Leaving the UK and Moving to Hong Kong
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. However, this kind of decision is rarely taken lightly.
Finances generally dictate many moves overseas. Forward planning is prudent – ideally as much as 18 months before moving, to ensure you move tax efficiently. One of the main decisions to make, for instance, is what to do with a UK property.
Selling your UK property may free-up capital, but renting could provide an income. Importantly, keeping your UK property 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 income tax refunds you may be entitled to. Our expert tax team can assess your position for the full tax year of your departure to ensure you claim all the UK allowances you are entitled to.
Moving overseas also provides 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 should also be reviewed, 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 Hong Kong from the UK we can help. Please get in touch.