relocating

Following the Autumn Budget 2024, the UK Government unveiled significant reforms to the rules governing pension transfers to Qualifying Recognised Overseas Pension Schemes (QROPS).

One of the major announcements in this year’s Spring Budget was news that the current tax regime for ‘non-domiciled’ UK residents is changing. For ‘non-doms’ out there, it’s worth understanding what changes are being introduced – and when – and the implications from a tax perspective.

More and more people are relocating for work or retirement. As a result, individuals moving overseas often prefer to transfer their UK pension benefits rather than leaving them in the UK. Likewise, those moving to the UK might want to bring their overseas pension benefits with them. Understanding the impact of such transfers is crucial.

In recent years, changes in tax regulations have significantly impacted individuals who are classified as non-domiciled residents (“non-doms”) in the UK. The introduction of the new Foreign Investment Gains (FIG) regime is one such development that has created a new set of challenges—and opportunities.

One important financial consideration you may overlook when you relocate is your UK State Pension. To ensure you're entitled to the full benefits upon retirement, it's essential to make sure you NI contributions are up to date.

Moving abroad requires careful financial planning and organisation. Structuring your finances properly will help you avoid unexpected pitfalls and ensure a smooth transition. Here’s a guide to the key financial considerations and strategies to manage your money effectively when relocating internationally.

In this blog post, we will explore the UK statutory residence test and shed light on the factors that determine tax residency status.