Category: Resources

The upcoming budget has sparked concern that wealthy individuals may be leaving the UK to avoid potential tax increases. This problem has created growing uncertainty for entrepreneurs, investors, and families with significant assets. That uncertainty affects behaviour. Some are reviewing structures, and others are considering relocation before any changes are announced. The debate around the rich leaving UK over tax has intensified this uncertainty, even though much of the discussion stems from speculation.

In response, many are taking action by seeking clear tax guidance, modelling different outcomes, and planning ahead rather than reacting to speculation. At Apex Accountants, we provide the solution. We help high-net-worth clients cut through the noise, understand the real risks, and make informed decisions based on evidence — not headlines.

Is There Evidence Behind the Rich Leaving UK over Tax?

Currently, there is no official data showing a mass departure of wealthy taxpayers. HMRC statistics on former non-doms show figures consistent with historic movement rather than a sudden rise. Many reports driving the narrative rely on isolated examples or surveys later amended for inaccuracies. This creates perception, not proof.

However, some recent findings indicate that concern may be building. A new analysis revealed that 1,800 non-doms left the UK during the 2024/25 tax year — a figure 50% above the Office for Budget Responsibility’s forecast. While this does not yet confirm a sustained exodus, it signals growing discomfort among highly mobile, affluent individuals and underlines broader wealthy tax migration concerns.

Why Does the Fear Persist?

The fear stems from several high-profile entrepreneurs relocating and the ongoing debate around wealth taxation. Discussions about capital gains tax, the removal of the non-dom regime, potential property changes, and previous rumours of an exit tax have added to market uncertainty. The wider conversation around Rachel Reeves’ potential budget tax changes has also fuelled speculation, as many expect adjustments affecting property, investment income, pensions, and business sales. When tax policy appears unpredictable, wealthy individuals naturally review their long-term plans.

Rachel Reeves’ signal that she may introduce an exit tax on individuals moving their wealth abroad has intensified these concerns, particularly among entrepreneurs planning liquidity events. While Labour has since stepped back from confirming this measure, its public consideration has already impacted sentiment.

Are High-Net-Worth Individuals Actually Moving?

Some individuals are relocating, but the numbers remain small. Most cases involve people preparing multi-million-pound business sales, investors with strong international links, or globally mobile families who can shift residency easily. Moves to Dublin, Milan, or Dubai are happening, but these decisions are highly specific. Many affluent families prefer to stay because the UK still offers stability, legal protection, world-class education, and strong professional networks.

Earlier forecasts suggested the UK could lose 16,500 millionaires in 2025, though this outcome remains uncertain. The projected net outflow would have marked the first time a European nation topped global millionaire-departure rankings. However, many experts urged caution at the time, noting that these projections relied on internal data models rather than HMRC-verified statistics. They warned that such forecasts could inflate concerns about wealthy tax migration without strong evidence.

What We See Among Apex Accountants’ Clients and Industry Experts

We see two clear patterns emerging.

People exploring relocation

• Entrepreneurs anticipating large capital gains
• Clients reacting to uncertainty around long-term policy
• Individuals with established options abroad

People choosing to remain

• Families prioritising UK schools and healthcare
• Business owners with teams and operations in Britain
• Investors whose wealth is anchored in UK assets

Research from the London School of Economics shows that lifestyle, culture, social connections, and professional infrastructure weigh heavily against relocation, even when taxes increase.

We also note that most of those considering relocation already maintain homes or businesses abroad. For these individuals, the financial case to move can be made more easily. In contrast, those deeply rooted in the UK often stay and opt for detailed tax planning rather than departure.

Are Concerns About Revenue Loss Overstated?

Some advisers warn that losing a small number of wealthy taxpayers could impact government revenue, as these individuals often contribute far more than the UK average. While this is a valid point, experts argue that long-term fiscal health depends on a stable and transparent tax system, not emotionally driven narratives. The bigger issue is policy uncertainty, which affects confidence more than tax rates alone.

What Wealthy Individuals Should Focus On Before the Budget

At Apex Accountants, we encourage strategic preparation. Review asset structures in detail. Use forward-looking tax modelling. Maintain accurate valuations and overseas income records. Explore international planning only with full professional guidance. Strengthen compliance processes to protect against future scrutiny.

Clients with upcoming business sales or large bonus events should pay close attention to potential capital gains tax amendments or changes to carried interest rules. Likewise, individuals with international income streams may need to reassess their residency status and investment structures before the end of the 2024/25 tax year.

Are the Super-rich Leaving the UK

The question are the super-rich leaving the UK continues to dominate media headlines. While a few high-profile relocations have occurred, the overall data does not suggest a national trend. Most high-net-worth individuals still base themselves in the UK, favouring long-term stability over short-term reactions.

