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Top 5 tips for saving tax when moving to the UK

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Our tax advisory team has recently seen an increase in enquiries from overseas nationals looking to move to the UK.

With the right planning in place, there are significant UK tax savings available for those arriving in the UK.

We advise many clients on the various tax reliefs and exemptions that are available under the UK’s generous “non-dom” tax regime and have put together our “Top 5” tips for saving tax as a guide:

1. Pre-arrival planning

The biggest tax savings tend to be made by those client who take advice prior to their arrival in the UK. With the right plan in place, arrivers to the UK can establish a tax efficient structure that is effective from day one.

2. Structuring your investments

We work with our clients’ financial advisors to ensure that they maximise the return on their investments by keeping taking advantage of UK tax exemptions and reliefs.

3. Long term estate planning

Many clients are able to achieve long-term tax savings and asset protection for future generations by setting up trust or corporate structures that take advantage of the non-dom tax regime.

4. Overseas workday relief

Those who come to the UK, but continue to work overseas can benefit from UK tax relief on their overseas work duties. This relief can easily be lost, however, without the correct planning and account structures in place.

5. Offshore bank accounts

Sometimes the simplest, but most effective, UK tax planning involves setting up the correct bank accounts both in the UK and offshore.

If you have clients who have recently arrived in the UK, or are planning on making the move in the near future, please call one of our specialist offshore tax advisors for a free introductory consultation.

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Russell Dickie - ATT, CTA

Senior Manager

Russell Dickie is a Senior Manager in Menzies Heathrow office specialising in private client and personal tax planning services for individuals.