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An increasing number of individuals are leaving the country to escape the UK taxman. However, tax rates in many developed countries are actually higher than those in the UK.
To achieve a permanent reduction in tax, it is often necessary to move to a tax haven or low tax jurisdiction such as Jersey or the Isle of Man.
In February 2006, the Australian treasury announced changes to the taxation arrangements for temporary residents of Australia which are designed to attract tax exiles.
Under the new tax laws, holders of most types of temporary visa will not be taxed on most foreign source income (other than employment income) and capital gains. This applies regardless of whether you actually remit the income to Australia or how long you stay.
These changes make Australia an ideal retirement destination for UK expats seeking an advanced English speaking country with all year round sunshine, whilst at the same time reducing their tax burden.
A further incentive to migrate on a permanent basis is the opportunity to move your assets outside the reach of the UK inheritance tax regime.
Certain income/gains can still be subject to UK tax and it may be advisable to move assets to a third jurisdiction. Montfort International can advise on what will be taxed and where as well as helping structure your assets in order to provide tax free capital growth and tax free income to you in Australia.
With our in-house migration agent and international tax specialist, we are ideally placed to identify which visa options are open to you and the tax benefits they may present.
Click here to contact us with specific queries.