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 News from the financial sectors in Spain and the Canary Islands Returning To The UK At Some Point? Take Tax Advice Now Many people who leave the UK leave it until they have become resident overseas before seeking advice on the most tax efficient manner in which they should hold their assets and investable wealth.  Many British expatriates do return to the UK at some point, for a variety of reasons. Many foreign nationals living in the UK can enjoy a far more beneficial tax regime compared to British nationals living there. By planning prior to returning to the UK, British expatriates can benefit from tax advantages once they have returned that would not otherwise be ordinarily achievable by UK residents. By taking advice before you leave Spain, it is possible to arrange your investable assets in a manner where you can enjoy tax free growth and income as a UK resident, irrespective of how much money you invest. Other than National Savings Certificates, Premium Bonds and annual ISA allowances, there is no other mainstream UK investment available to UK residents that could come close to the tax benefits returning expatriates can enjoy provided they plan early enough before their return. Advantages can also be created for returning expatriates with deferred UK pensions, pension plans in drawdown and those currently in a QROPS, should they look to return to the UK at some point. The key to making this planning most effective is to start as early as possible, even if you aren’t sure whether you’ll return to the UK or not. If you don’t return but have improved your Spanish tax position, that’s a bonus. Even if you never return to the UK, you still need to think about the UK tax implications for your money. Most British nationals retain their UK domicile even though they’ve lived overseas for many years. If HM Revenue & Customs can find any evidence to create and support a view that you had an intention of returning to the UK - even though you didn’t - they will assess your worldwide estate for UK inheritance tax. Effective planning can be put in place to help avoid this issue. Aside from inheritance tax, your money may eventually find its way back to the UK if your heirs are UK resident. Again, this is something that you can plan for during your lifetime while you are an expatriate, to ensure that after your death your assets are held in a very tax effective manner for your family. If you’re thinking about returning to the UK, plan ahead before you go to establish how to protect your wealth from the various taxes you will face - otherwise some of the valuable tax planning opportunities may be lost. Waiting until you are back in the UK often results in you paying more tax than you need to. For advantageous tax planning relating to the UK it is essential that you consult a firm which is authorised and regulated both here in Spain and the UK, such as Blevins Franks Financial Management. Even if you never return to the UK, you still need to think about the UK tax implications for your money To keep in touch with the latest developments in the offshore world, check out the latest news on our website www.blevinsfranks.com By David Franks, Chief Executive, Blevins Franks This article appears in the print edition 608 of Island Connections
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