Advice for UK resident non-domiciled individuals
Providing you with a bespoke, comprehensive financial plan to help you achieve your goals and aspirations.
We are highly experienced in advising and implementing efficient planning for non-domiciles.
We understand the complexity that may come from being non-domiciled and can advise on a range of tax efficient solutions to suit your financial goals.
At Apollo Private Wealth, we are a diverse team made up of individuals who speak a multitude of languages. We are well equipped to provide practical advice and tailored wealth management recommendations from an international perspective.
Note the UK government has set out plans to reform the non-dom regime. This reform removes preferential tax treatment based on domicile status for all new foreign income and gains (FIG) which arise from April 2025. This reform will abolish the remittance basis of taxation for non-doms and replace it with a modernised regime that is simpler and fairer. Read more here.
Our team and its partner third party service providers are very experienced in advising and implementing effective planning for non-domiciles. We understand international lifestyles and can recommend a range of tax efficient solutions to suit each client’s circumstances, using effective tax & financial planning and creative solutions. Some of the advice areas we can help with your UK tax position include:
- UK residents who were to become deemed domiciled
- Non-doms with offshore mixed funds claiming the remittance basis of taxation
- Non-doms who were looking to bring funds to the UK under the Business Investment Relief scheme; and
- The trustees of certain non-UK trusts
Globally mobile
Our service draws together the skills and experience of three organisations, each specialising in international investment related services. Together, Rowan Dartington*, Apollo Private Wealth and Credit Suisse are uniquely placed to manage your offshore investments – as well as all of the complex requirements for custody and administration of non-domicile portfolios, whilst remaining compliant with all relevant legislation.
*Rowan Dartington is the discretionary fund management and stockbroking arm of St. James’s Place, and provides a range of additional, complementary wealth management services.
Tax status for non-domiciled individuals
Historically, UK resident non-domiciles were allowed a special tax status; they were taxed on all UK-sourced income and gains but only taxed on offshore income and gains remitted (brought into) the UK. However, since the launch of the £30,000 remittance basis charge in April 2008, and the increase in that charge to £60,000 from 6 April 2017 for those longer-term resident non-domiciles, tax planning in this area has become an even greater priority.
As a UK resident non-UK domicile/deemed domicile you only pay inheritance tax on your UK sited assets however once you have been UK resident in 15 out of the last 20 tax years you will become deemed UK domicile and will usually pay inheritance tax on your worldwide assets.
The St. James’s Place Excluded Property Trust (EPT) has been developed to enable non-UK domiciles to pass on accumulated wealth to the next generation and subsequent generations, as well as retaining access to it should the need arise.
It provides an effective method of creating an investment fund for chosen beneficiaries, including yourself as the settlor, while preventing the value forming part of your estate for UK Inheritance Tax (IHT) purposes.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.
The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.
Trusts are not regulated by the Financial Conduct Authority.
