As a UK national living overseas, there may come a time when you decide to return to your home. This decision can be motivated by a variety of factors, such as changes in personal circumstances, career opportunities, schooling or simply a desire to be closer to family and friends. Whatever the reason, it's important to consider the financial implications of returning to the UK.

This is where we can help.  We’re outlined some of the key considerations our repatriating clients raise with us which I’m sure will resonate.  However, if you’d like a no obligation video consultation to discuss your personal requirements we’d be delighted to help.  Please just select the contact link at the bottom of this page.

Taxes

The UK tax system is complex and can be difficult to navigate, especially if you've been living abroad for a while. You'll need to familiarise yourself with the tax rules and regulations, including any tax treaties that exist between the UK and your current resident country. We can help you:

1. Analyse your existing assets and investments and help you plan ways to mitigate UK taxation prior to your arrival.  This includes looking at capital gains taxes on second properties.
2. Help you model your UK net income (after taxes) and expenses so you can understand what your likely surplus income will be.
3. Discuss whether you should backdate your national insurance contributions to increase your state pension.
4. We work with accountants who can help with your first year’s tax return which can be complex especially if you received both overseas and UK income within the same tax year.

Pension and retirement planning

If you’d previously contributed to a pension scheme in the UK, you will need to understand whether your pensions are being managed in a suitable way, and how to maximise your pension tax reliefs once you return to the UK.  We can help trace all your existing pensions prior to your arrival back in the UK and advise on the best strategy for additional contributions once you return to the UK.

Currency exchange rates

When you return to the UK, you'll likely need to transfer your money from local currency to GBP.  Exchange rates can fluctuate rapidly, so it's important to keep an eye on the currency markets and choose a reputable currency exchange provider to minimize your risk. As a Partner Practice of St. James's Place, I am able to provide access to a currency exchange service provided by TorFX, offering foreign exchange and international payment services. 

Cost of living

The cost of living in the UK can be high compared to some other countries, so it's important to factor this into your financial planning. You'll need to consider the cost of housing, food, utilities, transportation, schooling, and other expenses to ensure that you can afford to live comfortably in the UK.  Again, we work with hundreds of UK families and understand your likely expenses depending on where you are moving in the UK and your lifestyle.  We can use clever modelling software to look at your expenses, incomes to show you what your financial life will look like in the UK.

Healthcare

If you're returning to the UK permanently, of course you'll be entitled to access the National Health Service (NHS). However, if you may wish to look at private medical cover for you and your family.  We have access to one of the UKs largest private medical insurers and can help find a policy suitable to you.

Life Insurance

If you’ve set up life cover overseas it’s likely to provide you with cover once, you return to the UK but is the level and length of the cover suitable to your life in the UK?  You will likely have very different expenses and liabilities so we would recommend a full insurance review prior to your return.

Bank accounts and credit history

Returning expats will also need to consider their bank accounts and credit history.  If you’ve been living abroad for an extended period, you might not have much of a credit profile which may hinder access to the financial services you require.  It’s important to address your credit profile as quickly as possible.

In summary, returning to the UK as an expat requires careful financial planning. You'll need to consider taxes, pension and retirement planning, currency exchange rates, cost of living, healthcare, insurances, and credit records to ensure that you're making the best decisions for your individual circumstances.

We’re here to help when you need us, and we would recommend you ideally contact us 6 months before you return to the UK (although we do understand that a return to the UK is often spontaneous!)

The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief is generally dependent on individual circumstances.