Leaving the UK? How to reduce your UK tax bill
According to the Henley Private Wealth Migration report, this year we are set to see a net outflow of 3,200 high-net-worth individuals from the UK, double the figure from 2022.
In an article for WealthBriefing, legal director Lara Mardell sets out some factors for clients to consider to ensure that they get their UK tax affairs in order when considering leaving the UK.
Answering the key questions asked by clients, she begins by emphasising the importance of knowing when your UK residence ceases:
‘Essential to any planning is for clients to ensure that they become non-resident for UK tax purposes, and to know exactly when this is.
UK tax residence is determined by the “Statutory Residence Test” (SRT). A person’s UK tax residence status for a particular tax year depends on how long they have been here, on certain “ties” they have to the UK, and how many days they spend here. Generally, the more ties an individual has the fewer days they can spend in the UK without becoming a UK resident.’
Read the full article on the WealthBriefing website.
To discover how our team may assist you, visit out International Tax and Estate Planning webpage.
