Do I still pay UK tax if I move abroad?

It depends on your residency status. If you become non-UK resident under the Statutory Residence Test, you'll generally only pay UK tax on UK income. However, you'll likely need to pay tax in your new country. Always get professional tax advice.

Can I keep my UK bank account when I move abroad?

Many UK banks close accounts when you move abroad, though some allow it. Alternatives include international banks like HSBC Expat or Barclays International, or digital banks like Wise or Revolut which work well for expats.

What happens to my UK pension if I move abroad?

You can usually leave your UK pension in the UK and draw it when you retire — you'll receive it wherever you live. State pension can be paid abroad but may be frozen in some countries. Private pensions can often be transferred to QROPS.

Can I keep my ISA if I move abroad?

You can keep existing ISAs but cannot contribute once you're no longer UK resident. The funds continue to grow tax-free in the UK, but may be taxable in your new country.

Moving Abroad Financial Checklist — UK Expat Guide | PocketWise

Moving abroad requires careful financial planning. Use this checklist to ensure you’ve covered everything before you go.

6-12 Months Before Moving

Financial Planning

Task	Details
Create moving budget	Estimate all costs
Research cost of living	New country expenses
Build emergency fund	6+ months expenses
Check exchange rates	Best time to transfer

Tax Planning

Task	Details
Understand UK tax position	Residency rules
Research new country tax	Local obligations
Consult tax adviser	International specialist
Plan departure date	Tax year considerations

Employment

Task	Details
Negotiate package	Relocation allowance
Understand tax treatment	Split year, expenses
Check employment rights	New country protections
Confirm salary currency	GBP or local

Tax Residency

UK Residency Status

Factor	Impact
Statutory Residence Test	Determines UK tax status
Automatic overseas test	Under 16 days in UK
Second automatic test	Working full-time abroad
Ties test	Complex - various factors

Split Year Treatment

Feature	Details
What it is	Part-year UK resident
Benefit	Only UK tax on UK portion
Eligibility	Must meet specific criteria
Application	Through self assessment

Common Tax Situations

Situation	Typical Treatment
UK resident	Taxed on worldwide income
Non-resident	UK tax on UK income only
Split year	Pro-rata depending on dates
Dual residence	Tax treaties apply

Banking

UK Bank Account Options

Option	Details
Close accounts	If bank requires
Keep accounts	Some allow with foreign address
International account	HSBC Expat, Barclays International
Use family address	Some allow (check T&Cs)

Banks That Allow Non-Residents

Bank	International Service
HSBC Expat	Designed for expats
Barclays International	Offshore banking
Lloyds International	Isle of Man based
NatWest International	Jersey based

Digital Banking Solutions

Service	Benefits
Wise	Multi-currency, low fees
Revolut	Global spending
N26	European banking
Monzo	Some countries supported

Moving Money Abroad

Method	Cost
Traditional bank transfer	2-5% + fees
Specialist (Wise, OFX)	0.3-1%
Forward contracts	Lock in rate
Regular transfers	Set up standing order

Pensions

State Pension

Destination	What Happens
EU/EEA, USA, others	Increases annually
Frozen countries	Stays at rate when you left
Frozen country list	Canada, Australia, NZ, many others

Workplace Pensions

Option	Details
Leave in UK	Draw later, taxed in UK/new country
Transfer to QROPS	Qualifying overseas scheme
Cash in (if small)	Tax charges may apply

QROPS Transfer

Consideration	Details
What it is	Qualified overseas pension transfer
Benefits	Tax efficiency, local currency
Costs	Transfer fees, setup costs
Advice	Essential to take specialist advice

Private Pensions (SIPPs)

Option	Tax Treatment
Leave in UK	UK tax on withdrawals
Transfer	QROPS possible
Tax treaty	May reduce withholding

Property

Keeping UK Property

Consideration	Details
Rental income	Still UK taxable
Non-Resident Landlord Scheme	Register or agent deducts tax
Capital gains	Still liable on sale
Letting agent	Manage from abroad

Selling UK Property

Timing	Tax Implication
Before leaving	UK resident CGT rules
After leaving	Non-resident CGT applies
Within 5 years return	Retrospective CGT

Non-Resident CGT

Feature	Details
Rate	Same as UK resident
Reporting	Within 60 days of completion
Base cost	Value at 5 April 2015 or purchase

Insurance

UK Insurance to Cancel

Insurance	Action
Car insurance	Cancel if selling car
Home contents	Cancel or adjust
Life insurance	May keep - check terms
Pet insurance	Usually won’t cover abroad

Insurance to Arrange

Insurance	Why
International health	Essential in most countries
Travel insurance	During transit
Contents (new home)	Local provider
Car (new country)	Local requirement

Healthcare

Destination	Healthcare Options
EU (EHIC/GHIC)	Limited reciprocal
Non-EU	Private insurance essential
Employer provided	Check coverage
State system	Varies by country

ISAs and Investments

ISAs

Rule	Details
Can’t contribute	Once non-UK resident
Can keep existing	Funds remain sheltered
Local tax	May apply in new country
Withdraw freely	No UK penalty

Stocks and Shares

Holding	Consideration
UK shares	Keep or sell
Reporting	New country may require
Dividends	Local tax treatment
CGT	Crystallise gains before leaving?

Premium Bonds

Status	Rule
Keep them	Yes, from abroad
Buy more	No, once non-resident
Win prizes	Still eligible
Withdraw	Anytime

Credit History

UK Credit File

Action	Details
Check credit report	Before leaving
Clear any issues	Easier while in UK
Keep some UK credit	If keeping property
Get reference letters	From banks if needed

New Country Credit

Challenge	Reality
Start fresh	No credit history
Building credit	Takes time
International credit	Doesn’t transfer
Secured cards	May be easier to get

3 Months Before Moving

Notifications

Organisation	Action
HMRC	P85 form (leaving UK)
Electoral roll	Remove registration
GP	Deregister
Dentist	Final check-up
Banks	Update address / close
Subscriptions	Cancel UK ones

Financial Tasks

Task	Details
Transfer money	Large amounts before moving
Set up foreign account	If possible before arrival
Arrange currency	For initial expenses
Cancel direct debits	Unused services

1 Month Before Moving

Final Preparations

Task	Priority
Final utility readings	Avoid overcharges
Council tax	Notify leaving date
Mail redirect	Set up forwarding
Close unnecessary accounts	Reduce complexity

Documents to Take

Document	Why
Passport	ID and travel
Birth certificate	Some countries require
Marriage certificate	If applicable
Bank statements	Proof of funds
Employment contracts	New job proof
Tax records	Previous years
Pension statements	UK pension info
Property documents	Deeds, tenancy

After You Move

First Month Tasks

Task	Deadline
Register with authorities	As required
Open local bank account	ASAP
Register for tax	As required
Health insurance	Immediate
Notify UK organisations	Address change

Tax Returns

UK Obligation	Timing
Final UK tax return	By normal deadline
P85 form	When leaving
Non-resident status	Claim via return
Ongoing UK income	Declare each year

Common Mistakes to Avoid

Mistake	Consequence
Not understanding tax treaties	Double taxation
Closing all UK accounts	Hard to receive UK income
Ignoring UK tax obligations	Penalties and interest
Not notifying HMRC	Future problems
Assuming NHS covers abroad	Emergency only, limited
Transferring money badly	Huge exchange rate losses

Checklist Summary

Timeframe	Key Actions
6-12 months	Tax advice, budget, pension review
3-6 months	Banking setup, property decisions
1-3 months	Notifications, close accounts
Final month	Documents, utilities, mail forward
After moving	Local registration, final UK return

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