If you are planning to move to the UK or perhaps return after living abroad for a substantial period, it would be prudent to optimise your financial affairs in advance of your arrival and consider how the changes in taxation between the different jurisdictions will personally affect you. This is not a last-minute consideration as some changes may take time to implement and so we generally suggest you should be reviewing your financial affairs at least a year before your move.

If you are not UK domiciled and are moving to the UK, you may be aware of the favourable tax treatment that you can benefit from called the remittance basis. This can be extremely beneficial but only if used correctly and in a planned, methodical manner. If used incorrectly, you could lose out on the possible benefits and find you are in a worse position than otherwise.

Whether domiciled in the UK or not, it is advisable to review your financial affairs to ensure that any investments or assets structures you own or have contributed to will remain efficient when you are in the UK. With the difference in taxation across the globe, it is not uncommon for something that is highly efficient in one jurisdiction to be less efficient in another.

Our experienced team of advisers will guide you through the process of assessing your finances, building a financial plan for your arrival in the UK, and optimising your financial activities for arrival and beyond.

Useful Resources

An Introduction to Domiciles

• Every year a significant number of individuals and families relocate abroad, whether this be leaving the UK or settling in this country. This guide is one in a series providing an overview of key topics within this area, in this case particularly focusing on the issue of domicile status.

An Introduction to The Statutory Residence Test

• The concept of residence will inevitably be a key consideration for any individual moving to or from the UK, as it has a fundamental impact on a person’s potential tax liability. Our guide considers some of the key questions we have been asked by clients in this area.

An Introduction to Expats returning to the UK

• This guide is for UK domiciled individuals returning to the UK. It is important to note that even if you considered a return previously, the rules for returning expats may well have changed. Here are some of the key items to review or take advice on if you are considering a return to the UK.

To domicile or not to domicile, that is the question

• Every year, resident non-domiciled individuals need to decide whether to be taxed on the arising basis or apply for the remittance basis.  Read our article to help you get started.

UK inheritance tax for non-domicile individuals

• If you are non-domiciled in the UK the inheritance tax rules may be different.  In this article, we will look at the considerations specifically relevant to non-domiciled individuals.