Managing tax can be full of financial ups and downs, but our clients sleep well knowing they count for more with us. From managing corporate finances to addressing international personal tax needs, we take the stress away.
Foreign Income and Gains (FIG) Regime
Eastfield Accountants are considered specialists in overseas tax affairs and help you navigate your liabilities and responsibilities domestically and abroad. We particularly advise individuals in UK-to-Australia and Australia-to-UK requirements, so if you require help in this area, we could be the right fit for you.
Tax Residency Specialist, Chartered Certified Accountant
Mark Noakes FCCA
I’m an experienced tax and accounting specialist with over 23 years in practice, focusing on tax residency advice and double taxation treaties for individuals arriving in and departing from the UK.
I hold a Bachelor of Commerce in Accounting from Macquarie University, Sydney, where I achieved distinction in Australian Tax Law. After returning to the UK in 2003, I qualified as a Chartered Certified Accountant and became a member of the Association of Chartered Certified Accountants (ACCA).
I specialise in advising individuals moving between Australia and the UK, guiding them through the tax implications of changing residence and managing cross-border income and gains.
My work includes advising and guiding clients through the tax implications of changing residence and managing cross-border income and gains. This includes advising on the transition from the UK’s Remittance Basis non-domicile tax rules to the new Foreign Income and Gains (FIG) tax rules which were implemented from 6th April 2025, helping clients understand eligibility, reporting requirements and how the UK rules interact with Australian tax obligations.
I maintain strong relationships with Australian tax advisers to ensure coordinated and practical solutions for clients with connections in both jurisdictions.
What is the Foreign Income and Gains (FIG) Regime?
It stands for Foreign Income & Gains (FIG), which refers to a UK tax regime effective from 6 April 2025 that allows qualifying new residents – those returning or arriving after at least 10 consecutive years of non‑UK residence – to claim UK tax relief on most foreign income and gains for their first four tax years of UK residence. According to HMRC
What happens after 4 years?
After the four-year FIG period concludes, the individual:
- Loses FIG relief, meaning foreign income and gains earned after year 4 are no longer exempt from tax.
- Becomes subject to UK taxation on their worldwide income and gains on an arising basis.
An overview of the new rules
If you are becoming a UK resident and have not been a UK resident for the previous 10 tax years, it is likely that you qualify for the new FIG regime, and an evaluation should be done to assess if it is beneficial to claim the exemption.
Bringing the funds into the UK tax‑free
When criteria is met, it affords you the ability to bring income and gains into the UK without additional tax throughout the four-year qualifying period. The requirements vary from the previous remittance basis, so it is vital to use the latest insights and regulations to utilise the current framework.
Temporary Repatriation Facility (TRF)
For individuals who previously used the remittance basis, the FIG-regime offers a Temporary Repatriation Facility that allows historic untaxed income and gains to be transferred into the UK at a fixed, preferential tax rate.
Changes to Inheritance Tax (IHT)
Residence ‘not domicile’ now determines exposure to UK IHT laws, meaning individuals can remain subject to UK IHT for up to 10 years after leaving the UK. Therefore, this highlights the critical need to understand and plan your residency correctly based on your health and liabilities, along with your plans and other possible eventualities.
Here’s what our clients say!
Who should be considering their FIG position?
- A new or returning UK resident.
- Anyone who receives foreign income (Dividends, rental income, or gains, for example).
- Anyone who has used remittance in the past, such as TRF, might help you navigate historic liabilities.
- A person who has offshore investments and asset portfolios.
- Coordinating advice with overseas tax specialists (especially Australian advisers) to minimise double taxation.
- Someone looking to support the efficient structuring of foreign income and gains offshore.
- People who need guidance for relocation plans between the UK and abroad.
How Eastfield Accountants can help
With extensive experience in overseas tax and UK–expat tax treaties, we help you clearly understand your position and make informed decisions on your global income and wealth.
- Our clear explanations of complex cross-border taxation implications and how to make the most efficient decisions based on your unique situation
- Utilise our strong and collaborative relationships with other overseas tax professionals and benefit from an extensive network of additional specialists.
- Preparation and submission of tax returns to be compliant
Speak to a FIG specialist
If you need guidance on how the FIG regime applies to your situation, we’re here to help.
We can discuss your specific situation and provide you with the best possible advice to minimise any tax implications on your income. Mark will be on hand to oversee and support your specific FIG needs, and to explain how the FIG regime affects you, whether you are arriving, returning, or restructuring international income/assets.
Eastfield Accountants are here to help.
Get personalised FIG tax advice
Tell us a little about your situation and we’ll help you understand how the FIG regime applies to your income, assets and residency.
Strategy, Tax
Related services
See below for other related services we provide to fully support your financial needs.
- UK Tax Returns & Advice for Australians
- Self Assessment Tax Returns
- Trust Tax Returns
- Capital Gains Tax Advice
- CIS Returns
- Inheritance Tax & Estate Planning
- Capital Allowances
- Worldwide Disclosure Facility
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Mark specialises in assisting Australian tax residents relocating to the UK, helping them understand and comply with complex tax residency rules. Whether you're planning to move or are already residing in the UK, Mark can clarify your tax status and ensure adherence to UK tax laws.
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