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Telegraph
10 minutes ago
- Telegraph
Reeves: I'll protect ‘pavement pints'
Rachel Reeves has promised to slash red tape on pubs and bars to 'protect pavement pints'. The Chancellor said that a new licensing framework would encourage al fresco dining and street parties 'not just for the summer, but all year round '. Ministers have also pledged to make it easier to open new bars, music venues and cafes as part of plans to rejuvenate the high street. The new licensing arrangements will fast-track permissions for outdoor dining in dedicated areas, ministers said. More disused shops are expected to be converted into pubs, bars, cafes and other venues under the plans for dedicated 'hospitality zones'. The zones could have permissions for outside dining, street parties and extended opening hours pushed through quickly. Developers in the zones will be made responsible for soundproofing buildings they construct near pubs or clubs, to protect existing venues from noise complaints. The Chancellor said: 'Whether it's cheering on the Lionesses or catching up with friends, our pubs and bars are at the heart of British life. 'For too long they've been stifled by clunky, outdated rules. We're binning them – to protect pavement pints, al fresco dining and street parties – not just for the summer but all year round.' Jonathan Reynolds, the Business Secretary, said: ' Red tape has stood in the way of people's business ideas for too long. 'This Government has a plan to replace shuttered shops with vibrant places to socialise, turning them into thriving cafes or busy bars which support local jobs and give people a place to get together and catch up over a beer or a coffee.' But Andrew Griffith, the shadow business secretary, said: 'Though any cutting of red tape for hospitality businesses is welcome, this is pure hypocrisy and inconsistency from Labour. 'This socialist government is crippling the hospitality industry by doubling business rates, imposing a jobs tax and a full-on strangulation of employment red tape. 'As a result, shorter opening hours, shedding jobs and expensive pints are becoming the norm. 'Only the Conservatives are on the side of the makers and will support businesses across Britain to create jobs and wealth.' The British Beer and Pub Association (BBPA) warned in July that the equivalent of more than one pub a day will close across the UK in 2025 after spiralling bills and taxes. The BBPA estimated that 378 pubs will close in 2025, amounting to more than 5,000 job losses. In 2024, 350 pubs closed. Brewdog, the brewery and pub chain, announced this week that it would close 10 of its venues. James Taylor, Brewdog's chief executive, told staff that the cuts were partly a response to 'rising costs, increased regulation and economic pressures'. Trade body UK Hospitality 'strongly welcomed' the proposals. However, they warned: 'They can't on their own offset the immediate and mounting cost pressures facing hospitality businesses which threaten to tax out of existence the businesses and jobs that today's announcement seeks to support.' The Government has said the plans will be subject to a call for evidence.
Telegraph
11 minutes ago
- Telegraph
How to retire to Spain – and stop the taxman raiding your wealth
Sunny Spain is the dream retirement destination for thousands of us – golden coasts, delicious food and a rich culture are hard to resist. It is little wonder that more than 100,000 British pensioners have already settled in the country. Relocating to a warmer climate may be enticing, but it is crucial to plan ahead before making the move. If rushed, it could kick up surprise tax bills and pension headaches. However, the sun could be about to set on this expat dream. Pedro Sánchez, the country's socialist prime minister, plans to impose a 100pc tax on property purchases by non-residents living outside the EU – and may ban sales altogether. He branded these buyers 'speculators', who were out 'just to make money'. While current British residents in Spain would be unaffected by this proposed plan, it threatens to put an abrupt end to the phenomenon. Here, Telegraph Money explains everything you need to know about relocating to Spain, from taxes and visas to pensions and property prices. How much money you will need to retire to Spain Pensioners are categorised as 'economically inactive' in Spain, which means they have to fulfil extra requirements to stay in the country, compared with working age people. There were two types of visas to earn the right to live in the country: the 'non-lucrative visa' and the 'golden visa'. The non-lucrative visa requires proof of your financial resources to pass the income check, which applies for one year. On renewal, the visa then lasts for another two years. As of 2025, the income requirement is €28,800 (£25,043), plus €7,200 per dependent for each year you live in Spain. The immigration authority will also accept available savings. The visa renewal process requires you to prove your income will last over each period, or that you have roughly double the savings compared with the initial one-year application. The income requirement increased by 3.5pc last year, so plan around an annual increase of around this size. Today, if you receive the full new state pension of £11,973 each year, you would need another €13,976 from other sources as a single person. A more flexible option was the 'Golden Visa', which provides permanent legal residency without the requirement to spend any time in Spain – but it required a €500,000 investment in real estate, or €1m in investment funds, bank deposits, or listed company shares in Spanish financial institutions, €2m in Spanish government debt, or a business investment that delivers jobs. But in a crackdown on non-EU buyers, the government axed this scheme, and it closed on April 3 this year. It is another sign of hostility towards British buyers. How you will be taxed in Spain Anyone planning their move must consider their financial and tax situation before they relocate, or risk facing hefty bills. British tax-efficient investments, such as Isas and National Savings & Investments, do not have the same tax-efficient treatment abroad. In Spain, any interest, dividends or capital gains arising within these accounts will be taxable. When it comes to pensions, income is taxable where the pension holder lives. The only exception is government employee pensions, which will only be taxable in the UK. Importantly, the 25pc tax-free pension cash rule will not apply if you take this after relocating to Spain. Your cash lump sum is taxable because Spain does not have a non-taxable element of a pension fund. Those planning ahead may be better off taking the tax-free cash before relocating. Anyone planning to sell their family home in Britain after making the move may also be stung by charges. Jason Porter, of Blevin Franks, said: 'Most countries have some form of main home tax relief, so in the normal course of events no capital gains tax arises on sale, but the UK's rules are significantly different than those in Spain. While the sale may not lead to a tax liability in the UK, it may in Spain if it occurs after you have left.' Similarly, anyone planning to delay selling a British business until they have left to avoid UK capital gains tax, are likely to find the sale taxable in Spain, he added. Spain, like other countries in Europe, has additional taxes that do not exist in Britain, such as a wealth tax. This means expats must fill in additional tax return forms. Any assets must be declared on a wealth tax return where they exceed €2m after use of allowances. Previously, several Spanish regions considered matching Madrid's 100pc exemption to wealth tax. In 2023, the central government, fearing a significant reduction in tax collection, decided to impose a 'solidarity tax' at a national level, starting at 1.7pc on wealth over €3m, then to 2.1pc at €5m and 3.5pc at €10m. There are additional charges that vary between regions. Where both wealth and solidarity tax might be payable, a taxpayer will not pay twice on the same assets. Overseas assets exceeding €50,000 must also be declared on a form 'modelo 720'. Failure to do so could result in significant penalties. Inheritance taxes vary hugely from region to region in Spain. Some areas like Madrid have 100pc relief on inheritance tax, while other regions can charge up to 34pc in death duties. Buying Spanish property Spanish property is much cheaper than the value of an average British home. The national average square metre in Madrid costs €5,316 (£4,638), compared to £8,110 in London, according to Global Property Guide. In Córdoba to the south of the country prices fall to €1,532 a square meter. However, buying real estate in Spain attracts certain taxes, stamp duty and fees. These costs can amount to between 12pc and 14pc of the property purchase price, mainly due to VAT, according to Spanish Property Insight. In addition there are conveyancing fees, typically around 1pc of the property purchase price. Getting health cover or insurance Britons must prove they will not be an 'undue burden' on the Spanish state, which requires them to have comprehensive health insurance. For many of Spain's long term visa options, having full private health insurance coverage is a condition of application. However, if you receive the state pension in the UK you may be eligible for some costs to be covered by the UK government via an S1 FORM. Benefits of retiring in Spain There are many benefits of spending your later years in the sun-filled land of Spain: Property is cheaper, meaning you can get a lot more bang for your buck if you choose to move. It's expat friendly. Malaga, Valencia and Alicante were named the top three cities for expats in 2025 by InterNations, a global community for people who live and work abroad. Spain ranks seventh in the World Healthcare Index, surpassing Portugal and Italy, for instance. It spends 11pc of its GDP on healthcare, which is more than most European countries. However, you will have to get an expensive, comprehensive health insurance. Disadvantages of retiring in Spain But there are serious disadvantages to consider as a backlash against tourists spreads across the country: Spain has certain taxes that don't exist in the UK, such as a wealth tax. Isas and NS&Is do not have the same tax-efficient treatment abroad. While its cities are welcoming of expats, there is a wider backlash against tourism across Spain's holiday hotspots. Last summer, protesters in Barcelona drenched tourists with water pistols to highlight the damage they believe they are doing to their city. The coveted 'Golden Visa' no longer exists. And bear in mind Mr Sánchez's plans to impose a 100pc tax on property purchases by non-residents living outside the EU. It will be enough to dissuade many buyers. You may also experience serious pension headaches. The 25pc tax-free pension cash rule will not apply if you take this after relocating to Spain. Your cash lump sum is taxable because Spain does not have a non-taxable element of a pension fund.
