Leaving the UK and Moving to Singapore
Leaving the UK, whether for work or retirement, represents a significant step. Much can be anticipated – not least the opportunity to experience life in a new country with a different culture. This kind of decision is rarely taken lightly.
Finances generally dictate many moves overseas and planning ahead is prudent. To ensure you move tax efficiently planning should start up to 18 months before moving. For instance, one of the main decisions to make is what to do with a UK property.
Selling may free-up capital, but renting could provide an income. Renting your property also provides the option of returning to the UK in the future. If you choose to rent, you can enter the Non-Resident Landlord Scheme, to ensure any rent is not subject to UK tax.
You also need to leave the UK tax system properly, ensuring that you claim all of income tax refunds you are entitled to. Our expert tax team can assess your position for the full tax year of your departure to enable you to claim all of the UK allowances you are entitled to.
Moving overseas also offers the opportunity to evaluate your investments – notably to review whether to transfer funds offshore to take advantage of your expatriate status, or not. Your pension arrangements and/or entitlement and investment portfolio may also need to be considered, which we can help with.
The Fry Group has been helping Britons move overseas for nearly 140 years. If you have moved or are moving to Singapore from the UK we can help. Please get in touch.