What are the primary considerations for UK expatriates when it comes to estate planning?

When advising UK expatriates on estate planning, we focus on several key considerations, including domicile status, inheritance tax implications, trusts and wills, asset location, and ownership. The goal is to create a comprehensive plan that efficiently distributes assets while minimizing tax liabilities.

What tax mitigation strategies are available to UK expatriates?

UK expatriates have several tax mitigation strategies at their disposal, depending on their individual circumstances and goals. These may include taking advantage of gifting rules, trusts, business relief, corporate tax liabilities, and life assurance. Our advice is tailored to each client, considering their financial situation, and long-term goals.

I HAVE LIVED OUTSIDE OF THE UK FOR YEARS AND NOT TAX RESIDENT THERE. DO I HAVE TO PAY TAX THERE?

Inheritance tax is based on your domicile and not your residency. This is usually established through your parents' (usually your father's) domicile at the date of your birth, known as "domicile of origin." Even if you have lived outside the UK for many years, HMRC we look at your domicile when assessing Inheritance tax.

MY SPOUSE IS NOT A UK CITIZEN; DOES THIS AFFECT ANY INHERITANCE TAX PLANNING?

Yes, it does. There are different rules on what can be left to a non-domicile spouse. Depending on the size of the estate, inheritance tax could become payable, even when left to your spouse. It is only if both spouses have domiciled UK that the spousal exemption applies, and no inheritance tax is payable.

CAN YOU PROVIDE PLANNING SERVICES FOR EXPATS IN PLACES OTHER THAN SINGAPORE?

Yes, whilst we are a Singapore company, we have the expertise to help clients around the world.

WHY DO YOU FOCUS ON UK EXPATRIATES?

As an expatriate myself, I have seen first-hand how UK Expatriates struggle to find expert advice in UK Inheritance Tax and Estate Planning, when they move abroad. The company’s mission therefore is to address this problem and is focused on helping these people

Why not use a UK-based advisor?

Whilst there are a number of routes to obtaining Estate & Inheritance Tax advice through Solicitors, IFAs, or accountants based in the UK, they normally do not have the specialist knowledge to deal with a UK citizen living outside of the UK.

Estate & Inheritance Tax Advisory for UK Citizens Living Abroad

Get in touch

+65 8286 5635

www.westcottdyson.com

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Estate & Inheritance Tax Review

Comprehensive health check of your current estate planning and inheritance tax planning to ensure it is still suitable for your circumstances. If you haven't done any estate or inheritance tax planning? No worries; we can conduct a personal review of your situation and create a comprehensive plan to achieve the best outcome for you and your heirs.

Personalized review: Our experts will examine your unique circumstances and tailor a plan accordingly.
Existing estate and inheritance tax assessment: We will evaluate whether your current plans align with your needs and goals.
Improvement opportunities identification: We will pinpoint any gaps or inefficiencies in your existing plans to minimize your inheritance tax liability.

Trust review

We can assess your existing trust planning to ensure that it remains suitable for your objectives. Like any planning that hasn't been reviewed for some time, it can become outdated and unfit for purpose. Consideration should be given to changes in the law, tax rules, alterations in the trust assets, investment performance, and any changes to the beneficiaries' circumstances. We can review your trust to guarantee it remains appropriate for your requirements.

Thorough trust assessment: Our experts will evaluate your current trust planning, identifying any outdated or unfit aspects.
Legal and tax updates: We will consider any changes in laws and tax regulations that may impact your trust planning.
Trust asset evaluation: We will examine changes in the trust assets to ensure they still align with your intended purpose.
Beneficiary circumstance review: We will consider any changes in the beneficiaries' situations, ensuring the trust continues to serve their best interests.

Trust Advice

Trusts serve as a valuable instrument when crafting an estate and inheritance tax plan. Be it a discretionary, interest in possession, pilot, or discounted gift trust, we can advise you on whether a trust fits your situation and if so, which type would best suit your requirements.

Trust suitability evaluation: Our experts will assess your circumstances to determine if incorporating a trust into your estate plan is appropriate.
Trust type recommendations: We will suggest the most suitable trust type, such as discretionary, interest in possession, pilot, or discounted gift trust, based on your unique needs.
Personalized guidance: Our team will provide tailored advice to ensure the chosen trust aligns with your estate and inheritance tax planning objectives.
Trust establishment assistance: We will offer support and guidance throughout the trust creation process.
Ongoing trust management advice: Our experts will be available to help you navigate changes in your circumstances or legal and tax regulations that may impact your trust planning.

