If you or your clients are thinking about moving to the UK, setting up a business, or investing here, you will need to get to grips with the UK tax system.
It can be complex, but don’t worry – that is where we come in.
At MGI Midgley Snelling LLP, we have spent decades helping international clients make sense of UK tax rules and put the right plans in place.
A trusted partner for MGI members
As part of the MGI Worldwide network, we have worked closely with fellow MGI firms across the globe for years.
You know us, our history, and the level of expertise we bring to UK tax matters.
Whether your clients are relocating, investing, or setting up shop in the UK, we will make sure they understand what is required and how to do things in the most tax-efficient way.
What HNWIs need to know about UK tax
The UK tax system has undergone changes as of 6 April 2025, and high-net-worth individuals (HNWIs) should be aware of key updates across several areas:
- Residency and domicile status – The Government has abolished the non-domicile regime. From 6 April 2025, a new residence-based regime applies, meaning your UK tax obligations now depend primarily on your residence status, not domicile. Transitional rules may offer limited relief for existing non-doms.
- Foreign income and gains – The remittance basis has been removed. Individuals who become UK tax resident after a period of 10 years of non-residence may benefit from a four-year ‘foreign income and gains’ (FIG) regime, during which certain overseas income and gains may be exempt from UK taxation.
- Inheritance Tax (IHT) exposure – Under the new rules, IHT is also based on residence rather than domicile. Individuals who are UK resident for ten years or more may now be within the scope of IHT on their worldwide assets. Planning ahead remains vital to preserve wealth across generations.
- Property taxation – Whether you are buying, selling, or holding UK property, there are multiple taxes to consider, including Stamp Duty Land Tax (SDLT) and Capital Gains Tax (CGT). As of April 2025, SDLT thresholds have reverted to pre-September 2022 levels, with a £125,000 nil-rate band and a 5 per cent surcharge for additional properties. As of 30 October 2024, CGT rates increased to 18 per cent for basic rate and 24 per cent for higher rate taxpayers. Overseas owners must report disposals of UK property within 60 days and are subject to the same CGT rates as UK residents.
Why MGI Midgley Snelling LLP?
We have been doing this for a long time, and our team knows the UK tax landscape inside out.
We provide practical, real-world solutions that make life easier for our clients.
As an MGI member, you are our first point of contact, and we are always happy to have a no-obligation chat to see how we can help.
Meet us in person
We are always keen to connect in person, and Partner Sarah Squires will be attending the 2025 Asia Region Meeting on 29–30 August in Siem Reap, Cambodia.
If possible, she will also be stopping off in Singapore for a night to meet with our two member firms there. If you or your clients would like to arrange a meeting, please reach out, we would love to see you.
Got a client with UK tax questions? Thinking about business opportunities in the UK?
Get in touch via your MGI firm, and we will be happy to arrange an initial discussion.
