I resigned from my job last month and still have two weeks to complete my 30-day notice period. Is it okay to start start at my new company while I am still serving my notice? I want to do this as I do not want to lose my new job. JK, Sharjah
A person should only ever work for an employer that sponsors them. If they are already on a sponsored visa from a spouse or father, they can work for a company that provides a work permit.
While it can be possible to take on a second job on a part-time basis with the approval of both employers, this is a different situation. JK should not start work for a new employer until her current employment has ended, the visa has been cancelled and the new employer has at least applied for a new visa.
It is illegal to start working for a new company at the same time as the current one and you can potentially forfeit all end-of-service benefits.
The new employer should be aware of the law and understand that all staff need to serve a notice period before leaving their previous employer.
I own an apartment in England that I bought as an investment. After a few expenses, it earns me £510 ($705.79) per month. I complete a tax return each year, but I am being asked to pay UK tax on my income. When I bought it two years ago, the salesman told me I would not have to pay tax on this income from the UK as I do not live there. Was he wrong? JM, Abu Dhabi
The UK has a progressive tax system, and all residents have a personal allowance, which means that the first part of their income is free from UK income tax. For the current tax year ending on April 5, 2021, this is £12,500. While the personal allowance is also available to non-residents, it is not automatically applied as it once was because the system changed a few years ago.
The personal allowance is also available to people who are not a resident in the UK – provided they are a citizen of a country in the European Economic Area, which includes all British passport holders. It also applies to anyone who has worked for the UK government at any time during the relevant tax year.
An individual should only ever work for an employer that sponsors them or if they are already on a sponsored visa from a spouse or father
The change in process to claim the allowance has not been widely publicised, so anyone who is a UK non-resident for tax purposes and has income in the UK, such as rent from a property, now must complete and return a form at the end of each tax year.
This is a form from Her Majesty's Revenue & Customs service that is referred to as HMRC Form R43. It can be found on the agency's website with guidance notes.
Most UK non-residents with income earned in the UK will need to complete an annual self-assessment tax return and HMRC Form R43 and return them to their usual tax office. JM should complete and return the form without delay to ensure that his UK tax liabilities are properly calculated.
I am trying to find out if I am entitled to extra compensation for travelling for work. I work in Dubai and travel to Oman, staying there for weeks to visit customers. Nobody else in the company is doing this and I am not receiving anything for being away from my family. HB, Dubai
If any employee is travelling for work purposes, which excludes from the daily commute, I would expect the employer to bear the cost and expenses for this. As to whether there should be any additional payment for being away from home for an extended period, that would be entirely contractual.
There is nothing in the UAE Labour Law in respect of such payments, but I would expect there to be something in a contract of employment. If the travel is requested during employment and not agreed as part of the terms of the role at the time of accepting and starting employment, the employee should raise the issue with the employer if they feel they deserve compensation.
It is also important to ensure that the company's medical insurance is valid in Oman in case HB falls ill.
It is not uncommon for employees to travel across the GCC and to stay away from their home for some time. However, it is often part of the employment contract and any additional payments would be by specific agreement.
Keren Bobker is an independent financial adviser and senior partner with Holborn Assets in Dubai, with more than 25 years’ experience. Contact her at keren@holbornassets.com. Follow her on Twitter at @FinancialUAE
The advice provided in our columns does not constitute legal advice and is provided for information only
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Andor
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David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
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SPAIN SQUAD
Goalkeepers Simon (Athletic Bilbao), De Gea (Manchester United), Sanchez (Brighton)
Defenders Gaya (Valencia), Alba (Barcelona), P Torres (Villarreal), Laporte (Manchester City), Garcia (Manchester City), D Llorente (Leeds), Azpilicueta (Chelsea)
Midfielders Busquets (Barcelona), Rodri (Manchester City), Pedri (Barcelona), Thiago (Liverpool), Koke (Atletico Madrid), Ruiz (Napoli), M Llorente (Atletico Madrid)
Forwards: Olmo (RB Leipzig), Oyarzabal (Real Sociedad), Morata (Juventus), Moreno (Villarreal), F Torres (Manchester City), Traore (Wolves), Sarabia (PSG)
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years