DanSolihull

Hi, I've been here since March but have kept my current account open in the UK for a few bills and also for when I visit the UK and as a contingency if ever anything went wrong. It is earning absolutely nothing in interest and I am now also thinking about moving some money back for a future property investment in the UK. What is the best way / best account for this? Cheers

commonwealth

invest in Australian Dollars?

Grayling

Bear in mind that any money kept overseas in an interest paying account or in a foreign currency may be liable to CGT if you are an Australian taxpayer.

OzTennis

Martin Lewis aka Money Saving Expert is often the best source of information for lowest prices, deals, insurance and banking in general.

http://www.moneysavingexpert.com/banking/

It goes without saying that it depends on how much, how long to invest for, whether it's non-tax paying in an ISA and so on.

Quinna

If you need the money quickly ING offers the good rates and instant internet access to your funds. Thats who I use and I have two in different countries. What ever you do though, do not shut down your UK account even if you have to pay annoying recurring fees. Unfortunately I learned the hard way because there will be times when it becomes real handy and you cannot open a new one from Aus.

DanSolihull

I was meaning a UK savings account but with decent interest rate (not just a current account), not sure about the tax implications...I'll be living and working in Australia but am a British citizen born and bred in England and want to split the risk on my savings (save up some ££ in the UK as well as some $$ over here).

killerhales

It's not a proper financial thing to do, but we invested in Premium Bonds before we returned. A bit of fun, I think we earned about 1.5% with small wins but we could have won a million! Easily cashable and indirectly a way of supporting the UK.

Of course we would have declared our winnings had we won big!!

Quinna

With regards to tax, you just have to pay the tax for the country where you are deemed to be a resident. Australia and the UK have a treaty which means you only need to pay tax in one country. In terms of income tax it can work to your advantage quite nicely because the tax year year in Australia ends June 30.

northernbird

You still need to declare the money in the UK though.

EvannTel

Exactly what risk are you trying to mitigate? That might help with advice

Ballys

Gold Bullion VAT exempt, unlike Silver

renth

Nice. I also heard that certain coins like Sovereigns and Britannias that are legal tender are also exempt from capital gains tax.

RedDragon2008

That is with perm residency