existing wealth and assets?

·      Do I want to spend some or all of my retirement abroad?

Let’s say that you plan to retire within the next five years and move permanently to France. You may have concerns about whether you can afford your preferred lifestyle without having to sell existing assets. You may not want to have to downsize your home, for instance, as you would like this to eventually pass on to your family. Perhaps you have a business to sell and are unsure how best to convert your years of hard work into a retirement nest egg. Then there are the complex residence and tax implications of living in a different country.

Here, professional financial advice can prove invaluable. An adviser can take a holistic view of what you have– your savings, investments, assets, pensions – together with what you want – your timeline, income requirements, legacy wishes – and an objective assessment of who you are – your circumstances, goals, risk appetite – to design a personalised retirement plan for you. 

Already retired

If you have already reached retirement age or stopped working, that doesn’t mean you should forget about retirement planning. After all, you could be retired for thirty years or more! 

Regular reviews allow you to adapt your strategy to suit your changing circumstances and goals, such as incorporating new family members, addressing health issues or relocating. It also enables you to keep up with the ever-changing tax and pensions landscape, including new opportunities that could work in your favour.  

Your pension options

Pensions are usually the foundations of retirement, so deciding what to do here may be one of life’s most important financial decisions. Pensions are complex anyway, but with greater freedom and choice than ever – and an increase in sophisticated pension scams – you must take extreme care.

You might benefit from consolidating several UK pensions into one to provide a coherent, more cost-effective investment platform for your retirement income. However, this may not be the most tax-efficient approach if you live in France. By receiving pension income in sterling, you would also be exposed to conversion costs and exchange rate risk.

Britons resident abroad have the option of transferring UK pensions to a Qualifying Overseas Pension Scheme (QROPS). Doing so can unlock advantages you do not always get with UK pensions, such as flexibility to take income in euros and more freedom to pass benefits to chosen heirs. Transferred funds would also be protected from UK lifetime allowance charges and future UK pension rules that may adversely affect you – an increasing possibility after Brexit.

If you transfer UK pensions to an EU-based QROPS as an EU resident, you can currently do so tax-free, but transfers outside the EU/EEA invite a 25% UK tax penalty. Once outside the bloc, the UK government could potentially widen this taxation net to capture EU-based QROPS in the future. 

Transferring is by no means a one-size-fits-all solution and the benefits of a QROPS can vary greatly between providers and jurisdictions. Be sure to take regulated, specialist advice before making any significant pension decision to protect your benefits and establish the most suitable option for you.

Retiring abroad

If moving permanently to France is on the cards, it is especially important to review your retirement strategy early. Not only will you need to consider your residence status and cross-border tax implications in a post-Brexit world, you will need to adapt your estate planning to suit the very different local succession rules. 

In any case, careful planning is the key to minimising taxation and maximising the available opportunities so that you can enjoy the retirement you want for as long as you need. For the best results, take specialist, cross-border advice.

Tax rates, scope and reliefs may change. Any statements concerning taxation are based upon our understanding of current taxation laws and practices which are subject to change. Tax information has been summarised; individuals should seek personalised advice.

You can find other financial advisory articles by visiting our website here

Strategic & Effective Financial Planning for the New Year with Corporate Partner Blevins Franks

Strategic Financial Planning for the New Year
By Rob Kay - Senior Partner Blevins Franks

Of course, you can review your financial planning any time to ensure it is on the right path, but the New Year is the perfect prompt to do so if you have not taken a fresh look at it for a while.  And perhaps it is even more important this year as we navigate a post-Brexit world.

One key reason to review your wealth management is to ensure it is up to date. Establish whether any tax rules or financial regulations have changed, and consider if developments in your personal and family circumstances mean you should adjust previous arrangements.

But an effective review of your financial planning, to ensure it is suitable for your life in France and your wishes for the future, needs to go beyond that.  

The benefits of strategic planning
Many people only consider segments of their finances at a time. They may have bought shares in companies they like and/or invested in funds recommended by a financial adviser years ago.  They may speak to a tax accountant to learn about French taxation and perhaps ask about tax planning opportunities.  Then they speak to a lawyer about setting up a French will.  At some point they will look at their pension funds and try and work out how best to access their retirement savings. 

For truly effective financial planning, however, you need to consider all these various aspects together.  For example, how you hold your investments can make a difference to your French tax liabilities.  Estate planning in France is no simple matter, with its complex succession tax regime and forced heirship rules, and how you own assets can impact on what you can achieve.  And when deciding what to do with your pensions, look at all your retirement savings and what income they can generate for you.

