MOVING TO ISRAEL — GET YOUR FINANCES IN ORDER

A leading Manchester accountancy firm has set up a specialist service for people looking to move to Israel on a permanent basis.

Israel’s unique financial regulations, for example its stance on inheritance tax and the concept of trusts, means potential migrants need to seek expert advice on the financial consequences of making the country a permanent home.

Peter Black, senior partner at Jack Ross said the need to establish the service had come about from an ever-growing number of client requests for information.

Latest Government figures showed record numbers were leaving the country — more than 400,000 in 2006 — and as part of that exodus, many Jewish people were looking to move to Israel.

“Obviously, anyone looking to move abroad needs to look at the financial consequences, and members of Jewish community are no different,” says Peter.

“Certainly, they are not unique in that they are looking to move overseas for all the usual reasons — climate, family, career opportunities or retirement — but clearly Israel holds a special pull for religious or cultural reasons.

“However, they too need to understand that from a financial perspective they need to make certain adjustments. There are a lot of differences between the UK tax and finance system and the Israeli one. And it pays to be aware of them so that individuals can make important decisions armed with the right information.”

Partner Chris Williams, an experienced finance and tax planner, says:
“Here at Jack Ross we have acted for increasing numbers looking to relocate to Israel and we are now offering specialist advice on tax structures, trusts, pension planning.

“That’s why we decided to launch this special niche service. There is a clear need for advice and that’s what we will be providing.”

Jack Ross is one of Manchester’s oldest accountancy firms and celebrates its 60th birthday this year. Together with sister company, Concerva Lifetime Money Management, it is based at Barnfield House, The Approach, Blackfriars Road.

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