Rishi Sunak, the Chancellor of the Exchequer, announced today (3 March) that a new, unsponsored visa for highly-skilled migrants and entrepreneurs will be introduced to enable the UK to become “a scientific super power”. It will be interesting to see what he meant by “radically simplified bureaucracy” apart from the technology which is already used by the EU Settlement Scheme and the Hong Kong BN(O) route. It is possible that the new visa will build on some of the existing routes (e.g. Skilled Worker, Start-up/Innovator or the Global Talent visas). This is certainly welcome news and we will provide an update once further details are announced.
When migrants move to the UK, their tax residence and assets are also likely to move with them. Although the Chancellor did not announce any major tax reforms for the 2021/22 tax year in the Budget, it is anticipated that there will be significant tax changes in the next few years in order to pay for the pandemic (e.g. increase in Corporation Tax rate to 25% from 2023). In parallel with the immigration application, individuals and businesses should consider pre-arrival tax planning to ensure that they are prepared for the UK tax system when they relocate.
Burges Salmon was named UK Law Firm of the Year at the British Legal Awards 2020. We have a particular specialism in advising entrepreneurs and high net worth individuals on complex issues and interactions between UK immigration and tax law including the UK tax implications of moving to the UK, pre-immigration tax planning, tax residence, domicile, settlement and naturalisation. Please do not hesitate to contact us if you have any questions.