Retaining non-dom client flexibility

Advisers and wealth managers are turning to life structures to hold their non-domiciled clients' assets

Advisers and wealth managers have been busy dealing with their wealthy foreign national clients in the UK across the last year as fundamental tax changes seek to compound the effects of the downturn in financial markets. The UK has, for many years, been a highly attractive place to live for foreign expatriates, both in general and specifically for financial reasons. Individuals resident, but not domiciled, in the UK have traditionally enjoyed the ‘remittance basis’ of UK taxation, only paying UK income or capital gains tax when they remit overseas income or investment gains to the UK....