If you are considering a move in pursuit of a more relaxed way of life in Europe, planning while you are still in the UK could help remove some of the stress when you move.
For example, most European countries will view the 25% pension commencement lump sum, which you get tax-free in the UK, as earned income. This means you will be liable for taxes up to your marginal rate of tax, which could be as high as 55%.
It’s not only pensions that may become liable for tax in Europe. Tax-advantaged products, such as ISAs, will also be liable for tax on the growth, regardless of whether you are drawing income or not.
The good news is that with careful planning while you are in the UK, and using tax-compliant solutions, the hurdles that you may face as an expat can be avoided.
Licensed and regulated in both the UK and Europe, our expert team are perfectly placed to help you plan for your future. Our advisers are knowledgeable on both the UK and European systems and are here to help you set up and start your life abroad and are ready to support you every step of the way.