They are not making impulsive moves but instead taking a measured, planning-led approach to evaluate their options.

The UK remains an attractive base for affluent individuals. Its strong legal system, global financial reputation, high-quality education, and overall quality of life continue to outweigh concerns about potential tax reforms.

Apex Accountants’ View

The narrative of a dramatic flight of wealth is overstated. The real issue is policy uncertainty, not mass relocation. Wealthy individuals want clarity, predictability, and long-term confidence in the tax system. Sudden shifts or speculative proposals — including concerns linked to Rachel Reeves’ anticipated tax reforms — create hesitation, not immediate departure.

At Apex Accountants, we help clients respond sensibly to these conditions. We provide data-driven advice, objective analysis, and forward-looking tax planning to reduce uncertainty and improve decision-making. Our approach supports clients as they navigate changes, review residency options, or prepare for major financial events.

If you need personalised tax planning ahead of the budget, our team can guide you. We advise on the impact of proposed tax changes on wealth, residency, investments, and business exits. Contact Apex Accountants for clear, expert support tailored to your long-term financial goals.

The aim of the Regional Innovation Funding UK initiative is to stimulate technological innovation and foster local economic growth throughout the nation. The UK government recently announced an additional £20 million each for Greater Manchester, West Midlands, and Glasgow City Region, taking their total allocation to £50 million per region. The Local Innovation Partnerships Fund (LIPF) will leverage this investment to boost research, digital transformation, and industrial development. Announced ahead of the first Regional Investment Summit in Birmingham, the initiative reflects a clear commitment to spreading innovation beyond London and the South East.

In this regard, the Science Council plays a pivotal role in ensuring that innovations within these regions align with best practices. By setting standards for science and technology professionals, they contribute to the broader objectives of economic and technological development, supporting the success of such initiatives.

At Apex Accountants, we help businesses seize these funding opportunities with expert financial planning and sector-specific advice.

This article will explore how this £50 million funding will benefit regional economies, particularly in sectors like clean energy, manufacturing, and life sciences. We’ll also explain how businesses can capitalise on this initiative, and Apex Accountants can guide them through the process.

What is the £50 Million Science and Technology Fund?

The government will allocate £50 million to each of these regions to support cutting-edge science and technology projects. These projects could range from developing life-saving medicines to pioneering AI technologies that can diagnose illnesses earlier and more accurately. By focusing on local innovations in industries such as advanced manufacturing, clean energy, and life sciences, the government hopes to harness regional strengths and translate research into commercial growth.

This initiative forms part of the £500 million Local Innovation Partnerships Fund (LIPF), which empowers local leaders to foster innovation ecosystems in their regions. The £50 Million Science and Technology Fund is designed to close the innovation gap outside London and the South East, encouraging balanced, inclusive growth throughout the UK.

How Will the Fund Benefit Regional Economies?

1. Strengthening Local Innovation Ecosystems

The funding is designed to accelerate the development of science and technology innovations, specifically targeting local strengths. Greater Manchester, for example, is already known for its strong capabilities in advanced materials, AI, and life sciences. The additional £20 million will enable local businesses, universities, and research institutions to further expand their R&D capabilities and turn scientific breakthroughs into tangible commercial applications.

2. Job Creation and Economic Growth

Increased investment in technology and research directly translates to job creation. Local economies will benefit from new roles in fields such as biotechnology, AI, and clean energy, ensuring that communities in these regions have access to high-quality employment opportunities. Furthermore, as regional businesses grow through innovation, they will attract additional private sector investments, which will further boost local economies.

3. Advancing Clean Energy and Sustainability

One of the major focuses of the funding is on clean energy and sustainability projects. The government’s push to transition to greener technologies aligns with the needs of regions like the West Midlands, which has strong manufacturing sectors. By funding innovation in clean fuels and energy-efficient technologies, the initiative will create sustainable solutions and help these regions become leaders in environmental innovation.

4. Building Stronger Regional Supply Chains

The funding also supports the expansion of key manufacturing projects, such as the new 60,000-square-foot research and production facility for Sterling Pharmaceuticals in Birmingham and the Biocomposites manufacturing site at Keele University. This type of advanced manufacturing funding will help strengthen domestic supply chains, create skilled jobs, and bolster the UK’s life sciences sector, making these regions critical players in the country’s industrial future.

5. Aligning Local Strengths with National Growth Priorities

The funding aims to build a framework that connects local innovation with national growth priorities. It gives regional leaders the flexibility to fund projects that align with the UK’s economic strategy. Key areas include clean energy, advanced manufacturing, and healthcare innovation. This approach ensures that regional development supports wider national economic goals.

