Do you know your Domicile?
One area that we have been speaking to residents about more and more recently is domicile, and in particular when they have clients that fall into either of the following categories:
– UK Expatriates
If clients have left the UK, do they know that they could still be UK domiciled and subject to UK inheritance tax on their worldwide assets?
– UK Resident Foreign Nationals
If clients are UK resident, but perhaps they were born outside of the UK, are they aware that they might become (if not already) subject to UK inheritance tax on their worldwide assets?
Synergi have found it surprising, that there are many Cypriot expat residents who do not know their domicile. A person’s domicile from a UK perspective is typically their father’s country of birth, but it is not always this simple and can be much more complex.
As part of our wider estate planning service Synergi provide Domicile Reviews to help give clarity to clients about their domicile status. This can support inter-generational estate planning advice.
Where required, we can recommend appropriate planning to help residents mitigate UK Inheritance Tax for their clients.
For more information about our estate planning and/or domicile review service, please get in touch and we will be delighted to hear from you.
You can reach us on email at email@example.com