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Non-dom changes will boost bespoke planning

The recent reform of non-domiciliary legislation has created significant opportunities for bespoke financial planning, says Scottish Life International head of marketing Douglas Law.

He says increased clarity over non-dom tax rules introduced in the Budget have opened up opportunities for financial planning and could mark the start of segmentation in the advice market.

He says: “We may start to look at opportunities for non-doms in trust planning and segment the market more.”

Skandia head of tax and financial planning Colin Jelley believes the commercial return on financial planning for non-UK domiciles is starting to be recognised by advisers.

He says: “The changes in taxation of non-UK-domiciled residents were significant and we have not seen them play out ent- irely in terms of their impact.”

According to Government figures, the number of people granted British citizenship in 2007 was 164,635, a 7 per cent increase on 154,020 in 2006.

Jelley says: “There is a great opportunity here for advis- ers with these clients to inv- est intellectual capital in acquiring the knowledge to capitalise on this area of finan- cial planning.”

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