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EPISODE DESCRIPTION
In the latest episode of US-UK Tax Talk, Aidan Grant is joined by Joshua Moss from W1M to explore the recently introduced Foreign Income and Gain (FIG) regime and the challenges faced by American expats adjusting to the UK’s evolving tax landscape.
Hear how FIG offers strategic opportunities for newcomers and returning residents to the UK, providing a four-year tax-free window, and the advantages of pre-arrival planning to ensure tax compliance and effective asset structuring under the FIG regime.
From the reduced tax rate offered by the temporary repatriation facility (TRF) to the changing treatment of pensions under UK inheritance tax laws, we explore the critical role of wealth managers in advising clients amidst these sweeping changes. Discover the complexities of managing US investments, the implications of revised inheritance tax regulations, and how these changes affect estate planning strategies for international families residing in the UK.
This episode provides valuable insights into transitioning from the remittance basis to a more advantageous temporary repatriation regime, empowering expats to bring money into the UK at a reduced tax rate.
Join us on the first Wednesday of every month for a new episode of the US-UK Tax Talk podcast, brought to you by Collyer Bristow.
Key Takeaways
New Tax Regimes in the UK: Significant changes to UK tax rules, effective from April 6, 2025, include two notable regimes: the “Foreign Income and Gain Regime” (FIG), offering a four-year tax-free period for individuals new to the UK or those who have lived outside the UK for at least ten tax years; and the “Temporary Repatriation Facility” (TRF), allowing individuals previously on the remittance basis to bring their foreign income into the UK at a reduced tax rate of 12%-15%, rather than the higher default rates.
Impact on Cross-Border Wealth Management: These changes create new considerations for internationally mobile individuals and wealth managers. The flexibility and adaptability of financial planning now hinge on navigating these updated regulations and optimizing strategies for clients moving between jurisdictions.
Inheritance Tax Implications: The revised rules clarify the exposure to UK inheritance tax. Individuals residing in the UK for 10 out of the last 20 years are subject to inheritance tax on worldwide assets. However, during the first ten years, inheritance tax liability is generally limited to UK-based assets.
Strategic Financial Planning Adjustments: The FIG regime and TRF are game-changers for tax and financial planning. Clients relocating to the UK must reassess their asset management strategies within these frameworks. The TRF provides a window of opportunity for efficient repatriation of funds, which may require tactical planning to maximize benefits.
Complexities for US Taxpayers in the UK: Americans paying taxes in the US may face additional challenges with the FIG regime due to its accelerated reporting requirements compared to the previous remittance basis. This adjustment necessitates careful coordination between US and UK financial and tax considerations.
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Disclaimer: This content is provided for general information only and does not constitute legal or other professional advice. Appropriate legal or other professional opinion should be taken before taking or omitting to take any action in respect of any specific problem. Collyer Bristow LLP accepts no liability for any loss or damage which may arise from reliance on information contained in this material.
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Aidan Grant is joined by Joshua Moss from W1M to explore the recently introduced Foreign Income and Gain (FIG) regime and the challenges faced by American expats adjusting to the UK's evolving tax landscape.
Published 6 August 2025
INTERNATIONAL TRUSTS, TAX AND ESTATE PLANNING & PRIVATE WEALTH & UK/USA TAX & ESTATE PLANNING & UK/USA TAX & ESTATE PLANNING
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Partner
In the latest episode of US-UK Tax Talk, Aidan Grant is joined by Joshua Moss from W1M to explore the recently introduced Foreign Income and Gain (FIG) regime and the challenges faced by American expats adjusting to the UK’s evolving tax landscape.
Hear how FIG offers strategic opportunities for newcomers and returning residents to the UK, providing a four-year tax-free window, and the advantages of pre-arrival planning to ensure tax compliance and effective asset structuring under the FIG regime.
From the reduced tax rate offered by the temporary repatriation facility (TRF) to the changing treatment of pensions under UK inheritance tax laws, we explore the critical role of wealth managers in advising clients amidst these sweeping changes. Discover the complexities of managing US investments, the implications of revised inheritance tax regulations, and how these changes affect estate planning strategies for international families residing in the UK.
This episode provides valuable insights into transitioning from the remittance basis to a more advantageous temporary repatriation regime, empowering expats to bring money into the UK at a reduced tax rate.
Join us on the first Wednesday of every month for a new episode of the US-UK Tax Talk podcast, brought to you by Collyer Bristow.
Key Takeaways
New Tax Regimes in the UK: Significant changes to UK tax rules, effective from April 6, 2025, include two notable regimes: the “Foreign Income and Gain Regime” (FIG), offering a four-year tax-free period for individuals new to the UK or those who have lived outside the UK for at least ten tax years; and the “Temporary Repatriation Facility” (TRF), allowing individuals previously on the remittance basis to bring their foreign income into the UK at a reduced tax rate of 12%-15%, rather than the higher default rates.
Impact on Cross-Border Wealth Management: These changes create new considerations for internationally mobile individuals and wealth managers. The flexibility and adaptability of financial planning now hinge on navigating these updated regulations and optimizing strategies for clients moving between jurisdictions.
Inheritance Tax Implications: The revised rules clarify the exposure to UK inheritance tax. Individuals residing in the UK for 10 out of the last 20 years are subject to inheritance tax on worldwide assets. However, during the first ten years, inheritance tax liability is generally limited to UK-based assets.
Strategic Financial Planning Adjustments: The FIG regime and TRF are game-changers for tax and financial planning. Clients relocating to the UK must reassess their asset management strategies within these frameworks. The TRF provides a window of opportunity for efficient repatriation of funds, which may require tactical planning to maximize benefits.
Complexities for US Taxpayers in the UK: Americans paying taxes in the US may face additional challenges with the FIG regime due to its accelerated reporting requirements compared to the previous remittance basis. This adjustment necessitates careful coordination between US and UK financial and tax considerations.
Chapters
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