Are you thinking about repatriating back to the UK? Do you know the processes and steps to move back as an expat? Download our guide below to find out.
This in-depth guide includes:
- Residence/Domicile:
- Returning to the UK: Should you sell assets?
- Retiring back to Britain
- Repatriating: How are funds taxed in the UK?
- National Insurance
- Income tax
- UK property for expats returning to live in Britain
FAQs
Residency is determined by the number of days spent in the UK during a tax year, whilst domicile refers to the country where you maintain your permanent home.
If you have sufficient time, it is advisable to begin reviewing your financial matters 12 to 18 months before your return to the UK.
If you have assets that you intend to sell and profit to be gained, it is advantageous (from a capital gains tax standpoint) to execute these transactions before returning home
As an expat returning to the UK with a Qualifying Recognised Overseas Pensions Scheme (QROPS), you must notify your QROPS provider about your return. If you decide to transfer your funds or receive benefits from your QROPS, the scheme itself is obligated to report these payments to HMRC, irrespective of the duration of your previous non-UK residency
If you are a UK-domiciled individual who has effectively ceased UK residence and is not considered ordinarily resident in the UK (i.e., an expat), you can bring funds into the UK without incurring UK income tax. However, it is important to be cautious of the temporary non-residence rules if you have lived abroad for less than five years. These rules may result in gains realised during your absence being subject to taxation upon your return.
Always consult with a Tax specialist when making these decisions. Download the guide to find out more.
All the things you need to know
Our advisers created this guide. Our advisers are some of the best in the world and understand the pains of having assets split all over the world. They have put together this easy-to-follow guide to help and inform all UK expatriates who may have questions about repatriation.
This guide was last updated in July 2023.
