Not sure if a QROPS is right for you? This comprehensive guide explains how overseas pension transfers work, when to review your options, and how expats can choose between a QROPS and a UK SIPP for better control and tax efficiency.
Yes, you can live abroad and save into a UK pension scheme. However, there are limits to the tax relief you can claim on your contributions. If you move overseas, for the next 5 tax years you can still make pension contributions of up to £3,600 a year and get tax relief. This assumes you have no earnings taxed in the UK. If you continue to have earnings taxed in the UK, tax relievable contributions can be based on these…
When it comes to preparing your offshore investments for a return to the UK, the most important thing is to ensure you start planning as early as possible. Most tax specialists recommend that you should ideally give yourself at least a full UK tax year between deciding to move home and actually making the move. Aside from the obvious reason of being well prepared, the reason for starting the planning so far in advance is that things rarely run smoothly.
There has been much chatter in the press recently regarding the abolition of Inheritance Tax (IHT). However, for the time being, and for the foreseeable future I expect, it remains a thing and should be planned for accordingly. One effective way to do this is via gifting. If you make a gift during your lifetime, it becomes exempt from IHT after seven years. However, many people are unsure how to report these lifetime gifts to the taxman (HMRC).
If you are going to be living or working outside of the UK for a period of less than 5 years, you need to be sure that you don’t fall foul of HMRC’s Temporary Non-Residence Rules.
Are you looking to retire to Canada from the UK? I recently started working with a client who did so. Here are 5 things he told me that he wished he knew before doing so.
