Ensuring that your affairs are in order and that your finances and investments are administered efficiently is of paramount importance. Surrendering investments at the wrong time, or arranging them in an inappropriate manner, can lead to significant and unexpected tax consequences in the UK. Ideally, you should seek professional UK financial advice at least 12 months prior to your return.

Here are 8 essential things you should consider when planning your return to the UK.

Taxation for UK-domiciled individuals – Depending on your domicile and residency status, you may be subject to tax such as income tax, Inheritance Tax (IHT) and Capital Gains Tax (CGT) on your UK and worldwide income and assets.

Residential property – It may be beneficial to sell your overseas properties before returning to the UK, otherwise you may be liable to pay CGT from your overseas property when you come to sell them while UK resident.

Investment and insurance – Should you retain or sell your offshore investments to mitigate taxation, and what UK tax reliefs will be applicable to your investments when you return to the UK? Will your offshore insurance plans remain suitable when you are back in the UK?

Retirement planning and pensions – Are there gaps in your National Insurance record which could impact your State Pension when you retire? If you have a UK pension scheme prior to leaving UK, how can you boost your pensions savings now that you are back in the UK?

Banking, savings and currency exchange - Banking landscape in the UK has transformed over the last few year and there is no longer a need to open multiple bank accounts to achieve the best interest rates. Furthermore, following the decline in the value of Sterling after Brexit, consider speaking to a foreign exchange provider about the best possible strategy for converting your hard-earned overseas funds.

Mortgage and borrowing – if you haven’t been paying your bills in the UK, you will be faced difficulty applying for financing because of your poor credit rating unless you speak to a specialist lender who recognised your position as a returning expatriate. It will also be a great opportunity for you to review your home loan, interest rate and mortgage provider.

Chartered accountant – speaking to a chartered accountant can provide you clarity and solutions to simple or complex queries regarding your return to the UK, such as your domicile status, CGT position on a disposal on a UK property and split year treatment.

We appreciate that your planned return home represents a significant change and we believe we can aid the transition by offering you our distinctive Repatriation Service.

Your home may be repossessed if you do not keep up repayments on your mortgage.

The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.

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We offer professional, tailored, face-to-face advice based on your current circumstances and future aspirations. Start your journey today with St. James's Place.