Standard Chartered Private Bank has launched a technology based service for UK resident non-domiciled (UK RND) individuals.
UK RND is defined as a UK resident whose permanent home, or domicile is outside of the UK. This means that individuals of a ‘non dom’ status may not have to pay tax on earnings made outside of the UK.
The technology service from Standard Chartered Private Bank enables UK RND individuals to make the most of their appropriate investments by maintaining their non-UK portfolios whilst segregating their assets and associated cash flows.
Julian Davies, head of private banking for UK and Jersey said: “We understand the challenges of establishing a new banking relationship in a foreign country and can work with clients throughout their entire move to the UK.”
UK RND clients will have access to an investment product suite including global equities, funds and discretionary mandates.
Banking and investment services are booked in Jersey while London based UK RND focused relationship managers provide a traditional face-to-face service, working alongside the client’s professional advisors.
The technology used in the service is based on safeguards which then automatically segregates cashflows. Automation simplifies the investment process and reduces the likelihood of manual errors while significantly decreasing the administrative burdens for clients and tax advisors.
The service offered by Standard Chartered Private Bank comes about after changes with the UK legislation, in April 2017. The legislation addresses tax on foreign income. Non-Dom residents will not have to pay tax on foreign income or gains if: they’re less than £2,000 in the tax year and they are not brought into the UK.
If the earnings of the individual’s foreign income is more than this amount then they will have to report this in a self-assessment tax return.