LEGAL ISSUES relatively weak pound. There are a number of options for owning property and, although it is beyond the scope of this article to consider them all, advice should be sought on these options.
“WHEN IN ROME, DO AS THE ROMANS DO” Who knew in 1963, when the Sherman Brothers composed “It’s a Small World (after all)” for Walt Disney’s popular children’s attraction, that England’s rolling hills and quintessential pubs would soon become a misleading backdrop to just how cosmopolitan this country is? In an increasingly mobile world it is now a way of life to have friends, neighbours and colleagues of different nationalities who have settled here. Whether you are a Hollywood celebrity coming to Notting Hill, an adventurous Indiana Jones, entrepreneur, or an expatriate relocating for work or following your heart, an international move is always an exciting time. If you are moving to the United Kingdom you will no doubt have a list of interesting and exciting things to do when you get here. Knowing your legal position in relation to English law in areas such as your: • Tax status • Estate planning; and • Family matters is understandably unlikely to be top of your priorities when preoccupied by the big move and so many exciting new experiences. However, what happens if you: • Fall in love and get married whilst in the UK? • Fall ill whilst living here? • Go through a marriage breakdown? • Disagree about the children’s schooling? As they say, “when in Rome do as the Romans do”. Be ahead of the game and take local legal advice on your arrangements.
TAX PLANNING The UK offers a favourable tax regime for foreign nationals relocating to the UK. This is particularly advantageous for individuals who have non-UK source income and funds held outside of the UK. It is possible for you to choose to elect to pay tax on foreign income and gains only once it is remitted to the UK as opposed to on an arising basis which UK citizens are charged on. There is also opportunity to identify ‘clean capital’ before arriving in the UK. These funds can be remitted to the UK without charge. Advice should be obtained as soon as relocation is considered, as you will need to take action before your arrival in the UK otherwise the opportunity to identify clean capital may be lost on your arrival. ESTATE PLANNING: WILLS Many people will already have a Will in their home country. • Will it be valid if you die whilst a UK resident? • Is your Will tax efficient? • Is it sufficient for your needs whilst living here? If a Will is validly executed in the country where it is made, it should be recognised and enforceable in the UK. However, if your Will is drafted in another language, the UK probate office will require a certified translation. If some of the estate planning language is different to that used in the UK, it can be more difficult to obtain grant of probate to deal with your UK assets. When you purchase UK property it is strongly recommended to cover this using a UK Will which can dovetail with your existing Will in your home country (and any other Wills in other countries) to prevent any delay. Having your current documentation checked can prevent problems. For example, many US
OWNING UK PROPERTY If you take to the British lifestyle you may wish to consider purchasing a UK property and putting down more permanent roots. You should always take advice on your arrangements to ensure that they meet your requirements. With a stable democratic political and financial system compared to many countries around the world, buying a property in the UK can be an attractive proposition. Even more so at this time in light of the 28
