Fri, 18 May 2012
| Index | Last | Var.(%) |
|---|---|---|
| BEL 20 | 2078.89 | -0.11 |
| DAX | 6288.96 | -0.32 |
| IBEX 30 | 6574 | 0.55 |
| CAC 40 | 3006.52 | -0.18 |
| FTSE 100 | 5289.6 | -0.91 |
| AEX | 289.32 | -0.31 |
| DJIA | 12442.49 | -1.24 |
| Nasdaq | 2813.69 | -2.10 |
| FTSE MIB | 13165.3 | 0.58 |
| TSX Composite | 11330.68 | 0.04 |
| ASX | 4098.8 | -2.61 |
| Hang seng | 18951.85 | -1.30 |
| Straits Times | 2779.1 | -1.54 |
| ISEQ 20 | 485.8 | -0.72 |
Text size
Returning to the UK after a period overseas needs careful planning both from a personal and financial point of view. The Fry Group explains why.Plan early
Look to start planning in the UK tax year before the move (if possible). There are often significant tax savings you can make, but which rely on steps being taken before the end of the preceding tax year.
Getting back into the UK tax system
Whether you are moving back for a temporary period, or returning permanently, becoming a UK resident must be planned for in order to limit your tax exposure and protect your wealth.
If you are returning to the UK permanently, the date on which you set foot onto British shores, having diminished your links overseas, is when the taxman assumes you are back in the UK tax system. It is often possible to secure a favourable position in the year of return, as you receive a less than a normal year's income but a full year's allowances, reliefs and lower tax rate bands.
On your return, you must establish contact with HM Revenue and Customs in order to advise them of your change of residence status, claim any allowances and arrange entry into the Self Assessment system, if appropriate.
Deciding what to do with a pension
If your pension fund is based outside the UK then, from the date of your return, 90% will be chargeable to UK tax (whether it is remitted or not). If the pension arises from a UK fund, tax will be charged on the whole amount - even though the service to which it relates may have been wholly overseas.
Cash deposits
For cash held in overseas deposits, careful planning is needed to ensure that any interest paid after your UK return, but accrued whilst you were overseas, is not liable to UK tax.
Property
The rules surrounding capital gains tax and property are more complicated than people often appreciate. While you may only have one property in the UK, this does not automatically mean it is your 'main residence' for tax purposes. It is a matter of reviewing when the property was purchased, your periods of occupation and time living in any other property, including foreign property. This is an area that always warrants careful review.
Domicile
Real tax advantages can follow if you are domiciled outside of the UK, either by origin or choice. Specialist advice should be taken regarding your position here.
Once you are back on UK shores, a reputable adviser can work with you to put together a plan that will identify your income and tax position according to your situation.
The Taxation service providers are the best one to provide solutions to any tax related issues. As they help to maintain the complete data of the business and manage the issues by providing any time services(http://www.gkcadvice.co.uk/).
The Taxation service providers are the best one to provide solutions to any tax related issues. As they help to maintain the complete data of the business and manage the issues by providing any time services(http://www.gkcadvice.co.uk/).
Here’s a list of some of the groups and clubs that you can join while staying in Moscow.
Here's an introduction to our Lifestyle section for Moscow, from dating in the age of social media to shopping and gardening.
Here's a brief guide to Getting Started in Moscow, from where to go for visa and banking info to handling Russian business culture and managing a Moscow culture shock.
Twitter
LinkedIn
Facebook
Google+
1
