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As a British expat living in the Middle East, you may still need to complete a UK tax return.
Some situations where you’ll need to complete a tax return include renting out your UK home or making Capital Gains by selling your property or assets in the UK.
It’s usually sensible to speak to a qualified tax specialist who can analyse your individual tax situation.
As an expat you are still able to make voluntary NI contributions towards your UK state pension.
Making voluntary contributions may be beneficial to support your long-term financial retirement plan.
Speak to a qualified financial specialist to discuss all your options regarding retirement and tax planning.
There are certain situations where your global assets may be liable for UK Inheritance Tax (IHT) which could be up to 40%.
This is dependent on your residency and domicile status when you die. Structuring your assets and getting sound tax advice can help to ensure your loved ones receive their intended inheritance.
Speaking with a tax expert regarding IHT liability is critical.
As an expat in the Middle East, capital gains tax is charged when you sell or gift any assets in the UK.
There is an annual Capital Gains Tax allowance; however, it is worth remembering that you don’t have to pay Capital Gains Tax on your main home. But if you have more than one residential property you may find yourself exposed.
Careful planning can help you take advantage of various tax reliefs available. So it’s always worth talking to an expert.
When you relocate to the UK, either temporarily or returning permanently after time overseas, becoming a UK resident must be planned carefully. Due to a complex tax system in the UK, good tax planning, with the help of a specialist, can help protect your wealth.
Holborn Assets are an award-winning wealth management and financial services business established in 1998. With offices globally, Holborn are well-positioned to help you with your citizenship and residency application.
At Holborn we have:
Tax is a complicated topic, especially when planning your taxes while living overseas. We’ve put together a handy guide to help you understand some of the complexities, which you can download below.
Of course, the best way to get tax planning advice for your individual circumstances is to speak to a tax planning expert. You can get started by clicking the button below.
Your initial review is free, there is no obligation, and best of all, you can do it from the comfort of your own home via an online meeting.
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