Tax planning for expats and non-UK domiciles has become increasingly complicated. There is increased scrutiny on people’s tax affairs and people want reassurance that they are meeting their tax obligations. Add in Brexit, and the situation will get even more complicated. EY are a global leader in assurance, tax, transaction and advisory services, and can help offer tax advice when clients need it most. The EY referral service will complement the services the client currently receives from their financial adviser.
The new referral service will offer expert tax advice to those looking to relocate overseas or relocate to the UK. The service aims to give peace of mind to advisers and clients, that all aspects of the client’s tax position have been considered in advance of leaving or arriving in the UK. Some tax matters may need to be addressed before relocation in order to comply with current tax legislation, so this is an important part of the client’s journey.
The referral service offered by EY also provides non-domiciles living in the UK with a review service. The domicile of an individual can have a big impact on the way in which they are subject to taxation in the UK, so a review service can help ensure their tax affairs are in order. Clients can access a suite of advisory services tailored specifically for non-UK domiciled individuals.
Old Mutual International will be promoting the service to its clients and has agreed a special fee structure with EY for clients wishing to access the service.
Rachael Griffin, financial planning expert at Old Mutual Wealth, comments:
“We just don’t know what effect Brexit will have on expats and non-UK domiciles living in the UK or the impact it will have in terms of emigration/immigration. On the one hand, we would expect to see legislation which helps encourage investment into the UK from overseas, but on the other-hand, the UK Government’s priority could be to raise tax revenue. One thing is certain, we can expect a period of change over the next couple of years and professional connections can be extremely beneficial for advisers and their clients in periods of change and uncertainty. Advisers and their clients will want peace of mind that they are meeting their tax obligations in the country they live as well as the country in which they are domiciled, and the services of a professional tax expert can be invaluable.”