What Can Businesses Expect from the Funding?

For businesses, this funding presents an unmatched opportunity to scale operations, invest in R&D, and explore partnerships with research institutions. Firms in clean energy, life sciences, and manufacturing can use this investment to develop innovative projects with commercial potential. Aligning business objectives with regional priorities will help ensure successful funding applications and sustainable growth.

The Advanced Manufacturing Funding allows businesses to adopt new technologies and automate production lines efficiently. It supports the expansion of manufacturing capacity while aligning with the UK’s innovation and economic growth objectives.

How Apex Accountants Can Support Your Business with Regional Innovation Funding UK

Navigating government funding can often seem complex. At Apex Accountants, we guide businesses through the funding application process with expert precision. Our team ensures full compliance with all eligibility criteria and maximises available opportunities. With expertise in tax planning, R&D tax credits, and financial strategy, we help you use funding effectively. We focus on driving innovation, supporting growth, and strengthening your long-term financial position.

Whether your business aims to grow R&D capabilities, adopt new technologies, or scale manufacturing, Apex Accountants can help. We offer tailored financial advice to improve returns and build sustainable growth strategies aligned with funding objectives.

Conclusion

The £50 million funding for Greater Manchester, West Midlands, and Glasgow City Region supports regional economic growth. It focuses on innovation and turning new technologies into commercial success. This initiative will open opportunities for local businesses and create high-quality jobs. Key growth areas include clean energy, advanced manufacturing, and life sciences. For local firms, the funding offers a chance to expand and attract investors. It will help build stronger, tech-driven economies with lasting benefits across these UK regions.

Interested in taking advantage of this funding? Contact Apex Accountants today to find out how we can assist you in managing the application process and making the most of this initiative.

From April 2025 the UK tax rules changed dramatically. The long‑standing remittance basis for non‑domiciled individuals has been abolished and replaced with a four‑year Foreign Income and Gains regime. Under the new rules, UK tax residence – rather than domicile – is the test for relief. 

Apex Accountants monitors these changes carefully. We guide you on eligibility, claiming relief and staying compliant. Below we explain the key features of the FIG regime and answer common questions people are asking in the UK.

Who qualifies for the FIG regime?

To claim FIG relief, you must be a qualifying resident under HMRC rules:

• UK tax resident under the statutory residence test (SRT).
  
• You must have been a non- UK tax resident for at least ten consecutive tax years immediately before your arrival.
  
• Within your first four tax years of UK residence – this is a four-year window, and unused years cannot be rolled over.
  

This procedure means that you might be British or non‑domiciled; the key is being outside the UK for a decade before becoming a resident again. The regime applies to any qualifying newcomer, including UK-domiciled individuals who were not previously eligible under the remittance basis.

What income and gains qualify?

Relief is available for most foreign income and gains. The GOV.UK guidance lists examples such as:

• Profits from a trade carried on wholly outside the UK.
  
• Income from overseas property businesses.
  
• Dividends from non‑UK companies and foreign bank interest.
  

Foreign employment income is not covered by the foreign income and gains (FIG) regime but may instead qualify for Overseas Workday Relief.

Whether you bring the funds into the UK or not, these foreign income and gains are exempt from UK tax during the four-year period. This is a major difference from the old remittance basis, where bringing money to the UK triggered a tax charge. However, reporting is still required—you must disclose all foreign income and gains on your self-assessment tax return, even if FIG. relief applies.

How do you claim?

Relief is claimed on your Self‑Assessment tax return. The return must identify the foreign income and gains for which relief is being sought. A claim must be submitted by 31 January Claims for the tax year 2025/26 must be filed by 31 January 2028, which is two years after the end of that tax year. 

If you have small amounts of foreign income, you should still report them; there is no automatic exemption for amounts under £2,000 under FIG, unlike the old remittance basis.

Which allowances do you lose?

This regime offers generous relief but at a cost. A claimant loses several UK tax allowances for the year of claim:

• Income Tax personal allowance and Capital Gains Tax annual exempt amount.
  
• Married Couple’s Allowance and Marriage Allowance.
  
• Blind Person’s Allowance.
  

In addition, making a claim prevents the use of foreign income or capital losses in that year. Once the four‑year period ends, you become taxed on your worldwide income like any other UK resident.

Transitional rules and planning points

HMRC recognises that transitioning from the remittance basis to FIG may create complexity.

Key transitional measures include:

• Capital gains rebasing – remittance‑basis users can elect to rebase certain foreign assets to their value on 5 April 2017. Only gains accruing after that date are taxed on future disposals.
  
