New service - expert tax advice for expats and non-UK domiciles

expat network

Brexit And Expat Tax – New Service

A new service aims to offer expert tax advice at a time when expats and non-UK domiciles are digesting what ‘Brexit’ could mean for them. Over the coming months and years, this demand is likely to increase as more detail emerges on the potential legislative changes.

Tax planning for expats and non-UK domiciles has become increasingly complicated. There is increased scrutiny of people’s tax affairs and they want reassurance that they are meeting their tax obligations. Add in Brexit, and the situation will get even more complicated.

Old Mutual International has launched of a new expat referral service offered by EY.

EY provides assurance, tax, transaction and advisory services, and can help offer tax advice. The EY referral service aims to complement the services the expat currently receives from their financial adviser.

The new service will offer tax advice to those looking to relocate overseas or to the UK. It aims to give peace of mind to advisers and expats, that all aspects of the expat’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.

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 for non-UK domiciled individuals.

Rachael Griffin, financial planning expert at Old Mutual Wealth, said: “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.”

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.