Here is a summary of three key areas you should consider in your financial planning review. 

French residency and taxation 
The fact that you are resident in France, rather than the UK, has a significant impact on your financial planning. First of all, make sure you know where you are resident for tax purposes, especially if you are new to France or spend time in both countries.  The French and UK tax residence rules can be more complex than first meets the eye. The double tax treaty determines where you pay tax if you are resident in one country and earn income in the other. 

Regardless of how effective your tax planning in the UK was, you pretty much need to start afresh in France. What was tax efficient across the Channel is unlikely to be tax efficient here. Have you explored all the compliant arrangements that provide tax benefits in France?  Assurance-vie, for example, can provide a range of advantages that go beyond lowering your tax bill.

Estate planning
Do not leave estate planning to the final stage of financial planning.  The way you own property and investments in France makes a difference to how you can distribute your assets on death and how much tax your beneficiaries pay. So take this into consideration when buying assets and setting up investment arrangements. 

Succession law in France protects children over your spouse.  This can have unwelcome consequences for families with children from previous marriages, unless you plan ahead. UK nationals can use the EU regulation – ‘Brussels IV’ – to distribute their estate under UK law, but do research this first as it may not be the best solution for you. 

Financial structuring for life in France 
Perhaps the key rule for financial planning is that it must be specifically structured around your personal circumstances – your lifestyle today and plans for the future, family situation, income requirements, objectives, time horizon and risk tolerance. 

If you do not already have a strategic financial plan in place for France, you may need to take a completely fresh look at all your savings and investments and consider if they are suitable for you today and the current economic climate, for example:

Are they too risky? 
Do you have adequate diversification?
Can they provide income without risking the capital? 
Could you consolidate shares and funds so they are easier to manage? 

Tax liabilities
And, at the same time, consider your tax liabilities on investment income and gains and whether you could use alternative tax-efficient arrangements to hold your investments.  And how will these savings be passed to your heirs? What inheritance taxes will they have to pay? Can the funds be passed on directly or will there be a lengthy probate process?

Some assurance-vie allow you to hold your choice of investment assets while providing tax and estate planning benefits. There are various ones available so choose the one that works for you.

Securing the best results
Every family is different. Your strategic financial planning must be carefully designed for you. All the various aspects should work cohesively together to create an overall wealth management plan that provides long-term financial security for yourself and achieves your wishes for your heirs.  

For peace of mind that you have covered everything, that you have understood the intricacies of French taxation and not missed out on tax planning opportunities, and that making one financial decision will not have unexpected consequences on another, take expert, professional advice, ideally from a locally based cross-border wealth management specialist. If you still use a UK-based financial adviser, confirm that they can continue to provide services to you in France after Brexit. And as is always the case, your adviser should take the time to get to know you to then outline personalised recommendations for you. 

The tax rates, scope and reliefs may change. Any statements concerning taxation are based upon our understanding of current taxation laws and practices which are subject to change. Tax information has been summarised; an individual is advised to seek personalised advice.

You can find other financial advisory articles by visiting our website

The Resilience of the Rock - Monaco’s Property Market Weathers the Global Storm

2020 is drawing to a close and we are taking stock of this extraordinary year. Monaco is still open for business though who would have imagined a year ago that we would be wearing masks outdoors and dispensing with the usual handshakes when meeting someone? 

The year has been deeply troubling and 2021 may well throw up further surprises. The world is a different place for sure. What has been heartening in our line of business is to see how resilient the real estate market in Monaco has been, despite lockdowns, curfews and travel restrictions. We are still open for business and November has seen interest from all quarters.

The official stats for the first six months of 2020 came out some time ago: the third quarter’s figures are not yet published. Interestingly the number of re sales (i.e. properties over 5 years old) for the second quarter of 2020, was absolutely identical to the number completed in the second quarter of 2019, and this despite the 2020 lockdown. Pretty remarkable…

And demand continues. We are seeing a good number of requests for smaller investment properties: studios or one beds. There is quite a good selection on the market currently, possibly because previously occupants have decided to rent or buy larger properties post-lockdown. And we believe that the right smaller property can take on value even in difficult times, particularly if it can be renovated and made into a turnkey property. 

The apartment we have for sale in Le Bristol is a case in point. It is located on the Grand Prix circuit and nicely refurbished, it makes a great rental property. 

