PWM International

If you have international considerations influencing your assets and financial planning, you will no doubt be aware of the complexity of managing your affairs across multiple jurisdictions and currencies. Perhaps:

• you are a UK resident but not domiciled here;
• you are looking to move or return to the UK;
• you have multiple nationalities but are UK resident;
• you maintain both UK and other residencies and have assets in multiple jurisdictions;
• you are wondering how the abolition of tax rules for non-UK domiciled individuals will affect you.

The PWM International team has a wealth of expertise to help you efficiently organise and manage your affairs.  

In October 2024, the Chancellor confirmed in the Autumn Budget that the government will be abolishing the tax rules for non-UK domiciled individuals, replacing them with a residence-based regime from 6 April 2025. The new regime moves away from the sometimes vague concept of domicile, to the more direct determination of residence to determine ones UK tax status. Part of the significant changes means that new UK residents do not pay tax on foreign income and gains for four years, but after that period, will pay the same tax on their foreign income and gains, regardless of their domicile status. The changes include other significant changes that impact trusts and Inheritance Tax, that will require details review for both existing and future residents.

It is important that if you have questions regarding the new rules, or if you have historical offshore income and gains, you take advice, as some actions may be needed before the new rules come into force.

As independent advisers, our priority is to help you meet your objectives in the most efficient way, providing you with personal tailored advice covering areas such as offshore or multi-currency investing, retirement planning, remittance planning and more.

PWM’s International service offers an unrivalled approach to wealth management for your assets at home and abroad. We work in partnership with you to navigate the challenges and complexities inherent in international financial considerations. Our specialist investment services include offshore custody, multi-currency investments, or specialist portfolios to meet reporting requirements (including for US citizens).

Please explore the links below for further information about our key specialisms along with our guides and blogs with useful tips. However, please do contact me or any of the advisers in our International team for an introductory meeting without obligation to discuss how we can help you with your international financial considerations.