Tax Planning is essential and without proper tax planning you could end up paying considerably more tax than necessary. Not fully understanding the tax position for your income and assets in another country often leads to the payment of unnecessary taxes and in some cases you may be taxed twice. With the right guidance and help you can make sure that you understand the local tax implications and are able to minimise your tax liabilities both in the UK and overseas. The rules can be complicated and with the introduction of Common Reporting Standards the authorities in most jurisdictions will automatically receive information about your income and asset holdings elsewhere so it is important to ensure that your tax declarations are correct.
Our Expat experts will be able to help you plan your exit or re-entry into the UK taking into account the application of the UK statutory residency test and overseas residence rules.
Our advisers are here to help you structure your investments and pensions to ensure that you benefit from tax efficient schemes available to Expats in your country of residence and minimise any liability to UK tax. It is really important that you recognize that tax efficiency generally means aligning your assets with your residential status. Holding onto UK investments can often be seriously detrimental to your wealth and it is equally important to review your pension to ensure that you benefit from the opportunities available to Expatriates.
One of the biggest issues for Expats moving abroad is an ongoing liability for UK Inheritance tax which is based on the principle of domicile rather than tax residency. This means that you can retain a liability for UK Inheritance Tax on your worldwide assets even when having lived abroad for many years. You will also likely be liable for death taxes in your country of residence.
With careful planning our Expat experts will guide you through this complex area of planning to help minimise your liabilities.
It is important to review your insurance requirements when moving abroad as any cover that you have arranged in the UK may not extend to the country where you intend to be resident or specific exclusions might apply. We can help guide you in respect of all your life and health insurance needs.
Speak directly to a locally based, professionally qualified, personal financial advisor, specialising in British Expats and the English-speaking Expat community, about your personal financial planning needs.
Please contact us on Tel: +44 207 998 0570 or email firstname.lastname@example.org