While there has been significant press as to whether a wealth tax could help address the UK’s national debt burden, the Chancellor of the Exchequer could again turn his attention to UK residents who are not domiciled in the UK to bolster the coffers. As life has changed and legislation has become more complex, can as many still credibly say that their domicile is not the UK?
Whether it’s keeping sufficient years of records, conflicting statements that allow HMRC to challenge an individual’s chosen domicile or being able to back up increasingly tenuous ties to their domicile of origin, whatever future UK budgets and/or legislation lay out, the pandemic distorted the pattern of many non-dom lives in 2020 – changes that look set to continue into 2021.
John Williams, head of wealth planning at Nedbank Private Wealth, was joined by Mike Curran, director of PwC’s Private Business and Private Client team, to discuss both the key opportunities and traps for non-doms.
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Clients of Nedbank Private Wealth can get in touch with their private banker directly to understand how wealth planning can help them achieve their financial goals and objectives, or call +44 (0)1624 645000 to speak to our client services team.
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Any examples of investments and structures used are for illustrative purposes only. The inclusion does not constitute an invitation or inducement to buy any financial investment or service. None of the content constitutes advice or a personal recommendation. Nedbank Private Wealth does not provide individual tax advice, and instead works with clients’ existing advisers or can provide an introduction if needed. Individuals should seek professional advice, based on their jurisdiction and personal circumstances, before making any financial decision.
John heads up the wealth planning proposition for the international business. He works with clients and their families, in tandem with their professional advisers, to ensure they have a clear financial plan in place to achieve their financial objectives. Working in partnership with our teams of private bankers, he integrates the benefits of wealth planning alongside our broader wealth management and wealth structuring capabilities.
John has over 25 years of advisory and management experience, working for global organisations providing solutions to a wide variety of UK and international clients. He joined from Credit Suisse UK where he was head of wealth planning for five years. He has also held similar senior roles at Barclays and UBS.
John heads up the wealth planning proposition for the international business. He works with clients and their families, in tandem with their professional advisers, to ensure they have a clear financial plan in place to achieve their financial objectives. Working in partnership with our teams of private bankers, he integrates the benefits of wealth planning alongside our broader wealth management and wealth structuring capabilities.
John has over 25 years of advisory and management experience, working for global organisations providing solutions to a wide variety of UK and international clients. He joined from Credit Suisse UK where he was head of wealth planning for five years. He has also held similar senior roles at Barclays and UBS.
+44 (0)20 7002 3610
Antoine de Saint-Exupery said “A goal without a plan is just a wish”, which is particularly relevant when we consider our financial goals and aspirations. John Williams, who recently joined us as head of wealth planning, highlights three areas where wealth planning can be particularly important.
Mike is the director of PwC’s Private Business and Private Client team. He has a wealth of experience advising clients from all over the world.
Having assisted clients to acquire or move their operations into several territories, Mike assesses the pros and cons determined by their personal circumstances and assists them by delivering an appropriate tax strategy and implementation plan. Mike is also the editor of the PwC Doing Business Guide.
Mike can be contacted via his email address, which is mike.curran@pwc.com.
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