Case Studies - International / Offshore - Leaving UK

Mr and Mrs M have left UK to become permanently resident in Europe. Mr M has £1.1million and Mrs M has £400,000 respectively in UK pension plans. The priority is to be able to take their pension as tax-efficiently as possible, to have a wide investment option for the pension funds, with a particular interest in residential property and also to mitigate inheritance tax (IHT) on their estates, since they will continue to be deemed UK-domicile, by HMRC.

Specialist Solutions recommended an option, which has ensured that they will only suffer tax on their pension income in the country in which they are living (no UK tax deduction), they have flexibility of investment options, including residential property and the residual pension funds will pass directly to their beneficiaries, on death, without IHT liability. Specialist Solutions assisted Mr and Mrs M to select funds and a fund manager, to meet the investment objectives of their pension schemes.