Trustees and other financial professionals need to review the position for any UK resident non-domiciled clients and consider alternative planning options in the light of the proposed reforms to the non-dom rules. This was the clear message from a professional seminar hosted by Vantage Wealth at the Royal Yacht Hotel on 19th October 2016.
The seminar was attended by over 210 professionals, the majority from the local financial services sectors, with presentations from Paul Alker, Chartered Wealth Manager of Vantage and Janet Paterson, Principal of Charter Tax Consulting. Janet currently sits as an industry representative on the HMRC consultation group which is responsible for the drafting and implementation of the proposed reforms to non-dom taxation.
The main theme of the discussions was focused on the update on the recent consultation issued in respect of non-dom reforms. Attendees were told of the main risks and issues with regards to the consequences of the many changes which will come into effect from April 2017 and how they can be mitigated.
The presentation ended with an overview of the financial planning options for both residents and trustees.
Paul Alker, Chartered Wealth Manager of Vantage commented:
Following the event we have had a lot of interest in respect of the alternative planning opportunities that we are able to provide clients now that corporate structures may no longer be relevant. These typically involve the use of whole of life assurance within a trust to cover the potential inheritance liabilities clients are now facing. As we are independent financial advisers, we have the advantage of being impartial in our advice as we are able to source from the whole market and are therefore not restricted to our own in-house solutions.