Tax Efficient Repatriation
With well considered advance planning, a bespoke strategy from Elite can set you up for years of tax saving when you return home.
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Overview of the Elite service
Maybe you’ve lived and worked in a tax benign environment and now you are heading home. Maybe you will be retiring, working less or continuing to work full time. Whether your needs are for retirement income, investment returns, tax efficient property sale or purchase, rebasing profitable investments before your move, or just a simple financial health check or better understanding of how you might become, or avoid becoming resident, Elite are experts in the field.
Who is Elite intended for?
Planning in advance is always better, ideally years ahead, but Elite are here to help at any stage of your journey. You may have savings and need help repatriating the capital, perhaps a pension to be efficiently positioned for retirement income, own property at home or abroad and need to understand tax implications, Inheritance Tax may have become a concern to be addressed. If there is time to plan in advance, tax efficient saving structures can be considered. Elite experts can help you repatriate as efficiently as possible.
What Elite could do to help?
Demystify residency rules, explain income tax and capital gains tax and how it might be mitigated across all assets, perhaps a family trust is appropriate for efficient succession planning and asset protection, consider cross border taxation and conflicts of law or take advantage of favourable double taxation treaties.
Case Study
Dylan (57) and Meghan (56), married UK expatriates for over 10 years in Dubai, are returning home in the next 2 years. They have a married daughter (27) and a son (25), both working internationally. Their original UK home has been rented for years, they have another UK buy to let property and they own an apartment in Dubai they intend to keep. They each have UK personal pensions and a significant amount of liquid savings in cash, funds and shares.
Topics of discussion
- Discuss existing property in terms of:
- UK main home and taxation effects of reoccupation, sale before repatriation, sale after repatriation or continuing to rent out
- Intention to keep or sell the UK buy to let and tax difference of doing so pre and post repatriation
- Pros and cons of keeping the Dubai apartment and UK tax treatment of all options
- Considerations to maintaining or repaying any outstanding mortgages
- Explore the 2024 UK spring budget and likely implementation of the proposed Foreign Income and Gains (FIG) rules, and how this may be beneficial for 4 years post repatriation
- Vital restructuring of liquidity for UK tax advantage, the importance of realising the gains whilst in Dubai and setting a tax efficient income strategy in the UK
- Options for the UK pensions in a tax year ahead of repatriation
- Appropriately diversified, risk and currency appropriate portfolio construction
- Total global wealth and UK Inheritance Tax (IHT) planning, including the likely residency, rather than domicile, basis of taxing estates
- Effective succession planning and asset protection for children and potential grandchildren
Whilst being confident of the accuracy of information contained in this website, it must not be replied upon when making any personal decisions, particularly in regard to taxation and financial planning matters. Appropriate and bespoke financial and taxation advice, relevant to your own circumstances, should always be sought.