If you want to reduce the amount of tax that you pay or if you want to understand any capital gains then you can find out everything you need to know, right here.
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Establishing a Non-UK Residence
This may sound very straightforward but if you are able to qualify as a non-UK resident and if you don’t claim it, then you will be throwing away some huge UK tax advantages. If you have left the UK but want to avoid full-time overseas then you shouldn’t have a problem establishing a non-residence claim. If you are a non-resident then you need to try and keep it this way for as long as possible. This will involve making sure that you don’t exceed 90 days in the UK from your departure.
If you are looking to leave the UK permanently then you may want to consider trying to establish non-UK domicile status. This won’t affect your income or your CGT position but it will mean that you are exempt from the UK tax on any overseas assets that you have. If you want to establish this, then you need to show permanent intention to live abroad. Where possible, you should do this with the revenue you have, so you can safeguard yourself should you return to the UK at a later date. If you need some help with that then https://tailormadepensions.eu have some great resources.
If your spouse is a UK resident then you need to try and think about transferring any assets to your name. This is only the case if you are classed as being a non-UK resident. Your spouse will then benefit from tax-free interspousal transfers and you won’t have to pay any capital gains on the transfer to you either. A pension transfer is relatively easy to do so keep that in mind.
The CGT exemption applies for any non-resident who has assets that are not used to run a UK business. This applies to those who have met the 5-year non-resident requirement. This is a valuable exemption to say the least and where possible you need to try and take full advantage of it before you happen to return to the UK. If you can’t sell assets before you come back to the UK, then you may want to transfer your assets to either a family member or a controlled company. This would help you to crystallise your gain and it would also uplift the base cost for you as well.
Using Offshore Companies
If you know that you want to try and set up an offshore company or trust, then you need to do it while you are a non-resident. If you are a non-resident then there are various avoidance rules that can apply to your income. If you want to get some help with this, then it’s worth trying to hire a financial advisor as they can help you with anything you need. They can also help you to get your funds transferred as well so it’s important that you keep this in mind as much as possible.