Financial pitfalls can entrap migrants

There can be significant tax and financial issues for those leaving UK, but the weak pound is already making things tougher for those going to Australia, so they really can’t afford to pay unnecessary tax. However, only a handful of financial advisers, such as market leader Montfort international plc know the key to tax-effective restructuring.
Many migrants and returning nationals are vulnerable and disorientated. Together with all the excitement there is also apprehension about life in that strange new country. Who doesn’t have concerns? Are you aware that the date you leave will alter your tax position and that the type of visa and its date of issue will affect your tax, as well as have a follow on effect on your purse?
Migrants need advice and it’s not just pensions, for which a Qualifying Recognised Overseas Pension Scheme (QROPS) is a great way to
• access the benefits tax-free as a lump sum
• receive the funds before retirement
• protect your benefits from UK inheritance tax
• avoid the requirement to purchase an annuity
How do you avoid tax on the cash from house proceeds? What do you do about your wills and UK mortgages? Raising a mortgage to release capital won’t necessarily be tax effective unless you consider a change of ownership, and the list goes on. Who would think a repayment on a mortgage can create tax consequences?
In the Inland Revenue’s adverts, Professor Simon Scharma claims “Tax doesn’t have to be taxing.” To ensure this is so for you requires sound, pre-departure preparation - not post arrival damage limitation. Contact the experts at Montfort now to arrange a free initial consultation by calling free on 0800 018 3571 or visiting www.mipolc.co.uk