Year-end checklist for new UK residents under FIG

The first FIG year-end

For those who relocated to the UK during 2025, the fiscal close on 5-Apr-2026 is the moment to consolidate the elections that will leverage the FIG window over the next four years.

Critical checklist

Wealth structuring

1. Confirm FIG eligibility: 10 prior non-resident years.
2. Make formal SA election declaring regime use.
3. Identify offshore income/gains sources reportable if not electing FIG (in some cases normal taxation is preferable).

Assets

1. Basis step-up: for assets inherited before arrival, document market value at residence date.
2. Trust review: confirm settlement date of offshore trusts and treatment under the new regime.
3. Property planning: if a UK residence will be acquired with foreign funds, execute before year-end.

Compliance

1. NI Number and HMRC registration.
2. Self Assessment: register before 5 October 2026.
3. Foreign account disclosure: voluntary but recommended.

Corporate structure

1. CFC review: controlled companies may trigger attribution under Part 9A TIOPA.
2. Offshore director: if retaining boards in foreign companies, assess Central Management and Control test.

Inelastic decisions

Elections made in this first fiscal year are not easily reversible. A bad step-up decision or a poorly documented trust can cost up to 25% of the taxable base in subsequent years.