Pre-arrival planning

Is there any pre-arrival planning I should do or can I settle in first?

It's important, if possible, to plan in advance, ideally during the tax year before becoming UK resident (the UK tax year runs from 6 April to 5 April).

This should ensure that full account is taken of the regime of the jurisdiction from which the executive is departing, as well as that of the UK, and perhaps taking advantage of a tax window between departure from one and arrival in the other. Further, it is only by planning in advance of becoming UK resident that so-called "clean capital" can be identified and used to structure tax-efficient structures enabling both tax-free remittances to the UK once resident as well as generation of tax-free income and gains outside the UK. Other pre-arrival planning steps include the possibility of rebasing assets and accelerating the receipt of income (if, for example, the executive can control a dividend declaration), bonuses and end of service payments before becoming resident. All is not lost if planning does not tax place until the executive is resident in the UK: there is still a lot which can be done. However, planning ahead can reap significant rewards.

For more information or advice, please contact Kelly Noel-Smith, Partner in our Private Client team.


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