UK residency tax planning

If you’re coming to or leaving the UK for a period of time, it can be hard to know what this means for you and your finances. The amount of time you need to be in the UK before being classed a tax resident in the UK is different depending on a number of factors spanning work and family. Whether you meet these criteria or not will have an impact on the tax you need to pay.

Some of the issues you might face as a resident either in the UK or overseas include complex tax filing in an unfamiliar jurisdiction, staying on top of rule changes and the structure of remittances. You should speak to a trusted adviser in advance of your arrival or departure.

Understanding your situation – benefiting from your status

Our experts are here to ensure you have a plan that suits your residency status:

If you’re coming to or are already in the UK:

  • Pre-arrival planning: Organising your financial affairs to help you manage you and your family’s financial needs while living in the UK.
  • Property: Looking at the implications, structuring and funding of UK property ownership.
  • Income and capital gains tax: Advising on the bear traps and tax reliefs for those staying in the UK for the short or medium term.
  • Inheritance tax: Advising on inheritance tax implications if you’ve been in the UK for several years or have settled in the UK permanently.
  • Offshore assets: Advising on existing structures and planning for offshore assets.
  • Remittances: Structuring of offshore assets and accounts to enable access to tax-efficient movement of capital to the UK.
  • Tax relief: Taking you through the potential UK tax reliefs available if you’re coming to the UK to work for a temporary period. We’ll also liaise with your employer to ensure that you qualify for these reliefs, including checking your employment contract.

If you’re leaving the UK:

  • Pre-departure planning: Advising on the tax-efficient organisation of your financial affairs to help you manage you and your family’s financial needs while living outside the UK.
  • Compliance: Helping you obtain advice on the destination country’s tax legislation and advising on how this interacts with UK tax legislation. We’ll also assist with any ongoing UK tax reporting obligations should you leave the UK to work.
  • Property: Advising on letting your UK property while you’re outside the UK, including the non-resident landlord scheme.

Expert advice

You can rely on the expertise of Smith & Williamson’s advisers. We’ve been advising on residency changes for many years and have remained on top of a myriad of changes to this complicated legislation.

We are a member of Nexia International, a worldwide network of independent accounting and consulting firms, providing global reach and local knowledge on a best in class basis.

At Smith & Williamson we have broad expertise across financial planning, tax management and investment management. And we will work closely with your existing advisers, onshore and offshore lawyers, investment managers and property agents.

Get in touch

If you want to discuss how we can help take care of your finances, and ensure you make the most of your money today, complete our contact form and a member of our team will be in touch.

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