And if anyone out there is thinking of selling, we are very much looking for larger properties too for various clients: please do get in touch!

Article by Irene Luke . Partner at Savills Monaco

Benefit from Expert Financial Advice with our Corporate Partner Blevins Franks - Specialists in Strategic Financial Planning

BLEVINS FRANKS - SPECIALISTS IN STRATEGIC FINANCIAL PLANNING

If you’re a UK national living in France or planning to move here permanently, you will benefit from expert advice to make the most of your wealth and minimise taxation. 

Blevins Franks has 45 years’ experience providing cross-border tax, pensions, estate planning and investment advice to British expatriates across Southern Europe. Advisers and support teams live and work throughout France, Monaco, Spain, Portugal, Cyprus, Malta and the UK to provide a local, personalised service.

The Local Team
With an office in the French Riviera for over two decades, Blevins Franks is well-established in the region, providing a genuinely holistic approach to financial planning on your doorstep.

View the Blevins Franks Corporate Feature

Exceptional Apartments and Luxury Villas for Sale in Mauritius - Legend Hill Estate Opens in 2023

Our luxury villas, nestled in the vast Legend Hill estate, boast a revitalising view over the lagoon and Le Morne Mountain. This special setting gives pride of place to daylight and truly magical Mauritian sunsets.

We offer three lines of villas: Blackstone, Chamarel and Bengali, all of which constitute the perfect place to recharge your body and spirit. They feature luxurious living spaces, spacious living rooms, an open kitchen, a cellar, 4 bedrooms and bathrooms, a laundry room and a dressing room. The refined décor featuring raw and natural materials provides a perfect sense of relaxation and wholeness. The exterior does not fail to impress either with its private terraces and infinity pools which make it the place to be.

At the heart of the landscape, intimate, sophisticated and far from the hustle and bustle, our villas are the promise of a heavenly setting where man, his home and nature coexist in perfect harmony.

Legend Hill features 52 properties suspended between mountain and ocean. This fully secured resort makes your comfort its priority by offering high-end services: club house, concierge service 7 days a week, a gourmet restaurant and a fine dining restaurant, cocktail bar, fitness club, Salin de Biosel Spa and a Kids Corner. All 23 villas feature stately beachfront living spaces which extend onto outdoor terraces and private infinity pools in perfect harmony with nature. Nestled in a comfortable and luxurious setting, these luxury villas feature a contemporary interior decoration true to Mauritian tradition.

The 16 apartments feature spacious areas, a bright décor and spacious balconies overlooking lush vegetation for a rejuvenating experience.

Legend Hill also offers 9 Boutique-Hotel apartments for sale with access to the resort’s facilities. Lastly, 4 penthouses offering the promise of an enchanting lifestyle complete this luxurious estate. The panoramic view over the lagoon and Mauritian nature match the unparalleled beauty of these luxurious homes.

Link to more information

Platinum Partner Savills Monaco Showcases the Top Five Luxury Penthouses in Monaco

Penthouse living in Monaco normally means great terraces, superb views and a feeling of being on top of the world! That's why at Savills Monaco, we've compiled our five best Monaco penthouses for sale and rental. 

The Columbus Serviced Penthouse in Fontvieille

This stunning Monaco penthouse with sea views is part of the exclusive Columbus Residences. It benefits from services provided by the Columbus Hotel including; room service, swimming pool, gym, twice-weekly cleaning, concierge and porter service to name a few. The apartment also has a private plunge pool and roof terrace. €35,000 per month. Available for rental only. View more information here

The Victoria Building Monaco Penthouse

Exceptional penthouse apartment set on the two last floors of an Art Deco palace hotel converted into a residence, and situated in the centre. €10,900,000. View more information here

One Monte-Carlo Penthouse

A superb Monaco penthouse for rent in the brand new luxury "One Monte - Carlo residence, designed by the world-renowned architect Sir Richard Rodgers and the interior designer Bruno Moinard. The Residence proposes the following upmarket services: a concierge service and valet parking 24 h/24, access for residents to the pool and fitness center of the luxury Thermes Marins and room-service (household, laundry, meals...) may be provided at an extra charge. Available for rental only. View more information here

Palais de Printemps Monaco Penthouse

Co-Exclusive Rare 3 bedroom penthouse with roof terrace offering magnificent views of the Palace and the sea. Layout: Entrance hall, living room opening onto the balcony, dining room with open plan fully fitted kitchen, master bedroom with shower room, 2 further bedrooms, 1 shower room, steps leading to the roof with terrace area of 140 sq m, and summer kitchen. For sale at €12,800,000. View more information here

