Moving Overseas – Leaving the UK
Leaving the UK, whether for work or retirement, represents a significant step. Much can be anticipated, not least the opportunity to experience life in a new country with a different culture. Finances dictate many moves overseas. Planning ahead – perhaps 18 months before moving – is beneficial in order to financially and mentally prepare.
One of the main decisions to make is what to do with a UK property. Selling may free up capital, but renting could provide an income and the option of returning to the UK in the future. If you choose to rent you can enter the Non-Resident Landlord Scheme, to ensure any rent is not subject to UK tax.
Another important is to ensure that you properly leave the UK tax system. Do ensure you claim all of the income tax refunds you are entitled to. Our expert tax team can assess your position for the full tax year of your departure to enable you to claim all of the UK allowances you are entitled to.
Moving overseas also offers a unique opportunity to evaluate your investment situation. In particular the opportunity to review whether to transfer funds offshore to take advantage of your expatriate status. Your pension arrangements and/or entitlement and investment portfolio may also need to be considered.
The Fry Group has been helping Britons move overseas for over one hundred years. We can help. Please get in touch.