53. How The UK’s Statutory Residence Test Works, And How You Can Stay Compliant | Ask An Expert with Aidan Grant

The UK has moved to a residency-based tax system, and the rules aren’t just complex, they’re strict. Whether you’re planning to return home full-time or just thinking about splitting your time between the US and the UK, this episode is essential listening. Richard Taylor is joined by listener favourite and raconteur Aidan Grant – a partner in the tax and trust estate team at Collyer Bristow. Aidan and Richard explore: ·      How the UK’s Statutory Residency Test (SRT) works (and how easy it is to trip over it) ·      The four key ties HMRC uses to determine how many days you can spend in the UK ·      Why pre-arrival tax planning is still critical, even under the new system ·      What happens if you inadvertently trigger UK tax residency ·      When and how to claim split year treatment or treaty relief ·      The four-year ‘foreign income and gains’ regime, and how to use it strategically ·      Why staying under the threshold in early years can protect you from UK inheritance tax down the line If you're a Brit in America considering a return home, or even just thinking of spending part of the year working in the UK,  this episode could save you a lot of money, time, and stress. To get more insights like this direct to your inbox, sign up at www.planfirstwealth.com We're the Brits in America is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.