South Wales Argus
6 hours ago
- South Wales Argus
Starmer to raise Gaza ceasefire and UK steel tariffs in Trump meeting
The Prime Minister will travel to Ayrshire, where the US president is staying at his Turnberry golf resort, for wide-ranging discussions on trade and the Middle East as international alarm grows over starvation in Gaza. The two leaders have built a rapport on the world stage despite their differing political backgrounds, with Mr Trump praising Sir Keir for doing a 'very good job' in office ahead of their talks on Monday. But humanitarian conditions in Gaza and uncertainty over US import taxes on key British goods in America threaten to complicate their bilateral meeting. The US president has been playing golf at his Turnberry resort in Scotland (PA) Peace talks in the Middle East came to a standstill last week after Washington and Israel recalled negotiating teams from Qatar, with White House special envoy Steve Witkoff blaming Hamas for a 'lack of desire' to reach an agreement. Since then, Israel has promised military pauses in three populated areas of Gaza to allow designated UN convoys of aid to reach desperate Palestinians. But the UK, which is joining efforts to airdrop aid into the enclave and evacuate children in need of medical assistance, has said that access to supplies must be 'urgently' widened. In his talks with Mr Trump, Sir Keir will 'welcome the President's administration working with partners in Qatar and Egypt to bring about a ceasefire in Gaza', Number 10 said. 'He will discuss further with him what more can be done to secure the ceasefire urgently, bring an end to the unspeakable suffering and starvation in Gaza and free the hostages who have been held so cruelly for so long.' The leaders will also talk 'one-on-one about advancing implementation of the landmark Economic Prosperity Deal so that Brits and Americans can benefit from boosted trade links between their two countries', it said. The agreement signed at the G7 summit last month slashed trade barriers on goods from both countries. But tariffs for the steel industry, which is of key economic importance to the UK, were left to stand at 25% rather than falling to zero as originally agreed. Concerns had previously been raised that the sector could face a levy of up to 50% – the US's global rate – unless a further agreement was made by July 9, when Mr Trump said he would start implementing import taxes on America's trading partners. But that deadline has been and gone without any concrete update on the status of UK steel. Downing Street said that both sides are working 'at pace' to 'go further to deliver benefits to working people on both sides of the Atlantic' and to give UK industry 'the security it needs'. The two leaders are also expected to discuss the war in Ukraine, which Number 10 said would include 'applying pressure' on Vladimir Putin to end the invasion, before travelling on together for a private engagement in Aberdeen. It comes after Mr Trump announced he had agreed 'the biggest deal ever made' between the US and the European Union after meeting Ursula von der Leyen for high-stakes talks at Turnberry on Sunday. After a day playing golf, the US leader met the President of the EU Commission to hammer out the broad terms of an agreement that will subject the bloc to 15% tariffs on most of its goods entering America. This is lower than a 30% levy previously threatened by the US president. The agreement will include 'zero for zero' tariffs on a number of products including aircraft, some agricultural goods and certain chemicals, as well as EU purchases of US energy worth 750 billion dollars (£558 billion) over three years. Speaking to journalists on Sunday about his meeting with Sir Keir, Mr Trump said: 'We're meeting about a lot of things. We have our trade deal and it's been a great deal. 'It's good for us. It's good for them and good for us. I think the UK is very happy, they've been trying for 12 years to get it and they got it, and it's a great trade deal for both, works out very well. 'We'll be discussing that. I think we're going to be discussing a lot about Israel. 'They're very much involved in terms of wanting something to happen. 'He's doing a very good job, by the way.' Mr Trump's private trip to the UK comes ahead of a planned state visit in September.
