Key financial issues for expats returning to the UK

(United Kingdom CU) British expats have been leaving Asia particularly Hong Kong due to an increase in number of the draconian Covid-19 containment policies. A net 170,000 Hong Kong residents have left the former British territory so far this year, according to analysis of Hong Kong immigration statistics by database Webb-site Who’s Who. In Singapore, which has also had strict lockdown policies, the number of people employed fell by almost 150,000 in the 12 months to June 2021. Escalating prices of all kinds mean bigger bills for those returning to Britain. Average airfares for global outbound travel from Hong Kong are up by 95 per cent in the first half of 2022, compared with 2019, according to travel data company ForwardKeys. Inflation is a significant problem, but those returning to the UK after a long stint abroad can face bigger challenges when moving and settling back in. Tax rules and residency rules are notoriously complex, pensions often difficult to transfer, and managing the timing of your move and the sale of any assets can make a big difference to your tax bill. Experts say the efficient arrangement of your tax position and assets could…