We understand that as an expat or international worker returning to the UK, that the process of repatriating can be a stressful one. But it doesn't have to be. The right kind of advice can make all the difference and allow you to spend this time feeling excited to come home, rather than overwhelmed by all the processes and paperwork.
When it comes to Repatriation, there are a number of key considerations that require action locally, this can be things such as to tie up loose ends with bank accounts, to selling property and even making sure your health and life insurance plans are still valid.
Yes- A QROPS still works as if you retire in the UK you are able to take 25% tax free and the remainder will be taxed at your marginal rate of income. Unlike your QROPS provider who will tax the benefits at source, it will be up to you to record it on your self-assessment tax return. QROPS providers will usually charge an additional fee dependent on frequency of benefits, so it’s very important you review these.
Yes, in some cases certain policies need to be changed so they don’t incur additional taxation. With Personal Portfolio Bonds, these policies need to be endorsed and in order to endorse them you will need to sell down toxic assets which include structured notes.
It is crucial to have a cross border expert review your policies prior to encashment. A full or partial surrender would be classed as a chargeable event, and as such income tax will be due on the amount which is withdrawn. However, if you were to use a segment surrender, the tax is due on the gains. You can also benefit from time apportioned relief and top slicing. Talk to an adviser at Skybound Wealth to find out which method is most tax efficient for you.
You may be tempted to keep your offshore adviser. However, offshore advisers are not regulated by the FCA and because of this they are not allowed to look after clients who are in the UK as the advice would be classed as unregulated.
At Skybound, our advisers are UK qualified and have a strong working knowledge of the offshore world meaning they are perfectly placed to help guide you through the repatriation process, and beyond.
You can, however it may be worth considering alternative, UK based solutions which may be more tax effective like a pension or an ISA. It’s also worth considering any exchange rate risks if the policy is not denominated in sterling.
Essentially in a very similar way to how it works overseas! As long as it continues to meet HMRC requirements as a recognised overseas pension, you will still receive the same benefits off the policy as you do offshore. The pension will continue to grow tax free, however any income taken outside your pension commencement lump sum, will be subject to UK tax at your marginal rate.
You can reach us directly by calling us between the hours of 8:30am and 5pm at each of our respective offices and we will immediately assist you.
The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investing in shares should be regarded as a long-term investment and should fit in with your overall attitude to risk and financial circumstances.
The guidance and/or advice contained within this website are subject to the UK regulatory regime, and are therefore targeted at consumers based in the UK. Skybound Wealth Management Ltd is authorised and regulated by the Financial Conduct Authority. Registered Office - MBP3, Meadowhall Business Park, Carbrook Hall Road, Sheffield, S9 2EQ. Registered Number 04479650, England. Financial Conduct Authority Number 217994.
The information contained within this site is subject to the UK regulatory regime and is therefore targeted primarily at consumers based in the UK. The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk. Neither Skybound Wealth Management Ltd nor its representatives can be held responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.
