by Sterling Trust Limited

Bringing you an affordable tax health check


The Tax Health Check as part of the Foresight Strategy

People working and living abroad are often too busy to take care of their financial affairs and outsource the responsibility to Financial Advisers. One matter that is often overlooked is the clients UK tax position. Expats often falsely conclude that their time outside of the UK reduces or eliminates their tax responsibilities in the UK. This may not be the case and Her Majesty’s Revenue and Customs (HMRC) have outlined specific rules in relation to what is and is not taxable when an expat dies.

Sterling Trust has identified this shortcoming and created Foresight, a Tax Health Check where, after a vetting process, for a fixed price we will identify any areas of concern. As part of this service we will review a person’s current tax status and estate planning and if required find a solution to manage any potential liabilities.

Legislation in relation to these circumstances is generally clear, albeit there are instances that could give rise to a much larger ‘tax bill’ upon an expats death; something the individual and their loved ones should at worst be aware of, but best be prepared for.

People don’t like to think about dying but it is going to happen, we just don’t know when. However we do know the current threshold for Inheritance Tax (IHT) in the UK is £325,000 (combined asset value will be applicable) and the current IHT is 40% for UK domiciled people. Many people think they are non doms but actually aren’t and the rules are changing to bring more people into the domiciled regime. Receiving the correct advice can save much more than it costs and ensures that those who you wish to benefit from your estate do so. It is sometimes said that “Inheritance Tax is a voluntary tax” and with careful planning the amount of tax payable after death can be significantly reduced or negated.

The process of the Tax Health Check is that you, or we, will contact your client and ask them to complete an initial Domicile Test and a Domicile Questionnaire. There is no charge for completing these initial tests, but the results will be used to determine if the client needs the Tax Health Check. If the Tax Health Check is appropriate to your client, or should they wish to proceed for their own peace of mind, we will provide a full financial questionnaire for their completion. The results of this questionnaire will be shared with one of our tax partners who will prepare an initial overview for the client that will identify any areas of concern and detail whether the client should seek more in-depth analysis. The fee for the initial overview is £1,000, with further fees being payable if greater analysis is required or requested.

For more information please contact David Johnson, Managing Director at Sterling Trust Limited or by calling 01624 611146

Tax Health Check Pre-Qualifier Questionnaire

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Tax Health Check Flyer

Tax Health Check Promo

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© 2024 Sterling is a Registered Business Name of Sterling Holdings Limited. Sterling Trust Limited is registered in the Isle of Man Number 72969C and is licensed by the Isle of Man Financial Services Authority.


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