Before moving to France, you will have a myriad of things to organise, think about and do; not just the packing! Here are some useful tips from a financial point of view to help you consider your budget so that you have no nasty surprises later.
1. Inform the UK inspector of taxes at your local HMRC tax office that you are planning to move abroad by filling in the form P85. This will allow the UK tax office to clear up any outstanding issues before you move.
2. Start planning your strategy for your savings and income before you move. Some UK products are really square pegs in round holes when it comes to French taxation, and you many have to consider closing or changing them before you become French tax resident.
3. Use a qualified authorised financial adviser who understands both the UK and French tax systems so that you can make an informed choice about your pension options as there are proposed changes in the UK from 2015 that may affect your current thinking.
4. Consider your position with regards to the distribution of your estate. Planning this in advance of your move can save considerable heartache later. This will include all of your assets (property and cash) wherever they based.
5. Use a competent tax adviser to prepare your first French tax return. This will then be right first time and you will have no nasty surprises later on. They can also liaise with your financial advisor as timings for moving/closing some investments can be crucial.
By Jennie Poate: www.bgwealth.eu for information and factsheets
The information on this page is intended only as an introduction only and is not designed to offer solutions or advice. Beacon Global Wealth Management can accept no responsibility whatsoever for losses incurred by acting on the information on this page.