Old Mutual International has introduced a new referral service for expats, in partnership with EY.
The referral service offered by EY will provide tax advice to people looking to move overseas or to the UK, ensuring that all aspects of tax position of clients have been considered in advance of exiting or relocating to the UK.
Old Mutual believes that the new offering will be especially beneficial to expats and non-UK domiciles in the light of Britain’s decision to quit European Union, and as tax planning becomes more complicated.
Old Mutual Wealth financial planning expert Rachael Griffin 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.”
The new offering will also include a review service for non-domiciles living in the UK.
“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,” Old Mutual said.
Old Mutual and EY have also agreed on a special fee structure for clients planning to avail the new service.
“One thing is certain, we can expect a period of change over the next couple of years and professional connections can be extremely beneficial for advisers and their clients in periods of change and uncertainty. Advisers and their clients will want peace of mind that they are meeting their tax obligations in the country they live as well as the country in which they are domiciled, and the services of a professional tax expert can be invaluable,” Griffin added.