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.”