Have you been living abroad but now feel the time is right to return home? Before you make the decision put a strategy in place.
First it is important to get the timing right- UK now has a statutory residency test and as a returner you need to know what your tax liabilities will be and when you have to start paying UK taxes again. No doubt the country where you are living will also have its own set of residency rules and you need to make sure your exit is timed to perfection if possible.
Second it is vitally important to have a thorough review of your financial plans. You may have accumulated a good deal of wealth whilst abroad and you need to plan how you can bring this wealth back into the UK in the most tax efficient way possible and maximise the tax breaks available to you when you fall back into the UK system.
Third you need to think about your retirement planning. How are you going to ensure that you have sufficient income to support your retirement goals? Do you need to maximise pension contributions to make up for lost time or do you have other assets that you can use to provide additional income?
Finally beware of UK IHT as mentioned elsewhere in this newsletter. Your worldwide assets will certainly be liable to UK IHT moving forward and you need to make sure you do everything you can to minimise your liability.
The good news is that our cross border specialists not only help clients exiting the UK but also those who are planning to return home. Why not book an online appointment to discover how we can help you.
You can reach us on + 44 207 998 0570
