Services to British citizens resident overseas
We offer a range of financial planning services to British citizens resident overseas. A major benefit of dealing with us is that we are authorised and regulated by the Financial Services Authority to transact investment business in the United Kingdom, This enables us to deal with a number of the matters many non-resident international financial advisors are not able to do. We are passported to provide advice throughout the EU on pensions and insurance. Whilst the degree of regulatory protection depends on where clients reside, they can take comfort from the fact that all our business is required to comply with the UK regulators rules in all of its dealings and that our advisers must hold minimum professional qualifications and conduct themselves in a manner that treats customers fairly.
Pensions Recovery Service
Many people who leave Britain to live and work overseas do so leaving behind their accumulated pension benefits from a former employed or self-employed situation. Changes in legislation can now make it more cost effective to accumulate all of these previous schemes into one arrangement, from which the benefits can be taken from the age of 50. It may also be possible to transfer the UK plans into an offshore arrangement for clients who do not intend to the UK.
We are able to provide you with a full analysis of previous pension schemes and a firm recommendation as to whether this course of action is in your interests. Initially we need to have details of all previous occupational and personal pensions you may have held in the United Kingdom and from that point on you can leave the rest to us!
Asset Review and Maintenance Service
Many British people go to live and work abroad on a temporary basis and end up staying overseas for many years. Because, initially, they do not intend to stay overseas, they leave behind investments such as building society accounts, unit trusts, endowment policies that need careful consideration and management on an ongoing basis, particularly if the person remains resident overseas for a considerable period of time.
By simply authorising us to look after these matters on your behalf we can provide a regular review and maintenance service going forward, offering advice on the management of those investments, investment for example of rental income accruing from a property which may be let out, and re-arrangement of attendant mortgage facilities.
Return to the UK Service
Whilst the Inland Revenue are amongst the more generous ‘tax gatherers’ in allowancing for periods of non-residence, when determining the tax due on investments, these can still leave you with a substantial tax bill. Through careful prior planning it is possible to substantially reduce the tax that is due. Your circumstances may also be changing for a variety of reasons which mean that your existing arrangements are no longer appropriate either for tax reasons or because your requirements have changed.
It is very important, before you return to the UK or your original country of residence, that you take appropriate measures. If you leave these until after your return it will probably be too late as any profits will potentially be liable to tax in your new country of residence.
We will provide you with a free initial review to determine the potential tax that could be charged on any savings that you have built up whilst overseas and set out the measures that you need to take to reduce these. We will also provide you with a financial planning review to ensure that your arrangements are best configured to meet your ongoing requirements.
As UK regulated firm we are well placed and legally permitted to continue to advise you on your personal finances in the UK once you return. This is unlikely to apply to many of the local advisers that you may encounter.
Inheritance Tax Planning
For those British people who have decided to remain permanently overseas a mistake is often made in thinking that they are no longer subject to the United Kingdom inheritance tax laws. Non residency in the UK does not mean exemption from IHT. You can be non-resident but deemed domiciled and it is this factor, which matters when the Inland Revenue come to assess individual cases. We can review your existing situation and advise whether or not your estate would be liable to IHT. Where a tax charge is likely we can provide recommendations as to the most suitable options for reducing the tax.
Life Insurance, Health Insurance and Critical Illness Insurance
Many British people living overseas, particularly those who may have been there for some period of time, are not aware of the fact that they can purchase life insurance at British rates – traditionally the cheapest in the world. Often overseas employers do not provide the same employee benefits that people are used to in the UK and the purchase of additional life insurance; health insurance and critical health insurance can be desirable. We can provide review your requirements and provide quotations for suitable individual or packaged policies to suit your requirements.
Expatriates frequently send their children back to the UK to boarding school and in due course to university. We can advise on the most cost effective method of funding for these costs and help clients put tax efficient arrangements in place to meet them.