Moving from South Africa to the UK: Your Complete Financial Checklist

Moving from South Africa to the UK involves a lot more than packing boxes. There is a fair bit to sort on the SA side before you go, and another list of things to get in order once you arrive. This checklist covers the main ones.

Before you leave South Africa

SARS and tax:

• Make sure all SA tax returns are up to date — SARS will not process any transfer applications while you have outstanding returns
• Update your SARS RAV01 registration details with your new UK address and contact details
• Decide whether to complete cessation of tax residency before you go or wait until you have settled — there are arguments for both approaches depending on your asset position
• Tell your SA bank you are moving abroad — they may need to update your account classification

Financial accounts:

• Keep your SA bank account open — you will need it for receiving any SA income and making SA payments
• Review your SA retirement annuity and pension arrangements — if you plan to access them under the three-year rule, the clock starts when SARS confirms your cessation
• Transfer your initial landing funds to your UK account using your SDA before you leave — this is the fastest way to get money across without any SARS pre-approval

Property:

• If you are selling your SA property before you leave, be aware that proceeds above the SDA will require a Foreign Investment Allowance (FIA) application
• If you are keeping the property and renting it out, you will still have SA-sourced rental income to declare even after cessation

When you arrive in the UK

• Open a UK bank account — high street banks (Barclays, HSBC, Lloyds) and digital banks (Monzo, Starling) all accept SA passport holders, though some require proof of UK address first
• Apply for your National Insurance number through Jobcentre Plus
• Register with HMRC for UK tax purposes if you are employed or self-employed
• Set up a WBForex account for regular transfers from SA — most clients do this in the first week

After three years

• Consider completing cessation of tax residency if you have not done so already
• Check whether you are eligible to access your SA retirement annuity under the three-year rule
• Review your SA estate planning — a will that only covers SA assets may need updating

Need help with the SA side?

WBForex can help you work through the financial steps of your move. Contact WBForex for a free consultation.