The FIG regime
In this lesson, you'll learn about the Foreign Income and Gains (FIG) regime—a key relief that applies to qualifying new residents in their first four years of UK residence.
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In this lesson
- 0:00 Understanding the FIG regime for new residents
- 0:42 How the foreign income claim works
- 2:01 Deadline and annual requirements for claims
- 3:32 Tax consequences of making a claim
- 5:52 Tax planning considerations and strategy
About this lesson
You'll discover what qualifies as a foreign income claim, how to make one within the required timeframe, and the important tax consequences of claiming, including loss of your personal allowance and certain reliefs. Understanding when to claim is essential for tax planning: the FIG regime is only worth using if your foreign income exceeds your personal allowance, otherwise you're better off paying standard income tax on your worldwide income. This regime is tested regularly in taxation papers and applies only to those who've been non-UK resident for at least ten consecutive years before returning to the UK.
Duration: 7m
Transcript
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