Are you thinking of moving to the UK?
17th August 2018
Thinking of moving to the UK? We can help you understand the tax implications.
UK tax residents are subject to UK tax on their worldwide income and gains on an arising basis. UK tax residence is determine by the Statutory Residence Test. The guidance note for the Statutory Residence Test is 105 pages long! We can help you navigate the complexities of the Statutory Residence Test to determine your UK tax residence status.
A typical issue that we see for internationally mobile individuals is where different tax jurisdictions seek to tax the same income or gains resulting in double taxation. In this situation we can refer to the tax treaty between the relevant jurisdictions if such a treaty exists. We can then determine which jurisdiction has the taxing rights or if tax credit relief is available.
Even if you are UK tax resident, if you consider your long-term permanent home to be outside the UK you may be able to benefit from a unique tax regime while you are UK resident called the remittance basis of taxation. Individuals who are UK resident but non-UK domiciled can claim the remittance basis such that they are only subject to UK tax on their Foreign income and gains if they bring that income or gains to the UK. This is a very complex area in terms of tax legislation and you should seek professional advice in this regard.
If you would like to discuss the tax implications of moving to the UK with one of our tax advisers, please call 01243 782423 or email email@example.com.