By Ed Johnson | 16 Oct, 2024
INTRODUCTION
Labour has proposed that changes to the taxation of non-UK domiciled individuals will likely take effect from 6 April 2025. While we await further details on the Budget to be delivered on 30 October 2024, affected clients are understandably anxious.
Abolishing non-dom status represents a significant change for international families in the UK and their financial affairs. Each client will be impacted uniquely, depending on their existing planning, structures, investments, family situation, and future plans.
During such periods of change, having investment advisers who understand the rules and their implications in detail is crucial. We collaborate closely with your tax advisers to ensure all relevant questions are asked and that any advice is both practicable and suitable from an investment perspective. We are well positioned to help you implement any necessary changes, regardless of their complexity or significance.
HOW CAN WE HELP?
Our business is purposefully designed to assist clients with complex tax affairs. This is demonstrated by our international client base, SEC license and sophisticated offering for US citizens, our European-regulated entity established post Brexit, and dedicated in-house team of qualified tax professionals.
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Non-UK Structuring
We can review existing offshore structures (trusts, companies, bonds, etc.) and their investments to ensure they remain fit for purpose post 6 April 2025. In particular, clients with settlor-interested Excluded Property Trusts face major changes in taxation regarding income, gains, and inheritance tax (IHT). Restructuring may be needed, and new structures could offer opportunities. We provide bespoke options with tailored investment plans and assist in efficient implementation alongside tax advisors, lawyers, and trustees.
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Asset Planning
To navigate any transitional reliefs, we can help you analyse and determine the timing of offshore investment disposals including any transfers to the UK under the amended Temporary Repatriation Facility (TRF).
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Non-UK Capital Segregation
We can organise and manage non-UK portfolios to cater for pre and post 6 April 2025 assets and with a tax-efficient investment plan tailored to each segregated account. Our clients were well supported following the deemed domicile changes in 2017 and we remain actively involved with clean capital preservation and mixed fund planning.
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Relocation
With such structural change and other attractive tax regimes on offer around Europe, leaving the UK may now be a reality for some. We are well placed to help with residency-based investment planning and can service European and US connected families with a borderless wealth plan.
WHAT CAN YOU DO NOW?
With only a short 6-month window between the 30 October 2024 budget and 5 April 2025 to implement any restructuring, now is the time to review your affairs, consider your options and possibly even take early action where there may be little downside.
We provide planning-led, multi-jurisdictional wealth management service and have broad and sophisticated investment capabilities. We are therefore well-equipped to assist you now and beyond the Budget, helping ensure you are prepared for the new financial landscape.
To download the brochure, please click here.
If you have any questions or would like to have a conversation, please get in touch with us: invest@londonandcapital.com
“London and Capital Group works with HNW and UHNW individuals to provide an integrated wealth management solution which includes financial planning, tailored investment management and multi-currency reporting.
With offices in London and Barcelona and a dedicated team who specialise in ex-pat Americans, they are positioned to provide a truly borderless wealth management solution.”
