4 reasons BN(O)s should use a British financial adviser when moving to the UK

For any British National (Overseas) citizen moving from Hong Kong to the UK, getting your financial affairs in order is of the utmost importance.

You might not realise it, but the UK’s tax system is considerably more complex than Hong Kong’s. It’s crucial to make sure you’ve structured your finances in the most tax-efficient way, thereby ensuring more of your wealth goes towards your goals and less to the taxman.

The UK also has different investment and banking regulations, which will have a bearing on where you can hold your money.

British financial advisers are best placed to advise on the intricacies of UK taxes and financial regulations. Read on to discover four reasons why BN(O)s should use a Hong Kong-based British financial adviser when moving to the UK.

1. A British financial adviser understands the UK tax system

Unless a financial adviser has vast experience of the UK tax system, you should be very wary of using their services when moving to the UK. The complexities of the UK tax system shouldn’t be underestimated.

At 17,000 pages, the UK tax code is 12 times as long as the Bible and considerably more extensive than Hong Kong’s 276-page tax code.

A British financial adviser will help you structure your wealth in the most tax-efficient way possible. They will have deep knowledge of Income Tax, Capital Gains Tax and Inheritance Tax, as well as Stamp Duty, VAT and Council Tax.

A British financial adviser will know which tax allowances and reliefs to look out for. They’ll give advice on which vehicles you can use to shelter your money from tax, as well as explain techniques such as asset transfers and gifting.

2. A British financial adviser knows where to invest your money

As a BN(O) moving to the UK, a British financial adviser is perfectly positioned to provide advice on where to save and invest your money. What you can invest in will partly depend on whether you’re classed as a UK tax resident.

Some of the places you may be able to hold your money include:

  • Savings accounts
  • ISAs – these shield money from Income Tax and Capital Gains Tax
  • Pensions
  • Property.

A British financial adviser will explain how each of these vehicles work, how they affect your tax bill, how and when you can draw money, and which is right for you.

3. A British financial adviser has in-depth knowledge of UK financial regulations

A British financial adviser will have in-depth knowledge of UK financial regulations. They’ll keep up to date with any changes introduced by the government or Financial Conduct Authority.

By using an experienced British financial adviser, you can rest assured that your money will be invested safely and securely, under strict regulatory guidelines.

4. A British financial adviser will have relevant professional contacts

A financial adviser isn’t the only professional you may need to speak to when moving to the UK. You might also require advice from a lawyer or an accountant.

A British financial adviser will be able to put you in touch with other professionals who have expertise in UK legal and financial matters. This will give you peace of mind that your affairs are being looked after by the most experienced and knowledgeable people.

Why get in touch with BMP Wealth

The complexities of the UK’s tax and financial systems make it crucial for BN(O)s moving to the UK to seek advice from a British financial adviser.

At BMP Wealth, our wealth managers are British and usually worked as financial advisers in the UK before moving to Hong Kong. They have lived for many years in the UK system. Our wealth managers are also licensed in Hong Kong, provide transparent advice, and specialise in financial planning for those who want to move to the UK. They have extensive knowledge of UK taxes.

To find out how we can help, email info@bmpwealth.com or call +852 3975 2878.

Please feel free to refer anyone you know, who may be worried about moving to the UK.