Work out your residence status
Whether you’re UK resident usually depends on how many days you spend in the UK in the tax year. The UK tax year runs from 6 April to 5 April the following year.
You’re automatically resident if either:
- you spent 183 or more days in the UK in the tax year
- your only home was in the UK – you must have owned, rented or lived in it for at least 91 days in total – and you spent at least 30 days there in the tax year
You’re automatically non-resident if either:
- you spent fewer than 16 days in the UK (or 46 days if you haven’t been classed as UK resident for the 3 previous tax years)
- you work abroad full-time (averaging at least 35 hours a week) and spent fewer than 91 days in the UK, of which no more than 30 were spent working
International Tax Service
Understanding and minimising your tax liabilities is vital to maintaining your wealth. Not fully understanding the tax position on your income and assets in another country often leads to the payment of unnecessary taxes and in some cases you may be taxed twice. With our tax advice you can make sure that you understand the local tax implications and are able to minimise your tax liabilities both in the UK and overseas.
Forth Capital’s tax advice provides high quality cross-border international tax advice for British Expats moving overseas, living overseas or purchasing property overseas.
We can assist you if you are currently:
Living in the UK and planning to move overseas
Living outside the UK and planning to return to the UK
Living outside the UK and planning to move to France, Spain or Portugal
Living in the UK and looking to purchase property overseas
Living outside the UK whilst retaining UK interests
Areas we specialize in:
The optimum time to leave or return to the UK, application of the UK’s Statutory Residence Test, overseas residence rules.
Income tax planning
Tax treatment of UK source income when living overseas, including tax efficient remuneration, the tax treatment of share options, and tax efficient extraction of profits.
Taxation of rental income
The UK’s Non-Resident Landlord Scheme, taxation of overseas rental income, allowable expenses, and the different overseas regimes where applicable.
Capital gains tax planning
The optimum time to sell UK and overseas assets to mitigate UK tax liabilities, including advice on the reliefs and deductions available. This includes the tax efficient sale of property investments, businesses and business assets, the main home and second homes. Both UK and overseas tax mitigation is considered where relevant.
All aspects of taxation in relation to the main home, second homes and/or investment properties.
Tax efficient investments
The options available and how restructuring may help to reduce both UK and overseas taxes.
The impact of double tax treaties and social security agreements
Where liabilities will arise, the availability and mechanics of double tax reliefs.
Inheritance tax planning
Advice covers both the UK and overseas positions, where liabilities will arise, ways to legitimately reduce liabilities, including optimum timing of gifts.
The tax impact of your domicile status, and steps to take to acquire an overseas domicile.
If you are planning a move to France, Spain, Portugal or Cyprus, or you are already resident in one of those countries, we can provide both UK tax advice and overseas tax advice for the country in question. The overseas advice will also incorporate specific tax issues that are relevant to that particular country, such as advice on wealth tax for France and Spain, succession tax and succession laws in both France and Spain; the non-habitual residence regime in Portugal; the taxation of trusts in all the above countries; and practical issues in relation to moving overseas such as advice on Wills, the overseas health systems, pets, driving licences etc.
If are considering moving back to the UK, we can provide advice on all of the above areas to ensure that your move back to the UK is as tax efficient as possible.
Why Forth Capital’s Tax Advice for British Expats?
Many advisers operate in one jurisdiction only, and so tax advice can be ‘one-dimensional’ in that it is restricted to one jurisdiction. The danger of this is that the planning may not work in the other country, or could even result in higher taxes in that country. With our in-depth knowledge of the tax systems in the UK, France, Spain, Portugal and Cyprus, we can ensure that our advice dovetails so that the planning recommendations are effective in both countries.
If you are considering moving to a jurisdiction other than one mentioned above, the tax advice provided by Forth Capital will focus on mitigation of UK taxes, and consideration of any double tax treaty with your intended country of residence. We have a network of overseas advisers who can provide advice on the overseas position, and we will work together with the overseas adviser to ensure that their recommendations are also effective from a UK point of view and do not create any adverse tax liabilities in the UK.
Our Advisory Reports
Everyone’s circumstances are different and there is no ‘one size fits all’ solution. Our advisory service offers bespoke tax planning, and our advisory reports are tailored to your specific circumstances, setting out the tax issues facing you, your options and recommended solutions.
Forth Capital Tax Advisers
Forth Capital Tax Advisers Ltd is part of Forth Capital Group, a privately owned, Financial Advisory Company with offices in Geneva, Hong Kong, Dubai, London and Dublin.
Our team providing Tax Advice for British Expats are fully qualified members of the Chartered Institute of Taxation (CIOT), and have specific expertise in cross-border taxation, with over 15 years of experience advising on all aspects of expatriate taxation, and over 12 years of advising on taxation in France, Spain, Portugal and Cyprus.