Duplex Penthouse in the Heart of Monaco

Magnificent luxuriously renovated penthouse duplex of 220 sq m, offers large terraces and boasts a panoramic view of the sea and the Principality. €POA. View more information here

Article by Irene Luke . Partner at Savills Monaco

New Platinum Partner Villa Monaco is Monte Carlo's Luxurious Neighbour Offering an Exquisite and Secluded Travel Experience

Our new Club Vivanova Platinum Partner Villa Monaco is a high class villa, located next door to Monaco, which offers leisure and business visitors an entirely unique experience. The villa is a harmonious blend of luxury, tranquillity and seclusion and is located only a 3 minute drive from the vibrant & dynamic life of Monte Carlo.

Villa Monaco is built on a rare property of 4,000 sqm overlooking the Mediterraneansea. A former olive plantation became the home of the luxurious resort Villa Monaco.  Villa Monaco is placed in a context of peace and protection – monitored by a sophisticated alarmsystem. Villa Monaco has a mainhouse and a separate guesthouse, which allows you to have your family and friends or business partners next door – at the same time ensuring your privacy.

Together with Club Vivanova, Villa Monaco will be launching a series of exclusive and exquisite culinary events. Dates to be announced. See more about Villa Monaco at their partner feature.

Villa Monaco is a Club Vivanova Platinum Partner
View our Villa Monaco Feature

Savills Monaco Presents the Top Six New Build Developments in the Alps - Méribel, Andermatt, Le Chable, La Plagne Soleil, Mösern and St Martin de Belleville

Summer 2020 will be remembered by many as the staycation season. Nonetheless, after restrictions in central Europe were lifted in June/July, many Europeans were relieved to take advantage of the open Schengen borders while they could.

Despite some perennial events having been cancelled, many ski resorts were as busy as ever. Anecdotally, our associate Paul Watts of Morzine Immo believes 2020 to have been 'the busiest summer in Morzine for 11 years'. This is supported by our own enquiry levels, which in July, were up 61 per cent compared with 2019. While domestic buyers are currently the most prevalent, international buyers are still very much active. Featured here are six fabulous new build projects that have just launched onto the open market.

FALCON LODGE
Taking inspiration from the setting and combining a mix of traditional architecture and contemporary design plus elegant fixtures and fittings throughout, each property has been designed to reflect the panoramic views, popular local village architecture and ensure Falcon Lodge will seamlessly fit with its elegant surroundings.

This exceptional new development of 44 Méribel apartments and chalets will encompass elegance, sport, comfort and contemporary design with ideal access to the popular Méribel ski slopes at 150 metres, a wellness area, swimming pool, concierge, parking and ski room. Delivery - Autumn 2022.

Falcon Lodge, the luxury new development in Méribel is located in the centre of the world's largest ski area, Les Trois Vallées. Offering access to over 600km of pistes and unlimited off-piste, Falcon Lodge is an ideal location for all levels to spend time enjoying the slopes all within easy access of international travel. Local international airports include: Geneva (136km), Lyon (177km) and Turin (244km). View more details here

ALMA - ANDERMATT, SWITZERLAND
Situated in one of the highest positions across Andermatt, each Alma residence enjoys the rare privilege of uninterrupted and expansive views of the Bazberg mountain and the river Reuss. 

Distinct and distinguished, Alma comprises ten expansive half-floor residences and one exceptional whole floor penthouse.

Constructed with the finest natural materials and exceptional Swiss craftsmanship, Alma's inspirational design speaks directly to its natural surroundings and makes the most of unrestricted alpine views.

Concierge service, an indulgent spa and wellness area and fluid, finely-tuned living spaces complete this sanctuary of elegant, soulful living. *This property is available to view via video call. View this property here

CARPE GARDEN APARTMENT
New build development in the heart of Le Chable.

Located in the heart of the Val de Bagnes this new build development is due to be delivered in Autumn/Winter 2020.

In the charming village of Le Châble, only a 10-minute drive away from the fantastic ski resort of Verbier, these spacious, modern and bright properties are ideally located in a quiet residential location.

The development is within close proximity to the new terminus Train Station in Le Chable and approximately 500m from the main lift connecting to both Verbier and Bruson ski areas. View more details here

WHITE PEARL
High-quality new development of 92 ski-in, ski-out apartments on the pistes in La Plagne Soleil.

