“There is no such thing as a good tax” Winston Churchill
When it comes to Domicile and Residency, it can be a very complicated affair to figure out your estate planning and inheritance tax. Both yours and your partners Domicile and Residency play an important part in estate planning. If you are UK domiciled this means that you are liable for UK inheritance tax (IHT). This is the case no matter where you reside.
And as a resident or even as a non-resident, you could be liable to pay inheritance tax on UK sited assets. Even spending decades outside of the UK may not change your domicile. Through the use of appropriate trusts and other structures you may be able mitigate and minimise the impact of potential inheritance tax on your estate.
As these type of issues can be very complicated and time consuming to figure out, it can be very advantageous to hire a financial advisor to provide you with expert advice. Here at Taylor Brunswick, we offer expert financial advice on Domicile and Residency and much more. We have years of experience in the industry and a deep understanding of the inner workings Domicile & Residency for British Expats.
Expats can often enjoy significant financial benefits from working abroad. However, failing to transfer your assets out of the foreign country where you are working in the most tax-effective way possible could result in significant losses.
As your financial advisor, we will be able to provide you with guidance on all aspects of tax, status and financial planning. Here at Taylor Brunswick, we make it our priority to get to know each and every one of our customers so that we can better understand their financial situation. We will form a close one on one relationship so that we can get to know your short and long term financial goals.
Whether or not you are considering returning to your home country in the near future, it is a good idea to be planning how your financial assets will be transferred. A little bit of careful thought and planning now will make it much easier to figure out your financial affairs in the future and will set you up in a desirable position.
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