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How can I keep my tax exposure low when moving from the US to the UK?

I'm American but I'm planning to move to the UK in the near future. What can I do to minimize my tax exposure both in the UK and the US?

Watch: How can I keep my tax exposure low when moving from the US to the UK?

A short video explaining how you can minimize your tax exposure when moving from the US to the UK

Pre-arrival in the UK, you need to look at your assets and investments. You will need to understand which investments are going to cause an issue if you still hold them when you're in the UK, and as a result you may need to consider restructuring your investment portfolio. It may also be better for you to sell certain assets, like your main home, prior to your arrival in the UK. You will also want to think about your pensions, and whether you should be taking lump sums before you come to the UK.

Speaking with an expert tax advisor who understands both the US and UK tax systems will help you complete an overview of your assets and what your position will be once you're in the UK versus your current position. If you're going to adversely affected, an advisor can help you carry out any necessary restructuring before you arrive.

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Last updated: 23 October 2024 at 10:17