• Temporary Repatriation Facility (TRF) – between 2025 and 2028, individuals can bring foreign income and gains that arose before 6 April 2025 into the UK at a flat tax rate of 12%, rising to 15% in the final year. This encourages repatriation of “trapped” funds and is available even if you are no longer eligible for FIG.
  
• Overseas Workday Relief (OWR) – retained and expanded under the foreign income and gains (FIG) regime. OWR allows relief on non‑UK duties for up to four years and no longer requires the income to remain offshore. From 2025, the relief may be capped at 30% of income or £300,000.
  

Clients with offshore trusts need special attention. The “protected trust” rules no longer apply once FIG begins. If a UK‑resident settlor does not qualify for FIG, all foreign income and gains of a non‑UK trust will be attributed to them. Qualifying settlors can receive trust distributions tax‑free during the four‑year window. After four years, all trust income and gains become taxable.

Common questions and practical tips

• How do I count my non‑residence period? 

Determining ten consecutive years outside the UK can be complex. Split‑year treatment, treaty tie‑breakers and the Statutory Residence Test may affect your calculation.

• What if my foreign income is taxed abroad? 

Some countries may not recognise UK FIG relief. You might not receive foreign tax credits and could face double taxation. Professional advice is essential.

• Do I still need to keep records? 

Yes. HMRC requires details of foreign income and gains even when exempt.

• What about small amounts? 

There is no automatic exemption for small foreign income under FIG. All foreign income and gains should be reported; allowances like the personal savings allowance may cover the tax liability.

How Apex Accountants Can Help With Foreign Income And Gains Regime

At Apex Accountants we specialise in helping individuals and families navigate the FIG regime:

• Eligibility review – we assess your residency history to confirm whether you qualify for FIG relief and identify your four‑year window.
  
• Claim preparation – our experts prepare and file Self‑Assessment returns, including FIG claims and Overseas Workday Relief elections, ensuring that the required disclosures are made.
  
• Planning for allowances – we advise on whether claiming FIG is beneficial, taking into account the loss of allowances and potential interaction with other reliefs.
  
• Trust and estate planning – specialists review offshore trusts, identify attribution risks and structure distributions to maximise relief.
  
• Transitional reliefs – we assist with capital gains rebasing elections and help clients use the Temporary Repatriation Facility effectively.
  

The FIG regime offers an opportunity to shelter foreign income and gains for newcomers, but it demands careful reporting and planning. With the rules now in force, early advice is vital. Contact Apex Accountants for tailored guidance and ensure your move to the UK is tax‑efficient.

Frequently Asked Questions (FAQ) on the Foreign Income and Gains (FIG) Regime

1. What does “FIG” stand for in the UK tax context?

“FIG” stands for Foreign Income and Gains. It refers to a new tax relief regime for UK residents with foreign income and capital gains, introduced in April 2025. The FIG regime replaces the remittance basis system for non-domiciled individuals.

2. How long can I claim relief under the FIG regime?

You can claim relief under the FIG regime for up to four consecutive tax years, starting from the year you become a UK resident after having beThe claimant forfeits their Income Tax personal allowance and the annual exempt amount from Capital Gains Taxng on its source or amount.

4. Can I claim the FIG regime if I have foreign property income?

Yes, if you meet the eligibility criteria for the FIG regime, foreign property income can be included in the claim. However, you must report all income to HMRC through your self-assessment tax return.

5. Will I lose my personal tax allowances if I claim the FIG relief?

Yes, by claiming the FIG relief, you will lose access to certain allowances, including the UK personal income tax allowance and capital gains tax annual exempt amount, among others. It’s important to assess whether the relief benefits outweigh the loss of these allowances.

6. How do I report foreign income under the FIG regime?

You must report any foreign income and gains that are being claimed for relief under the FIG regime in your self-assessment tax return. This includes identifying the foreign income or gains being relieved from UK tax.

7. What if my foreign income is below the personal allowance?

Even if your foreign income is below the UK personal allowance or other tax-free allowances, you are still required to report it if you are making a claim under the FIG regime.

8. Can I still benefit from the marriage allowance while claiming the FIG regime?

No, claiming relief under the FIG regime means you will lose access to the marriage allowance, as well as other personal allowances like the blind person’s allowance and the capital gains tax annual exempt amount.

9. How does the FIG regime affect my capital gains tax liability?

Under the FIG regime, foreign capital gains from the sale of foreign assets can be relieved from UK tax. However, claiming the relief will result in the loss of the annual exempt amount from capital gains tax for that tax year.

