There comes a time when many clients consider living overseas. Often this is driven by a wish to live in a more forgiving climate. Alternatively, there is a perception that personal or business tax can be rescued by emigrating.
Whatever the motivation to live or relocate a business abroad, our international tax team are able to guide you through the complex tax consequences of ceasing to be resident in the UK and, if tax saving is the driving factor, how to most effectively achieve this. For example, moving abroad to reduce exposure to UK inheritance tax is difficult to achieve given that exposure to inheritance tax turns on an individual's domicile.
Emigrating to become tax non-resident does not just involve an appreciation of the UK taxation issues. Our international accountants work with other advisers to analyse the tax issues in your chosen location, deal with important matters such as entitlement to reside in a particular country, acquisition of property etc.
Our specialist international accountancy services include:
- Advising on reducing the exposure to UK income tax, capital gains tax and inheritance tax from moving abroad
- Planning the 'exit' from the UK
- Dealing with UK tax reporting issues up to the date of emigration and whilst non-resident, if required
- Liaising with our associated firms overseas regarding taxation and tax residence issues in your chosen destination
- Liaising with legal advisers in connection with entitlement to reside in countries, inheritance rules and similar
- Obtaining local advice in connection with the acquisition of residential property
- Structuring businesses effectively from a tax and commercial point of view
Click here to read about the changes to the taxation of non domiciliaries from 6 April 2017.