Advice on the best time to leave the UK

The UK personal tax year runs from 6th April to 5th April the year following.
The Australian personal tax year runs from 1st July to 30 June the year following; and
The NZ tax year runs from 1st April to 31st March the year following

In moving countries, which is the best time to make the move?

If you get this right, you can minimise or avoid paying tax on your assets on the move.

Get it wrong and you can end up being classed as double tax resident and pay a significant amount of extra tax.

Consider:

To optimise your tax position do you leave pre 5th April, post 5th April, arrive pre or post 30 June - Australia, or pre/post 1st April – NZ? By getting this right/wrong, it will create a significant difference to your tax bill, and needs to be considered in light of your own personal circumstances.

A few months difference could save you many thousands in tax you would otherwise have to pay.

There is no one correct answer, however there is a correct answer based on your own personal circumstances. Prism Xpat considers the above in providing this advice to our clients to ensure that you are not caught out by the move.

Expat finance

For Investment Planning we make recommendations based upon the Whole of Market. The levels and bases of taxation are subject to change. Information provided on this site in relation to tax, pension & Investment issues in both Australia and New Zealand is based upon our current understanding. Related legislation and tax rates are subject to change at any time by the respective governments and authorities of both countries. The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK. This site does not confer any form of personalised financial advice, should you wish to receive specific financial advice please contact us. PRISM XPAT is a trading style of Xpat Limited which is authorised and regulated by the Financial Services Authority. Xpat Ltd is entered on the FSA register under reference 459255.