Tax implications of leaving the UK

Lets get back to basics! When you're leaving the UK and moving overseas what exactly are the tax implications. We cover a lot of these in detail in articles in the site, but it's useful to 'pull these together' to give the prospective emigrant a broad overview of what the impact will be. Well, you won't be surprised to know that there are plenty. Some of the ones that come to mind include:

• Not eligible for the tax beneficial ISA contributions
• Can't usually get UK tax relief on pension contributions
• There's no migration charge for CGT
• You're entitled to the full personal allowances & tax bands-potentially creating a tax repayment
• Deferred gains can be brought back into charge
• Potentially a migration charge for any overseas companies you control.
• Tax exemption on salary income

Going forward you also get the tax exemption for overseas income, the CGT exemption and are exempt from UK tax on many UK sources of income. We've put together some handy checklists for: people looking to move overseas and Emigration to avoid CGT. We'll also prepare a separate article covering the above in more detail.