Old Mutual International has launched a new expat referral service in conjunction with EY.
In a statement released today, the international arm of the South African-backed asset management firm said that the timing of its new service, that focusses on international tax planning, will assist expats and non-UK domiciles as they digest “what ‘Brexit’ could mean for them”.
The referral service will offer expert tax advice to those looking to relocate overseas or relocate to the UK and aims to give peace of mind to advisers and clients, that all aspects of the client’s tax position have been considered in advance of leaving or arriving in the UK.
The referral service offered by EY also provides non-domiciles living in the UK with a review service. Old Mutual International (OMI) said that 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. Clients can access a suite of advisory services tailored specifically for non-UK domiciled individuals.
Special fee structure
OMI will be promoting the service to its clients and has agreed a special fee structure with EY for clients wishing to access the service.
Rachael Griffin, financial planning expert at Old Mutual Wealth, 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.
“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.”