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Tax planning

Leaving UK

Tax planning prior to departure from the UK - avoid the pitfalls

There are usually plenty of tax issues which arise if you are leaving the UK to live in another country. Some of these are dependent on the particular country you are visiting - and we have a particular expertise in US and Australian tax.  However, many issues are generic although we might often recommend a second adviser in the country to which you are moving.

Clients with UK businesses or other assets with capital gains need to be particularly careful. One new client came to our Sydney team after already leaving the UK for Australia having been told that the liquidation of his business after leaving the UK would be tax free. It is true - but his accountant did not understand that the proceeds are fully taxable in Australia. 

You need to understand the complex rules in the Statutory Residence test to know when you will cease to be resident in the UK - and when you might become resident in the other state - not necessarily the same day.

Our specialist team can guide you through the issues. Contact us well before your departure to avoid problems.