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The Closing: Dayssi Kanavos

Tax hikes push wealthy individuals to exit the UK - what are the risks of relocating?

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  • 🞛 This publication is a summary or evaluation of another publication
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Increasing numbers of wealthy individuals are exiting the UK in the aftermath of the Autumn Budget. Chancellor Rachel Reeves unveiled £40 billion of tax rises in her first Autumn Budget in October.
The article from MoneyWeek discusses the tax implications for individuals considering relocating from the UK. It highlights that while moving abroad can offer tax advantages, it also comes with significant tax risks and complexities. Key points include the potential for becoming a non-domiciled resident, which can affect how one's worldwide income and gains are taxed. The article warns about the UK's Statutory Residence Test, which determines tax residency, and notes that even after leaving, individuals might still be liable for UK taxes under certain conditions like having a UK home available for use or spending a significant amount of time in the UK. It also touches on the complexities of double taxation agreements, the need for careful planning regarding capital gains tax, inheritance tax, and the potential for HMRC to challenge residency status. The piece emphasizes the importance of understanding these rules to avoid unexpected tax liabilities and suggests consulting with tax professionals to navigate the intricate tax landscape when relocating.

Read the Full MoneyWeek Article at:
[ https://moneyweek.com/personal-finance/tax/tax-risks-of-relocating-from-uk ]