Charles Parkinson, a tax partner at PKF, said most people underestimate the amount of money they will need to live comfortably abroad and suggests the following checklist for those wanting to wave goodbye to traffic jams and NHS queues.
The checklist includes:
1. How does the cost of living compare to the UK? – ‘We are used to a low inflation rate in the UK but in some countries the rate of inflation is still very high.’
2. What about your pension? – ‘Bear in mind that under the current rules your state retirement pension will not be increased once you leave the UK.’
3. What will happen to your savings? – ‘You can leave your savings in the UK. You may not have to close your PEPs and ISAs, and they may continue to attract tax privileges in the UK, but they will not benefit from tax exemption in the country to which you are moving.’
4. Will you pay tax on your savings? – ‘You will need to check the local rules very carefully to assess the impact on your spendable income and where it is best for your investments to be held.’
5. What about personal tax? – ‘PKF publishes a worldwide tax guide each year that gives an overview of the tax regime in most countries. Visit www.pkfwash/com/wwtg/’
6. What if you want to come back to the UK?
7. To buy or rent?
8. What about inheritance tax?
9. What about insurance?
10. Don’t forget to make a will.
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