Five common mistakes UK expats make about domicile and tax
By Kirsten Hastings, 19 Jul 17
British expats still have some crucial misunderstandings about their domicile status and tax position that could leave them and their loved ones financially exposed and even land them in trouble with HM Revenue & Customs, warns Rachael Griffin, financial planning expert at Old Mutual Wealth.
Half of UK expats do not know if a will or power of attorney (POA) is legally recognised in the country they have moved to, OMI found.
Griffin explained: “It is wrong to assume a will or POA document is automatically recognised in the country in which they move to.
“Often overseas law is driven by where the person is habitually resident, and the laws of that country will apply.
“Therefore, people may require a UK will and POA for their UK assets and a separate one covering their assets in the country they live.
“The wills also need to acknowledge each other so as not to supersede each other.”
Tags: CGT | Domicile | IHT | Old Mutual | Rachael Griffin
