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Paying no more tax than you should is something we all strive for. Our Tax team has extensive knowledge of and experience with the complexities of the UK tax system.
Your Guide to Inheritance Tax Planning
Inheritance Tax (IHT) is charged by HMRC on a person’s assets and estate when they pass away. Unfortunately, it is usually too late at that point to make any financial decisions and to mitigate the 40% inheritance tax liability that is due on your assets (with some exceptions).
What is the Double Taxation Agreement?
If you are a UK resident but live, work or generate income in a country other than the UK, you may need to familiarise yourself with the Double Taxation Agreement (DTA).
Expert tax advice: how does your residence status impact your tax?
Did you know that your UK residence and domicile status impacts how much UK tax you are liable to pay? Not only will maintaining a UK non-resident status affect your UK tax exposure, so too does the date you decide to return and become a UK resident again.
RDR3 – Remittance, Domicile and Residence
RDR3 was a Guidance Note drafted by the UK HMRC (HM Revenue and Customs) regarding the Statutory Residence Test (SRT). Prior to its withdrawal from the HMRC website in October 2019, this helped to decide whether a person should be taxed as a UK resident or a non-UK resident by determining a person’s residence status.
The Common Reporting Standard (CRS) and the Automatic Exchange of Information
Over the years tax evasion – the practice of actively and purposely escaping paying any tax due – has been closely monitored. Countries and tax authorities have battled to target and catch those who are undertaking any illegal practices, especially in territories which have become notorious for tax evasion.
The Statutory Residence Test Explained
For British expatriates, or those spending a significant period of time overseas, the issue of residence is an important topic. Simply moving abroad to avoid UK tax is an outdated concept, and recently those wanting to adopt or maintain non-resident status have been scrutinised.
Moving Back To The UK Checklist
Returning to the UK can be an option following changes in your personal life or career. If you are considering a move it’s crucial to plan ahead and understand the key financial considerations which may affect you.
What Is Expat Tax?
Simply moving abroad to avoid UK tax doesn’t always work, and your exposure to tax as an expat will be based on the number of days you spend in the UK, how long you spend overseas, along with any specific ‘ties’ you might retain with the UK.
Filing an Expat Tax Return
It can be difficult to understand whether you’re required to complete a Tax Return each year if you’re an expat, so it is usually sensible to speak to a specialist adviser who can look at your individual situation.
Are British expats entitled to NHS treatment?
If you’re a British expat living overseas permanently, you won’t generally be entitled to access NHS treatment. The NHS is a residence-based healthcare system, so British expats aren’t automatically entitled to medical treatment.
Non-Domicile Tax Rules For Expats
If you’re UK tax resident and UK domiciled you are subject to UK Income Tax and Capital Gains Tax on your worldwide income and gains as they arise. However, if you’re UK resident, but don’t have a UK domicile, you can use the remittance basis of taxation.
Arranging your tax affairs before returning to the UK
If you’re not tax resident in the UK and as long as you’ve been non-UK tax resident for more than five years, your UK tax exposure is limited. All of your overseas income and gains will be outside of the UK tax net.
Understanding Annual Tax on Enveloped Dwellings
For the purposes of ATED a dwelling is a residence (usually a house or flat) and includes any gardens, grounds and buildings within them. Certain properties are excluded from being a dwelling for ATED purposes.
Do UK Expats Pay Taxes?
At one stage it was generally considered that moving abroad to become a British expat would allow you to escape UK tax. With UK tax rules now much tighter this is very much an outdated concept. Recently there’s also been increased focus from the tax authorities on those seeking to avoid or evade UK tax.
What is generational Inheritance Tax?
Inheritance Tax (IHT) is a familiar part of the UK tax system. It’s generally charged at a hefty flat rate of 40% on any of your worldwide assets if you are domiciled in the UK. But there is an associated catch – generational Inheritance Tax.
British Expats: When Is It Time To Go Home?
If you’re a British expat, there’s likely to come a point when it’s time to move home. This could be for a variety of personal and professional reasons, such as a change of role, family circumstances or just a longing for the familiar. Whatever the circumstances, careful planning is the key to a successful move, and allows time to make sure you’re in the best financial position possible.
Repatriation services explained
If you’re intending to spend a specific period of time overseas, it’s easier to plan ahead and be ready for your return home. However, you might face an unexpected change in your work or personal life that causes you to return to the UK at short notice, without much time to plan.
We will work with you to evaluate your investment and asset plans and maximise the value of your savings with the aim of delivering you the returns you need.
