Pre-emigration advice on all your UK assets
You may have thought about arranging removals, flights and schools for your children in your new destination, but did you know that on moving country, your tax status also changes. This means that:
- you will fall under the tax system of your new destination; and
- all your assets will now be taxed under the system abroad, instead of the UK
For example, do you know the answer to the following?:
- How will my UK endowment policy be taxed when I have left the UK?
- What insurances should I retain in the UK, as opposed to setting these up abroad?
- What do I do with my UK shares and property assets? Should I leave these in the UK, or sell them and move my funds abroad?
- What about my UK pension funds – how will these get taxed when I move to my new country?
- What about double tax treaties?
- Can I avoid capital gains tax, or obtain extra tax rebates prior to emigrating on my UK assets?
- Will UK inheritance tax apply to me after I have left? If so, how do I minimise this considering the two different tax system? Are there any death duties I need to plan for abroad?
Prism Xpat conducts meetings with emigrants and expats prior to leaving the UK, so they can minimise their tax bill, maximise the rebates on a range of UK assets, avoid paying capital gains tax on your investments or properties, and protect you against future inheritance tax. At the same time, we are able to develop Cross Border Pension strategies (worth considerably more to you than a pension transfer alone, considering your situation in both the UK and abroad), and Global Investment Strategies (so you can benefit from the tax benefits of holding your assets in the most tax effective country considering your tax residence).
A meeting with us prior to your move is likely to be the first step to you saving the majority of tax you would otherwise have to pay on your assets when moving from the UK.