Wills

Haven't got a Will? We can help. Wills are crucial, yet over two-thirds of individuals in the UK pass away without one. If you die without a Will, your estate will follow the rules of intestacy, which may lead to your assets not being distributed as you would have wished.

Have an existing Will that hasn't been reviewed for some time? We can assist. Laws change, and so do your circumstances. It is essential to review your existing Will to ensure it remains fit for purpose.

The service includes:

Will creation assistance: Our team can guide you through the process of drafting a Will, ensuring your wishes are clearly outlined and legally binding.
Intestacy prevention: We will help you establish a Will to avoid the potential consequences of intestacy on your estate distribution.
Existing Will review: Our experts will evaluate your current Will, identifying any outdated or unfit aspects.
Legal and circumstantial updates: We will consider any changes in laws and personal circumstances that may impact the validity or effectiveness of your Will.
Ongoing support and guidance: Our team will be available to help you navigate any changes that may require adjustments to your Will, ensuring it remains suitable for your needs.

Corporations

Similar to trusts, companies can be utilised for estate planning purposes. Holding assets within a company can facilitate passing them on to your heirs while still maintaining control over them during your lifetime. We can advise you on whether this option is suitable for your requirements.

The service includes:

Company suitability evaluation: Our experts will assess your circumstances to determine if using a company for estate planning is appropriate for your needs.
Asset control and management: We will provide guidance on how to maintain control over your assets during your lifetime while still ensuring a smooth transfer to your heirs.
Tailored advice: Our team will offer personalised recommendations based on your unique estate planning objectives and financial situation.
Company establishment assistance: We will support you throughout the process of setting up a company for your estate planning purposes.
Ongoing consultation and support: Our experts will be available to help you navigate any changes in your circumstances or legal and tax regulations that may impact your company-based estate planning strategy.

Business Relief Assets

Business Relief (formerly known as Business Property Relief) was first introduced in the UK Finance Act 1976. Since then, it has evolved significantly and has become a powerful and popular instrument in reducing inheritance tax (IHT). It offers numerous advantages over traditional methods of mitigating IHT.

Business Relief assets are excluded from your taxable estate after only two years, and you retain full control of your assets? If you'd like to learn more, we can assist.

The service includes:

Expert Business Relief guidance: Our team of professionals will help you understand the nuances of Business Relief and its potential benefits for your estate planning.
IHT reduction strategies: We will explore how Business Relief can be utilised to effectively reduce your inheritance tax liability.
Asset control preservation: We will demonstrate how you can maintain full control of your assets while still benefiting from Business Relief's IHT advantages.
Tailored advice: Our experts will provide personalised recommendations based on your unique circumstances and estate planning goals.
Ongoing support: Our team will be available to help you navigate any changes in your circumstances, legal and tax regulations, or Business Relief rules that may impact your IHT planning strategy.

ESTATE & INHERITANCE TAX REVIEW

Personalized review:

Our experts will examine your unique circumstances and tailor a plan accordingly.
Assessing your existing estate and inheritance tax plans: We will evaluate whether your current plans align with your needs and goals.
Identifying potential areas of improvement: We will pinpoint any gaps or inefficiencies in your existing plans to minimize your inheritance tax liability.

TRUST REVIEW

Thorough trust assessment: Our experts will evaluate your current trust planning, identifying any outdated or unfit aspects.
Legal and tax updates: We will consider any changes in laws and tax regulations that may impact your trust planning.
Trust asset evaluation: We will examine changes in the trust assets to ensure they still align with your intended purpose.
Beneficiary circumstance review: We will consider any changes in the beneficiaries' situations, ensuring the trust continues to serve their best interests.

TRUST ADVICE

Trust suitability evaluation: Our experts will assess your circumstances to determine if incorporating a trust into your estate plan is appropriate.
Trust type recommendations: We will suggest the most suitable trust type, such as discretionary, interest in possession, pilot, or discounted gift trust, based on your unique needs.
Personalized guidance: Our team will provide tailored advice to ensure the chosen trust aligns with your estate and inheritance tax planning objectives.
Trust establishment assistance: We will offer support and guidance throughout the trust creation process.
Ongoing trust management advice: Our experts will be available to help you navigate changes in your circumstances or legal and tax regulations that may impact your trust planning.