10. What should I do if I am unsure whether to claim the FIG relief?

If you are unsure whether the FIG regime is right for you, it is highly recommended to seek professional advice. Our accountants and tax specialists can help you assess your eligibility and determine whether claiming relief under the regime will be beneficial for your situation.

Starting 18 November 2025, a major change is coming to the way UK company directors and Persons with Significant Control (PSCs) manage their roles. All directors and PSCs, both new and existing, will need to verify their identity with Companies House. At Apex Accountants, we understand the challenges that this identity verification for company directors may pose, and we’re here to help you navigate the process with ease.

What Is Identity Verification For Company Directors and Why Is It Important?

The UK government is introducing mandatory identity verification for company directors and PSCs to improve the transparency, security, and integrity of the business. By verifying identities, Companies House aims to ensure that the information in the public register is reliable and trustworthy. This is a crucial step in combating economic crime, preventing fraud, and safeguarding businesses.

Key Reasons for the Change:

• Increased Trust: Identity verification ensures that individuals who are behind UK companies are who they claim to be.
• Better Compliance: Ensures that companies comply with regulatory standards and promotes a safer business environment.
• Fraud Prevention: Helps prevent fraudulent companies and misuse of business information.
• More Transparent Business Environment: Strengthens the overall integrity of UK’s business register.

Who Needs to Verify Their Identity?

From 18 November 2025, all company directors and PSCs are required to verify their identity with Companies House. This includes both existing and new directors and PSCs. If you hold one of these roles, the verification process will apply to you, regardless of whether you’ve been listed for years or are joining a company for the first time.

How to Verify Your Identity with Companies House

The company house identity verification process is simple, secure, and designed to be completed quickly. There are two main ways to verify your identity:

1. Direct Verification via GOV.UK One Login

• You can verify your identity directly through the GOV.UK One Login system.
• This is a secure and easy process that can typically be completed in just a few minutes.
• After verification, you will receive a personal code, which will be required for each company role you hold.

2. Verification via an Authorised Corporate Service Provider (ACSP)

• Alternatively, you can complete the verification through an ACSP.
• An ACSP will help facilitate the process and ensure you meet all necessary requirements.

Steps for Verification

Here is what you need to do to complete the company house identity verification:

1. Register and log in: Create a GOV.UK One Login account if you don’t already have one. Alternatively, contact an ACSP for assistance.

2. Submit personal information: You will need to provide personal details, including a form of ID (passport, driver’s licence, etc.).

3. Receive your personal code: Once your identity is verified, Companies House will send you a personal verification code.

4. Submit your code: For each company role, provide your verification code and complete the process.

After 18 November 2025, you’ll need to provide your verification code and a verification statement for each company you are involved in.

What Happens if You Don’t Verify?

If you fail to verify your identity by the required deadline, you may not be able to carry out certain company functions or file documents with Companies House. Additionally, your company’s information could be flagged, potentially leading to penalties or delays. Therefore, it is essential that all directors and PSCs take action well before the deadline.

When Will You Need to Verify?

The deadline for each director or PSC will vary depending on the role they hold. Companies House will contact each director and PSC with specific instructions and deadlines. You can also check the Companies House register to find out your personal verification due date.

How Apex Accountants Can Help You Company House Identity Verficiation

At Apex Accountants, we specialise in helping businesses stay compliant with UK regulations. As part of our services, we can guide you through the identity verification process, ensuring you meet the requirements on time and avoid potential penalties.

Our services include:

• Guidance on Identity Verification: We help directors and PSCs understand the process and provide assistance in verifying their identity with Companies House.
• Compliance Support: Our team ensures your business remains compliant with the new regulations, helping you avoid fines and operational disruptions.
• Ongoing Monitoring: We keep track of deadlines for directors and PSCs, notifying you when verification is due for your roles.

The new identity verification requirements from Companies House are designed to enhance the security and transparency of the UK’s business register. At Apex Accountants, we’re here to help you navigate this change and ensure your business remains compliant. Contact us today to get started with your verification process and ensure you meet the upcoming deadlines.

What Are People Asking About the New Identity Verification Process?

Here are some common questions that business owners are asking about new identity verification process and requirements:

How long does the verification process take?

The verification process is quick and usually takes only a few minutes. However, if you choose to go through an ACSP, it may take longer depending on their processes.

Do I need to verify if I am a sole trader?

No, the verification process only applies to company directors and PSCs of limited companies. Sole traders are not required to verify their identity.

What happens if I miss the verification deadline?

Missing the deadline may result in penalties and delays in submitting company documents. Your company’s information could also be flagged on the Companies House register.

Can I verify my identity through a third party?

Yes, you can choose to verify your identity through an ACSP.