Old Mutual International launches expat referral service

Old Mutual International launches expat referral service

Old Mutual International has set up an expat referral service alongside global accounting firm Ernst & Young to help non-domiciles navigate through post-Brexit tax changes.

The new service will offer tax advice for clients looking to relocate overseas or to the UK.

Rachael Griffin, financial planning manager at Old Mutual Wealth, said demand for this type of service is likely to increase in the coming months and years as more detail emerges on potential legislative changes following Britain’s decision to leave the European Union.

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She said tax planning for expats is becoming increasingly complex and, with increased scrutiny on people’s tax affairs, people want reassurance that they are meeting their tax obligations.

With the addition of the vote to leave the EU, the situation will get even more complicated, she said.

“We just don’t know what effect Brexit will have on expats and non-UK domiciles living in the UK, or the impact it will have in terms of immigration,” said Ms Griffin.

“On the one hand, we would expect to see legislation that helps encourage investment into the UK from overseas, but on the other hand, the UK government’s priority could be to raise tax revenue.”

The referral service, offered by EY, aims to complement any services the client may currently receive from their financial adviser.