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Repatriation

Moving back to UK - transfer assets before/after/off shore?

Here's where to discuss the practicalities and issues involved in moving back to the UK.

Moving back to UK - transfer assets before/after/off shore?

Postby nogilvie » Sun 16 Jan 2011 05:55 GMT

After 14 years of living in the Far East (China and now Hong Kong), I am thinking of moving back to the UK, probably London, and would like to buy a property for me to live in when I get there. I have assets and property outside of the UK which I would have to sell in order to buy a property in the UK ... is it better to sell now, transfer cash back to the UK and buy a property there while I am still an expat, or does it not make much difference if I do it all after I arrive?

Thanks for your help in advance; I really don't have a clue about these things!
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Postby Kay » Sun 16 Jan 2011 09:37 GMT

Hello and welcome to our forum.

I'm not an expert on tax by any means but I'm guessing that you want to minimise your capital gains tax liability. I don't think it would matter when you buy the UK property, but it may matter when you sell the properties outside of the UK, and where the capital gets remitted to.

Have you read up on the subject at HMRC?

Specifically:

http://www.hmrc.gov.uk/nonresidents/

http://www.hmrc.gov.uk/cgt/index.htm

Please remember that this is a discussion forum. For professional advice you'll need to use the services of an appropriate professional, although you may be able to glean a bit of info from the HMRC site. Good luck!
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Postby ruggie » Mon 24 Jan 2011 19:03 GMT

I would advise you very strongly to consult an international tax expert before you take any action, and I reckon the HK office of one of the major firms would be a good place to start. Have you any friends or colleagues who have already made the move? If so, talk to them, too. The cost of professional advice will be much lower than what you could lose by not obtaining it.
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Re: Moving back to UK - transfer assets before/after/off sho

Postby fatmanfilms » Sat 17 Sep 2011 16:29 GMT

AFAIK Hong Kong has no Capital Gains taxes, so sell any assets that are in profit before returning to the UK.

nogilvie wrote:After 14 years of living in the Far East (China and now Hong Kong), I am thinking of moving back to the UK, probably London, and would like to buy a property for me to live in when I get there. I have assets and property outside of the UK which I would have to sell in order to buy a property in the UK ... is it better to sell now, transfer cash back to the UK and buy a property there while I am still an expat, or does it not make much difference if I do it all after I arrive?

Thanks for your help in advance; I really don't have a clue about these things!
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