Financial planning and legal considerations for US citizens moving to Scotland with Tanager Wealth Management

Moving to Scotland as a US citizen can be an incredible adventure but comes with several key legal and financial considerations.

In this webinar, our speakers, Patrick Mulhern of Tanager Wealth Management, and Nikki Neal, Senior Associate at Brodies LLP, discussed:

• The significance of domicile for succession purposes and the implications of having Scottish domicile on death;
• Residency rules for UK inheritance tax purposes;
• Scottish income tax: some unique features
• The FIG regime;
• Investment pitfalls;
• Cross-border financial planning – some key points to consider;
• The tax implications of purchasing a property in Scotland;
• Why it is imperative to think carefully about the UK tax treatment of US trusts in Scotland; and
• The importance of having wills and powers of attorney and ensuring that these are joined up in both countries; and
• The tax implications of purchasing a property in Scotland and why it is important to take early advice on possible opportunities to mitigate tax.