White Pearl Lodge and Spa is a spectacular new development on the pistes in Plagne Soleil. The project is being designed as a hamlet within this popular resort, with 92 apartments built in 8 separate chalets and a village-style central street with attractive landscaping.

The apartments range from a one-bedroom unit of 36m2 to a six-bedroom penthouse of 138m2. Built in a traditional style with wood and stone the project is ski-in, ski-out and faces south with magnificent views of the mountains.

Communal areas include a reception, relaxation zone and spa complete with swimming pool. Every apartment has an underground parking space, cave and ski locker. The chalets are accessible by lift from the car park which serves all floors.

Apartments can be purchased either as freehold or the purchaser can enter into a flexible leaseback arrangement with a well-know operator and benefit from a guaranteed annual yield. View more details here

PANORAMA RESIDENCE
New build development within close proximity to Seefeld, set between mountains and untouched nature. 8 new build fully equipped and exclusive apartments in Mösern.

Most units benefit from a private terrace with a fantastic view of the Tyrolean mountain landscape. The development has a superb entrance area with reception and a lounge area for guests. The wellness area consists of a Finnish sauna and bio sauna as well as an infrared cabin, a regeneration shower and a relaxation room for complete relaxation. Parking spaces are available around the development.

Surrounded by beautiful forests and lakes, which offer a great variety of sport, leisure and recreational opportunities. The focus is clearly on the Nordic lifestyle and combines sport, enjoyment and relaxation. With an extensive 256 km of perfectly groomed cross-country ski trails, as well as numerous ski slopes, hiking trails, toboggan runs, golf course, etc.

In summer Mösern invites you to wonderful hiking, biking and climbing tours. The Möserer lake offers space for relaxation in just a few minutes' walk. Excellent cuisine can be found in the town and in the neighbouring villages. View more here

RESIDENCE LE K2
K2 Residences is a brand new development of luxurious apartments situated in the charming village of Le Bettex of St Martin de Belleville with direct access to the 3 Valleys ski area by chairlift. The project stands in an enviable position with magnificent mountain views south towards Les Menuires and Val Thorens and west across the Valley.

Brand new development of 11 spectacular apartments in a beautiful part of the 3 Valleys. Built with high-quality local materials the apartments will have a modern and stylish feel, while retaining traditional Savoyarde features of old wood and stone. The developer will allow a degree of flexibility for an incoming purchaser to choose the internal style for their apartment. There is also the opportunity to recoup 20% of VAT paid, subject to the rental conditions of the para hotelier' scheme, however, renting out is not obligatory.

Each apartment has a ski locker and there is a covered swimming pool which is shared by the apartment owners. One covered parking space is sold with each apartment, with the option of purchasing additional spaces by separate negotiation. View more here

Article by Irene Luke . Partner at Savills Monaco

Savills Monaco Presents the Columbus Residences - Luxury Serviced Apartments in the Heart of Monaco

The Columbus Residences - Luxury Serviced Apartments in the Heart of Monaco

Savills Monaco is delighted to be marketing the Columbus Residences exclusively for rental. The Columbus Residences are a range of exclusive and luxurious serviced apartments designed and furnished to an outstanding level, making for a truly superb home in the Principality.

Ideally located close to the Fontvieille marina, in front of the Princess Grace Rose Garden, a few steps from the heliport and only a five minute drive from the centre of Monte-Carlo.

A selection of luxury apartments designed and furnished to an outstanding level, ensuring your comfort in a true home from home pied à terre.

The Columbus Residences features apartments ranging from contemporary studios and duplex apartments to a stylish two bedroom penthouse with exceptional roof terrace with plunge pool.

The residences boast an excellent setting within the ever popular Fontvielle quarter of the Principality of Monaco and form part of the sought-after Columbus hotel. The residences benefit from a full range of services, including parking, car service, concierge and use of the hotel facilities which including a state of the gym, a newly refurbished restaurant and housekeeping.

The apartments feature classic and contemporary design, expertly fused to ensure stylish, luxury interiors.

Boasting terraces, excellent ceiling heights and full height windows, accommodation is light, bright and open.

The apartments include fully fitted kitchens with branded appliances in addition to tableware, and all items for cooking and preparation.

Contact Savills Monaco today for more information

Monaco – the most expensive property market in the world

Monaco’s property market is the most expensive in the world, with demand for real estate of all types remaining high.

