Taxation advice and tax planning for expatriates
For British expats or any UK citizen with assets or investments in more than one jurisdiction, the UK tax system contains a host of opportunities for the management of tax liabilities. Unfortunately, for the unwary or ill advised, it contains an even greater number of potential pitfalls.
Legislation is constantly changing. New and wide reaching anti-avoidance measures continue to be introduced. The courts repeatedly add to an already massive body of rulings and interpretations. Potential dangers are not circumvented simply through offshore banking or opening overseas accounts. And in any case, there's also the tax system of the country the expat is living in to take into account.
In order to protect and grow wealth and manage tax liabilities for the expat, it is essential to know about both the tax planning opportunities which those changes bring and also the hazards that accompany them. However, you don't have to spend valuable time becoming an authority on expat tax.
Instead, you can call upon the experience and expertise of Ernst & Young, one of the world's leading taxation firms and a strategic partner of Barclays. Their multi-disciplinary teams can advise you on all areas of the UK expat tax situation, bringing you the focused, appropriate and effective answers you need1.
British expat tax services
Ernst & Young offers a no cost, no obligation financial health check with an experienced tax specialist to review your current strategy and identify possible areas for improvement. If you then wish to instruct them to act on your behalf, they will assist you with the implementation of appropriate tax management strategies.
Amongst their 22,000 clients, Ernst & Young already advises several thousand internationally mobile individuals on a wide range of tax issues. Their highly experienced advisers are familiar with the kinds of issues that regularly arise for people working and living overseas.
Overseas banking services
Central to any strategy to minimise your tax liabilities would be our international bank accounts. By keeping your money in offshore accounts in the Channel Islands or the Isle of Man, you may benefit in the following ways:
- Potential tax planning opportunities Normally, your interest will be paid gross of tax, so your savings will grow more quickly. However, you may be required to pay tax in the country where you are now resident or elsewhere depending on your individual circumstances
- Safety You'll minimise any risk to your savings and investments by holding them in a highly stable political and economic environment which enjoys a robust financial regulatory environment
- Flexibility Accounts in a wide range of currencies allow you to manage your financial affairs in the currencies of your choice. It's also easy to make international money transfers around the world.
Expat tax resources
Ernst & Young can advise on any aspect of UK taxation and, with assistance from their Global Private Wealth Group, can draw on relevant expertise from around the world. They can offer invaluable advice on issues such as:
- Determination of residence and domicile status
- Structuring non-UK investments and banking arrangements to manage UK tax
- Tax Treaty claims and relief from double taxation
- Ownership structures for UK residential and investment properties
- Exit and pre-entry planning for individuals moving between jurisdictions
- Retirement planning
- Tax and compensation planning for company executives temporarily or permanently relocating
- Tax assurance services to ensure that reporting and compliance obligations are met in every relevant jurisdiction including the preparation of tax returns and agreeing the related tax refunds or payments with HM Revenue & Customs.
Ernst & Young and Barclays
Barclays is confident you will be able to benefit from Ernst & Young's personal tax service. They are a global leader in professional services with some 106,000 people based in 140 countries, and share our belief in building and maintaining long-term individual relationships with clients to ensure they deliver optimal advice and practical solutions.
To arrange an initial no-obligation meeting, call us on +44 (0)141 352 3902† or click below and we will contact you.
1 You have sole responsibility for the management of your tax and legal affairs, including making any applicable filings and payments and complying with any applicable laws and regulations. We have not provided and will not provide you with tax or legal advice and recommend that you obtain your own independent tax and legal advice tailored to your individual circumstances.
† Lines are open 24 hours a day, 7 days a week except for 25 December when the lines are closed. Call costs may vary - please check with your telecoms provider. Calls may be recorded so that we can monitor the quality of our service and for security purposes.
The products and services described on this page are provided by the following companies, which are part of Barclays: Barclays Bank PLC in London and Barclays Private Clients International Limited in the Isle of Man, Jersey and Guernsey. For further Information on these companies and Barclays please read the Important Information.
Products and services on this site may not be available in certain jurisdictions. In particular, these products and services are not being offered in Japan or the United States or to US residents. For full details of exclusions and disclaimers please see the Important Information before proceeding. Each Barclays company reserves the right to make a final determination on whether or not you are eligible for any particular product or service.