Moving Abroad from the UK: The Financial Planning Checklist

Financial Checklist Before Leaving the UK

The financial decisions you make in the months before leaving the UK will shape your financial life abroad for years. Some actions are time-sensitive — once you've left, certain options close or become more complex. Work through this checklist systematically, ideally 3–6 months before your departure date.

Pre-Departure Essentials

• Notify HMRC: Complete form P85 to inform HMRC of your departure. This establishes your leaving date for tax residency purposes and helps avoid incorrect tax codes on future UK income
• Contact your banks: Confirm which accounts will remain open as a non-UK resident. Set up online access and ensure contact details are updated. See our banking for UK expats guide
• Review all pensions: Gather statements for every workplace, personal, and state pension. Consider whether consolidation makes sense before leaving
• Check insurance policies: UK life insurance, critical illness cover, and income protection policies may not cover you abroad. Check terms and arrange replacements if needed
• Update your will: A UK will may not be valid in your destination country. Seek advice on whether you need a separate will for overseas assets
• Organise a UK correspondence address: Many financial providers require a UK address on file. Arrange a family member's address or mail forwarding service
• Record your UK day count: Start tracking your days in and out of the UK from your departure date — this is critical for the Statutory Residence Test

Tax Residency Considerations

Your UK tax obligations change the moment you become non-UK resident — but becoming non-resident isn't automatic. The Statutory Residence Test (SRT) determines your status based on the number of days you spend in the UK, your ties to the country, and whether you meet any automatic tests.

Key Tax Actions

• Understand the SRT: If you were UK resident in any of the previous three tax years, you generally need to spend fewer than 16 days in the UK to be automatically non-resident. Between 16 and 45 days, your status depends on your UK ties
• Plan your departure date: Leaving partway through a tax year may qualify you for split-year treatment, meaning you're only taxed as a UK resident for the part of the year before departure
• Apply for an NT tax code: If you'll receive UK pension income abroad, apply to HMRC for a No Tax code to prevent UK tax being deducted at source
• Understand ongoing UK tax obligations: UK rental income remains taxable regardless of residence. Capital gains on UK residential property are also taxable for non-residents

For a comprehensive breakdown of every tax rule, see our UK tax for expats guide.

Pension Planning Before Relocation

Your UK pensions don't move with you — but how you manage them should change before you leave. The decisions you make about your pensions pre-departure can save or cost you tens of thousands of pounds over the course of your retirement.

Steps to Take

• Request up-to-date valuations: Get current values for every pension — workplace, personal, SIPP, and State Pension forecast
• Consider consolidation: If you have multiple small pensions, consolidating into a single SIPP before leaving simplifies management and can reduce costs. This is easier to arrange while still UK resident
• Check your State Pension record: Visit the gov.uk State Pension forecast tool. If you have gaps in your National Insurance record, you may be able to make voluntary contributions to boost your entitlement — this is often extremely good value
• Understand contribution limits: Once non-UK resident, you can only contribute up to £3,600 gross per year to a UK pension with basic-rate tax relief (unless you have UK relevant earnings)
• Don't rush QROPS: Transferring to a Qualifying Recognised Overseas Pension Scheme is irreversible and may attract a 25% transfer charge. This decision should only be made with regulated advice after you've settled abroad
• Review beneficiary nominations: From April 2027, UK pensions will fall within the Inheritance Tax estate. Ensure your expression of wish forms are current

For detailed pension guidance, see our What Happens to Your UK Pension if You Move Abroad guide.

Managing UK Assets When Living Abroad

Most expats retain UK assets — property, investments, savings, and pensions — that need active management from overseas. Without a clear plan, these assets can become administratively complex, tax-inefficient, or simply neglected.

UK Property

• Rental income: Taxable in the UK regardless of where you live. Register with the Non-Resident Landlord Scheme to receive rent gross and manage tax through self-assessment
• Letting agents: If you don't register for NRLS, your letting agent must withhold 20% basic-rate tax from rental payments
• Selling: Non-residents pay Capital Gains Tax on UK residential property disposals. You must report and pay within 60 days of completion

UK Investments

• ISAs: You can keep existing ISAs but cannot make new contributions. The tax-free wrapper remains effective for UK tax purposes but may not be recognised by your new country
• Investment platforms: Check whether your existing platforms (Hargreaves Lansdown, AJ Bell, etc.) will continue to service your account as a non-resident. Many restrict trading or close accounts
• Consider international platforms: Platforms like Interactive Brokers and Saxo accept non-UK residents and offer multi-currency capabilities

For investment strategy guidance, see our investing as a UK expat guide and our comprehensive expat financial planning resource.

Healthcare and Insurance Abroad

Leaving the UK means leaving the NHS — and healthcare costs abroad can be substantial without proper planning. The level of public healthcare available to you depends entirely on your destination country, your visa status, and any reciprocal agreements in place.

Key Healthcare Considerations

• EHIC/GHIC: The UK Global Health Insurance Card (GHIC) provides access to state healthcare in EU/EEA countries on the same basis as local residents. It covers necessary treatment but is not a substitute for comprehensive health insurance
• Private health insurance: Essential in most expat destinations. Premiums vary enormously — from £1,000/year in Thailand to £5,000+/year in the UAE or USA for comprehensive cover
• Pre-existing conditions: Arrange insurance before leaving if possible. Policies taken out while still UK resident may offer better terms for pre-existing conditions than those arranged abroad
• Returning to the UK: If you return, you are entitled to NHS treatment — but you may need to re-register with a GP and there can be a short qualifying period before full access is restored

Life and Income Protection Insurance

UK life insurance and income protection policies may exclude cover while living abroad. Check your existing policies and, if necessary, arrange international cover before departure. Some international insurers offer portable policies designed for globally mobile individuals.

Further Reading

• UK Tax for Expats: The Complete Guide
• Expat Financial Planning
• Banking for UK Expats
• Cost of Living for Expats
• Moving Abroad With Children
• What Happens to Your UK Pension if You Move Abroad?
• Pension Planning Services