The exclusivity of Monaco is unparalleled. One of the smallest states on earth, only Vatican City is smaller by area, Monaco is home to more millionaires as a proportion of population than any other country, according to a report from WealthInsight.

Celebrities, titans of industry, aristocrats, and other global elites call the Principality home. Monaco’s appeal is far-reaching. Fine dining, luxury shopping, a sporting calendar which seems tailor-made for the global elite, an attractive fiscal regime for residents, its location on the Mediterranean, and history, all contribute to its international standing.

These factors mean that demand for real estate of all types is high, despite the recent Covid-19 pandemic. The residential property market remains the most expensive in the world and supply of new property is scarce. There are a number of new developments in the pipeline, such as the ambitious land reclamation project, Portier Cove, although these schemes are only expected to make a dent in the supply shortage.

Monaco remains the most expensive location for residential property with an average price per square metre of over €48,000. Within Monaco itself, the district of Monte Carlo is more expensive still with an average price of €53,000 per square metre.

Only values in Hong Kong come close to competing for the title of most expensive real estate. Monaco and Hong Kong are both severely constrained by available space and bolstered by their global reputations. Prime property in New York costs half as much as Monaco, while London and Paris cost 60% and 68% less respectively.

The market in 2019

The average sale price in Monaco in 2019 was €48,151 per square metre, 1.3% below the value recorded in 2018. This small fall follows prices seeing an exceptional rise of 18.1% the previous year as prices reached a high plateau.

Transaction volumes fell by 12% in 2019 versus 2018, driven by an 18% decline in sales of properties priced under €5m. This decline was caused by a drop in the number of one- and two-bedroom properties available for sale in comparison to 2018.

OUTLOOK

Resilience

Monaco punches well above its weight on the world stage with a profile in line with top-tier global cities. The diverse demand base means the Principality will remain a sought-after destination. Additionally, Monaco has proved to be relatively immune to political and economic instability, especially in light of Covid-19, and this resilience is forecast to continue to attract buyers and renters.

Development activity and prices

The global reputation of Monaco ensures that demand levels across the Principality outstrip supply in this space-constrained location. Going forward, though there are new developments in the pipeline, the promised new units are fewer than needed. These dynamics mean that prices, although the highest in the world, are expected to remain stable.

Amenities over views

As more towers are built across Monaco, properties which once had a sea view might be obstructed in the future. To counteract this, developers are prioritising amenities like pools, gyms, cinemas, spas, and parking garages.

Rental values

The outlook for the rental market is likely to be dependent on property size, as seen in 2019. As the Monegasque government examines residency applications more closely, it could become more difficult for couples and individuals to obtain residency through renting a smaller property, causing potential rental decreases for those sizes. However, we expect demand and rental values for larger properties to continue to increase.

Article by Irene Luke, Partner at Savills Monaco

Callender Howorth Reveals Latest Residential Transformation in Buckinghamshire

LATEST RESIDENTIAL TRANSFORMATION IN BUCKINGHAMSHIRE

Callender Howorth Interior and Architectural Design has just completed a massive luxury transformation of a sprawling 6000 sq. ft neo-Georgian House in the depths of the Buckinghamshire countryside.

This stunning renovation included gutting the house back to brick to allow for a complete interior design refresh as well as providing all of the furnishings and styling, a total and complete home set up.

One of the signatuCallender Howorth Interior and Architectural Design has just completed a massive luxury transformation of a sprawling 6000 sq. ft neo-Georgian House in the depths of the Buckinghamshire countryside.

This stunning renovation included gutting the house back to brick to allow for a complete interior design refresh as well as providing all of the furnishings and styling, a total and complete home set up.

One of the signature elements was a huge custom chandelier for the hallway that Callender Howorth personally designed in glass.

Creative Director Mark Howorth explains, “For this unique chandelier piece we worked closely with a glass blowing factory outside of London to create the exact colour, texture and fee to each glass globe in the custom piece. All finishes were sourced internationally from the custom stonework to the hand made doors and ironmongery. It was all about the details on this project allowing us to create an absolutely bespoke and refined home.”

One of the standout features for this luxury contemporary home was a custom cinema on the top floor as the clients love to entertain. In order to ensure a true cinematic experience, Calendar Howorth worked closely with an audiovisual specialist which included the creation of custom made cinema chairs auto-adjusting to the body’s height, featuring illuminated cup holders and covered in soft chenille fabrics giving this cinema room a truly luxurious comfortable feel.

For a complete view of the project and video visit here
Follow #CallenderHoworth on Instagram
For more information please email here