UK EXPAT TAX
If you coming to Australia to live overseas as a British expat, you can’t simply forget about UK tax.
We can help you by:
Inheritance Tax in the UK is the tax that many don’t think about, either because it means thinking about your own death, or it is considered to be of lesser importance than income tax and capital gains tax.
However, the tax at stake can be significant, with tax payable at 40% on the value of the chargeable estate of a deceased person over and above the nil rate band and (where available) the main residence nil rate band.
The scope of a charge to IHT is a function of an individual’s domicile rather than residency, although the resumption of tax residency in the UK can revive a former UK domicile of origin where an individual has acquired a domicile of choice outside the UK.
In addition, even if you acquire a domicile of choice outside the UK your UK based estate remains within the charge to UK IHT.
Planning can therefore be key, particularly if you move to a new country such as Australia and want to take steps to ensure that your estate in Australia will not be at risk to a charge to UK IHT.
If you are an expat with UK income, capital gains or have IHT issues and would like a no obligation fee proposal from a firm of tax advisors that understand the UK and Australian issues affecting you please contact us.