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.
OMI’s research shows 44% of UK expats wrongly believe their spouse will be able to sign on their behalf should they become mentally incapacitated.
Griffin explained: “The misconception that a spouse or child or a professional will be able to manage their affairs should they become mentally incapacitated is leading people to think they don’t need a power of attorney (POA) in place.
“This could result in families being left in a vulnerable position as their loved ones will not automatically be able to step in and act on their behalf.
“Instead, there will be a delay whilst they apply to the Court of Protection to obtain the necessary authority.
“This extra complication is all avoidable by completing a lasting POA form and registering it with the Court of Protection.”
Tags: CGT | Domicile | IHT | Old Mutual | Rachael Griffin
