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Old Mutual offers innovative shceme for UK expats

DUBAI, July 11, 2017

Old Mutual International, a leading wealth management business in the UK and internationally, has launched a new innovative bond in the Middle East and Africa called the Wealth Portfolio.  

The new solution sees Old Mutual International and Quilter Cheviot come together to help deliver enhanced investment outcomes for UK expats in the region through a bond which is fully portable when the expat returns to the UK.

Old Mutual International will appoint a discretionary fund manager, Quilter Cheviot, to manage the investment portfolio linked to the bond. As this innovative solution also removes any client influence over the investment choice or asset selection, the bond is not regarded as a ‘highly personalised portfolio bond' and therefore the UK ‘deemed gain’ tax charge of 15 per cent will not be applied upon the customer’s return to the UK. This also means that the bond is able to invest in a broader range of assets than is usually permitted within a generic international portfolio bond in the UK, such as direct equities, said a statement.

This will provide UK expats with peace of mind that the investment can be taken back to the UK without any need for the asset choice to be changed to avoid incurring a deemed gain tax charge, it said.

There is growing demand in the region for professional investment experts – often referred to as Discretionary Fund Managers (DFMs) or Discretionary Asset Managers (DAMs) to manage the investment choice.  According to recent research conducted by Old Mutual International in the region, over half of financial advisers in the Middle East plan to increase their use of DFMs in the next 12 months, this was a sentiment shared by advisers globally.

Brendan Dolan, sales director, Old Mutual International, commented: “This is a great example of how Old Mutual International is working together with Quilter Cheviot to deliver compelling solutions to advisers and customers. The new innovative solution will be of interest to UK expats living and working in the Middle East and Africa who want to save for their future, and want a discretionary fund manager to be appointed to access to a wider investment choice, without fear of incurring a deemed gain tax charge by HMRC when they return to the UK.” - TradeArabia News Service
 




Tags: UK | expats |

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