WILLS

The service includes:

Will creation assistance: Our team can guide you through the process of drafting a Will, ensuring your wishes are clearly outlined and legally binding.
Intestacy prevention: We will help you establish a Will to avoid the potential consequences of intestacy on your estate distribution.
Existing Will review: Our experts will evaluate your current Will, identifying any outdated or unfit aspects.
Legal and circumstantial updates: We will consider any changes in laws and personal circumstances that may impact the validity or effectiveness of your Will.
Ongoing support and guidance: Our team will be available to help you navigate any changes that may require adjustments to your Will, ensuring it remains suitable for your needs.

CORPORATIONS

The service includes:

Company suitability evaluation: Our experts will assess your circumstances to determine if using a company for estate planning is appropriate for your needs.
Asset control and management: We will provide guidance on how to maintain control over your assets during your lifetime while still ensuring a smooth transfer to your heirs.
Tailored advice: Our team will offer personalised recommendations based on your unique estate planning objectives and financial situation.
Company establishment assistance: We will support you throughout the process of setting up a company for your estate planning purposes.
Ongoing consultation and support: Our experts will be available to help you navigate any changes in your circumstances or legal and tax regulations that may impact your company-based estate planning strategy.

BUSINESS RELIEF ASSETS

Business Relief assets are excluded from your taxable estate after only two years, and you retain full control of your assets? If you'd like to learn more, we can assist.

The service includes:

Expert Business Relief guidance: Our team of professionals will help you understand the nuances of Business Relief and its potential benefits for your estate planning.
IHT reduction strategies: We will explore how Business Relief can be utilised to effectively reduce your inheritance tax liability.
Asset control preservation: We will demonstrate how you can maintain full control of your assets while still benefiting from Business Relief's IHT advantages.
Tailored advice: Our experts will provide personalised recommendations based on your unique circumstances and estate planning goals.
Ongoing support: Our team will be available to help you navigate any changes in your circumstances, legal and tax regulations, or Business Relief rules that may impact your IHT planning strategy.

Questions Expatriates Ask

Financial Advisory & Planning for UK Citizens Living Abroad

What are the primary considerations for UK expatriates when it comes to estate planning?

When advising UK expatriates on estate planning, we focus on several key considerations, including domicile status, inheritance tax implications, trusts and wills, asset location, and ownership.

The goal is to create a comprehensive plan that efficiently distributes assets while minimizing tax liabilities.
What tax mitigation strategies are available to UK expatriates?

UK expatriates have several tax mitigation strategies at their disposal, depending on their individual circumstances and goals. These may include taking advantage of gifting rules, trusts, business relief, corporate tax liabilities, and life assurance.

Our advice is tailored to each client, considering their financial situation, and long-term goals.
I HAVE LIVED OUTSIDE OF THE UK FOR YEARS AND NOT TAX RESIDENT THERE. DO I HAVE TO PAY TAX THERE?

Inheritance tax is based on your domicile and not your residency. This is usually established through your parents' (usually your father's) domicile at the date of your birth, known as "domicile of origin."

Even if you have lived outside the UK for many years, HMRC we look at your domicile when assessing Inheritance tax.
MY SPOUSE IS NOT A UK CITIZEN; DOES THIS AFFECT ANY INHERITANCE TAX PLANNING?

Yes, it does. There are different rules on what can be left to a non-domicile spouse. Depending on the size of the estate, inheritance tax could become payable, even when left to your spouse.

It is only if both spouses have domiciled UK that the spousal exemption applies, and no inheritance tax is payable.
CAN YOU PROVIDE PLANNING SERVICES FOR EXPATS IN PLACES OTHER THAN SINGAPORE?

Yes, whilst we are a Singapore company, we have the expertise to help clients around the world.
WHY DO YOU FOCUS ON UK EXPATRIATES?

As an expatriate myself, I have seen first-hand how UK Expatriates struggle to find expert advice in UK Inheritance Tax and Estate Planning, when they move abroad. The company’s mission therefore is to address this problem and is focused on helping these people
Why not use a UK-based advisor?

Whilst there are a number of routes to obtaining Estate & Inheritance Tax advice through Solicitors, IFAs, or accountants based in the UK, they normally do not have the specialist knowledge to deal with a UK citizen living outside of the UK.

The information on this Website and the resources available through it are not intended as, and shall not be understood or construed as, financial advice. The information is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.

We have done our best to ensure that the information provided on this Website and resources available for download are accurate and provide valuable information. Regardless of anything to the contrary, nothing available on or through this Website should be understood as a recommendation that you should not consult with a financial professional (or other professional advisor) to address your particular information. We expressly recommend that you seek advice from a professional.

Services for Expatriates

No wonder so many of us don’t start our estate and inheritance planning soon enough. Immediate obligations often eclipse important long-term planning.