What is the Statutory Residence Test?
The Statutory Residence Test (SRT) was introduced on 6 April 2013 and sets out a series of tests and rules that are used to establish an individual’s UK tax residency status. Understanding your tax residency is extremely important as this will help calculate the income and gains you need to report to HM Revenue and Customs.
Understanding QROPS: Finding the right pensions scheme for you
For an individual who has moved overseas and has acquired UK pension benefits, transferring their UK pension to a QROPS can offer flexibility, alongside other potential tax and currency advantages. That said, a QROPS is by no means a one-size-fits-all solution.
Planning Your Return to the UK After Living Overseas
After working or living abroad, sooner or later you may decide that you want to return to the UK. It can be a busy time with factors to consider such as, securing employment, looking for a new home and shipping your personal goods, so tax planning can often be bumped down the priority list.
Key Steps to Finding Good Expat Financial Advice
Finding a specialist financial adviser can be difficult, especially if you are an expatriate. You need someone not only competent in UK finance and tax law but also understands the intricacies of double taxation agreements, wills and inheritance tax internationally.
What is a Self-Invested Pension Plan (SIPP)?
A SIPP, or self-invested personal pension, is the name given to a UK government-approved personal pension scheme – which allows individuals to make their own investment decisions from the full range of investments approved by HM Revenue and Customs.
Transferring a UK pension to a QROPS
Since 2006, QROPS have been a useful tax tool for those planning to leave the UK, or those who already live overseas. At their heart QROPS enable a UK pension to be moved into an overseas pension scheme, usually for favourable tax reasons.
Understanding QROPs rules
A Qualifying Recognised Overseas Pension Scheme (QROPS) is a useful retirement option for those living, or planning to live, overseas. Yet, as with all financial planning tools, there are a handful of rules which are useful to understand when considering moving your pension pot to a QROPS.
QROPS Reviews Explained
A Qualifying Recognised Overseas Pension Scheme (QROPS) is a pension scheme established outside of the UK which meets certain HMRC requirements allowing it to receive transfers in from UK registered pensions.
Why is my QROPS not growing?
It can be concerning to note that your QROPS isn’t growing. Although it’s a common query, a simple fact usually explains things – you are likely to be paying too much for your QROPS plan.
Choosing an investment manager
One important aspect of financial planning is investment management. The over-arching aim of investing is to use some capital to create a financial benefit in the future.
What is ESG investing?
Environmental, Social and Governance (ESG) investing is an increasingly popular investment approach. With growing awareness of climate change, global responsibilities, and social issues, investing in companies which act responsibly and prioritise making the economy cleaner, safer and healthier is an important consideration for many investors.
Pension sharing and divorce: what am I entitled to?
The end of a marriage or civil partnership is likely to be an emotional and stressful time for everyone involved. Part of the divorce process usually focuses on the practicalities, such as carving up the matrimonial assets into two separate households, making arrangements for any children and trying to maintain a similar lifestyle to that enjoyed before the separation.
UK Expat Pension Transfers Explained
If you choose to leave your UK pension scheme, it’s worth remembering that the benefits you’ve built up still belong to you. If you’ve made a decision to leave your pension, you have the option to transfer your benefits to another scheme, which could be based abroad.
An Introduction To Offshore Pensions For Expats
Offshore pensions should be an essential consideration for anyone intending to work abroad. Planning is especially relevant because not all jobs will offer a pension scheme as part of their salary benefits.
We provide peace of mind and financial support through Estate Planning, Wills and Trusts Advice for you and your family.
What to Put in Your Will: A Guide for Expats
Nobody likes to think about writing their will, but if you have assets in more than one country you may need a will for each jurisdiction in which they are located. Laws governing an expat’s property and estate overseas are likely to be different to the laws of the country in which they are legally domiciled.
Writing A Will – Expert Advice
The first question many of our clients ask us is “Why do I need a Will?” The assumption made is that our assets will pass to our loved ones anyway. For some people, the gamble of not completing a Will might well pay off, but that will depend upon the assets that they own, their circumstances and who they want the funds to pass to.
Expat Mortgages Explained
If you’re an expat working and/or living abroad and you want to buy a property in the UK with a mortgage, there are several elements you need to be aware of when arranging finance.
What Blended Families Should Know About Estate Planning
Estate planning is always an emotional piece of the financial planning jigsaw but if you have your own children and stepchildren to consider, the situation might be even more complicated. For blended families – couples with children from previous relationships – it’s important to plan ahead.