Moving back (part-time) to UK

Banking & Financial Tax & Social charges
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Hello

I am starting my retirement next year, and am buying a house in England (but keepng my French one for a while). So I will be splitting my year between France and England (quarantine and other factors permitting). At some point I expect that the proportion will be such that I will become tax resident in UK.

I realise that this is the opposite direction to most people on the forum, but is there anyone who has been in a similar situation? It is particularly important to get the timing right as I will be receiving an (embarassingly) large indemnité from my company in the Spring which is exonerée in France, but will be largely taxable in the UK. Will it be safer to employ a specialist company to advise me on the interpretation of residency rules and negotiate (if necessary) with the 2 tax authorities? And more specifically to advise on what to do with (comparatively modest) French investments, such as PERCO, PEE, Article 83 and Assurance Vie (i.e. whether to liquidate them in France and pay the so-called social charges [17.2%], or to keep them [if I can] and pay UK taxes, when I need to withdraw the money.

I had thought that primary home versus secondary home question might be a factor for the timing, but a recent valuation shows that my house value has gone down. No capital gains - no capital gains tax. So that’s good news!

I assume that Brexit won’t have a direct effect on taxation, but I suspect, or fear, that there may be secondary effects that impinge on residency, healthcare and things I haven’t thought about…

The funny thing is that when the company moved me to France, there was uncertainty - but it was exciting. Now 14 years later, there is even more uncertainty, but it is not exciting any more. Perhaps it is an age thing…

Regards
Dave Huddart
Oise

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IMO the answer is yes Dave. I was in the opposite situation, large sum that would have been taxable in France. A perq in my old job was tax advice from KPMG and without their council I would have moved too soon (only a matter of months) and been clobbered. Paying for advice now might save you from a nasty surprise later.

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Thanks John.
Asit happens, my company retained KPMG for my last UK declaration and my first french declaration. But I had already moved, so it would have been too late e.g. to liquidate the ISAs. And from memory, I don’t think they told me I had to declare my so-called income in France.
Thanks again
Dave

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Yes, sometimes the experts aren’t as expert as one would like. I’m asking their advice again on a gift I’d like to give to my daughter in Perth. IMO the problem is that if you want advice covering multiple jurisdictions the smaller and probably more client centric firms don’t have the reach.

Best of luck.