Going for ILR Status but may be going back to USA

Hi UK Yanks!

I am coming up on 5 years in the UK on a BRP Tier 2 employment visa. I am applying for ILR and just passed my life in the UK test today.

I expect to be in the UK for the next year or so and then shift primarily to being based in NYC, with semi frequent trips back to the UK. I may also return in earnest to the UK permanently if the NYC post doesn't work out.

Are there are any major tax implications I should consider given the situation - ILR status in the UK but primarily based in the States?

I am aware I risk losing ILR if not in the UK for over 2 years. This shouldn't be a problem with frequent trips back here.

Most of my assets are based in the US in a taxable brokerage account with exception of my work pension in the UK and a few bank accounts.

Thanks for any advice.

As far as taxes go I don’t think ILR status is as important as tax residency. If you spend enough time in the UK you will be considered tax resident and have to pay UK taxes.  As a US citizen you will always have to pay US taxes no matter where you live. The US-UK tax treaty means that you can use Foreign Tax Credits to make sure you are not taxed twice on the same income.

The link below should help you determine if you are tax resident in the UK

https://www.gov.uk/government/publications/rdr3-statutory-residence-test-srt

Be aware that you can't keep your ILR after 2 years is up by making frequent trips back, you would have to return to the UK to live.

Ironically, in order to come and go as you wish, you would need to obtain British citizenship, which you would be eligible for one year after you obtain ILR, presuming you are not married to a UKC.

There are restrictions to time out of the country for the citizenship application, so you would be best to get that under your belt before you leave.

https://www.gov.uk/apply-citizenship-indefinite-leave-to-remain

Thanks all for the replies - helpful info 

If you plan to wait a year after getting ILR, anyway, I would strongly second Larrabee's suggestion that you get citizenship before your move, particularly in light of your plans to come and go.