As a Briton living and working abroard, it's important for you to have arrangements in place to protect your family. Taking out life insurance is one part of the planning process.

You will also want to ensure that you are able to pass on your assets to your chosen beneficiaries according to your wishes and in a tax-efficient manner, without compromising the quality of your life in later years.

Even though you may be non UK resident for income tax purposes, you may still be regarded as ‘UK domiciled’ for UK Inheritance Tax (IHT) purposes, potentially exposing you to the current 40% IHT rate.
This guide helps you to consider the key issues that can affect your plans for passing on your wealth, in a
controlled and tax-efficient manner. It also summarises some potential actions that can make your planning simpler and more effective.

ESSENTIAL CONSIDERATIONS

It’s important that you consider the following questions to make things as simple as possible for your loved ones.
1 Do you have professionally drafted wills in place in the countries where your investments are
based, and are they up to date?
2 Will your executors need to obtain probate in the countries where your investments are based? Are there any steps you can take to avoid the need for probate?
3 Will your estate be subject to UK IHT on your death and, if so, what is your exposure to it?
4 What simple steps can you take to reduce your exposure to UK IHT?
5 Should you consider more advanced forms of IHT planning?

With the help of a qualified financial adviser and a local lawyer you can put steps in place to ensure that all of these questions are answered in line with your individual circumstances. This should leave you free to enjoy life, secure in the knowledge that your financial planning has been taken care of.