With many people having resided or worked abroad at some point in their life, cross-border assets represent a significant portion of wealth for some families.
Being linked to a number of different jurisdictions often poses a challenge to individuals and families. So, at Partners Wealth Management, we can help optimise your tax efficiency and comply with any cross-border considerations through carefully integrated financial planning, tailored to your individual or family needs.
Our service supports internationally mobile private clients, helping to solve any cross-border issues on tax, inheritance and estate planning, pensions, moving abroad or coming back.
Some of the areas that we have advised clients on include:
In the 2024 Autumn Budget, the Chancellor confirmed that the government will abolish the tax rules for non-UK domiciled individuals, replacing them with a residence-based regime from 6 April 2025.
The new regime moves away from the concept of domicile to the more direct determination of residence to define an individual’s UK tax status. Part of the significant changes mean that new UK residents do not pay tax on foreign income and gains for four years. Following that period, they will pay the same tax on their foreign income and gains, regardless of their domicile status.
There are also other significant changes that impact Inheritance Tax on trusts, including Excluded Property Trusts and other aspects of financial planning for both existing and future residents. If you have established a structure whilst a non-UK resident, it is crucial to have these reviewed, to understand treatment in the UK and consider any actions needed to optimise the position or structure.
Through our service we can support you with:
To help ensure a seamless process, we work with specialist tax and legal advisers collaboratively to review or set-up the right strategies or structuring to meet your requirements. We can work with your incumbent advisers or introduce you to our strong network of specialists from international lawyers to global accountants. Along with our internal wealth of knowledge and experience in working with international families, we can help put together a team so that you are in safe hands.
PWM’s Private Office service means your adviser can assist you in every area of your financial need. Our Private Office service includes mortgages, cash management, foreign exchange and general insurance. One call to your adviser is all that is needed to access solutions to your financial queries.
Please contact any of our International team for a no-obligation introductory meeting to discuss how we can help you with your international financial considerations.
From 6 April 2025 the new Foreign Income and Gains (FIG) Regime will be introduced, replacing the previous system based on domicile. Our guide outlines the new rules applicable to both existing and new UK residents.
Following the Budget, clients have been looking at alternative methods to shield their investment portfolios from ongoing taxation. In this article, we look at the role offshore bonds could play as part of their investment strategy.
The concept of residence will be a key consideration for any individual moving to or from the UK, as it has a fundamental impact on a person’s potential tax liability. Our guide considers some of the key questions we have been asked by clients in this area.
Multi-currency investing can help reduce cashflow risks by matching currency-denominated assets to liabilities, mitigating the impact of foreign exchange fluctuations. Read our article to find out more.
Following the Budget, clients have been looking at alternative methods to shield their investment portfolios from ongoing taxation. In this article we look at the role offshore bonds could play as part of their investment strategy.
For further information on how we can help you build and protect your wealth, please contact us.
