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Changing your tax status
A complex area, with a major difference between non- resident status and non domiciled status, although both have attractive tax benefits.
In simple terms, if you live outside UK for 3 years and do not spend more than an average of 90 days per year in UK then becoming non- resident is relatively straightforward. But note that the definition of what constitutes a day’s visit is now less lenient than it was. You can then avoid paying UK tax on overseas income and under certain circumstances on dividends from UK companies. After 5 years outside UK you avoid paying capital gains tax on UK investments.
As well as income tax advantages, non- domiciled status means that you are not subject to UK inheritance tax, but getting non domiciled status recognized by the Revenue is a major task, and you have to persuade them that you have forsaken these shores for ever.
and if you are thinking of moving to France, be aware of inheritance law there!
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