If you have been a tax resident of the UK for some of the tax year, but for the remainder you were considered a UK non-resident you may be able to split the tax year into two parts and therefore only be liable for UK tax in the part you were considered a tax resident […]
The Statutory Residence Test was introduced by HMRC on April 6th 2013 to determine the tax residence status of individuals with connections to the UK. The Statutory Residence Test, while complex, is vital when it comes to understanding your UK tax residence status as being defined as a tax residence of the UK could mean that your […]
Inheritance tax is the tax which is paid on an estate when the owner of that estate dies. Depending on certain criteria, the tax may also be payable on gifts or trusts made during that person’s life. Typically, inheritance tax is paid by the executor using funds from the estate of the deceased. Trustees with assets […]
If you no longer live in the UK, you may still have to file a tax return with the HMRC, even if you are a non-resident. The tax rules for UK residents and non-residents are very different, and one of your first requirements is to determine your tax residency status in the UK. It is […]
Capital Gains Tax is the tax which is due as a result of the financial gain (often referred to as profit) received once an asset is sold or disposed of. The total gain is calculated by subtracting the sale value from the original purchase value. For example, if you are selling a property, the sale […]
Expat tax affairs can be complicated. We’ve created this comprehensive guide to help you understand your tax requirements as a British expat. A common mistake of British expats when they first consider moving abroad is that when they move they are instantly exempt from UK tax. This couldn’t be further from the truth. The tax requirements […]
We are currently in the process of updating our State Pension article. For definitive information, please visit the HMRC State Pension website and HMRC Site for people retiring abroad
Lost pensions are not a new problem in the UK, although as expats near their retirement age, the realisation that they have not received any information about their pension recently suddenly rings home. It is estimated by some that there is over £3bn in unclaimed personal and workplace pensions held in the UK in over […]
There has been a lot spoken about annuities over the years, but many people are still unsure exactly what they are. For anybody with a pension, whether to purchase an annuity or not is a big decision, and something which pension companies will push – but what are they exactly? Why do annuities exist? Despite […]
The Pensions Life Time Allowance (LTA) has reduced further, from £1.8m a few years ago, to £1m since the beginning of the 2016/2017 tax year. This means that any UK pension fund that is over that figure will be subject to excess tax at 55% on pension commencement lump sums and 25% on income taken […]