podgster

Hey all, after some helpful information/guidance.
Living in Perth, currently getting divorced,I sold my uk house last year, had a uk bank account so Deposited the proceeds into a saving as account. But because I was'nt funding the current account they started charging me, so I closed the accounts and moved all my money to a uk joint bank account (was my wifes but she put my name on it when we married). Now I'm getting divorced I need somewhere to put this considerable amount of money.
Not sure I wanna exchange it and bring it over here as the rate is low, and financially I dont really need to - unless its financially gaining to me, hence need convincing.
I cant (I dont think) open a new bank account in the uk without a permanent uk address and proof.
If I transfer it to my fathers uk account, does anyone know how that would affect say Capital Gains Tax? Or Gift tax? Or his pension (hes retiring this year)? . Your only allowed to give someone so much money per year as a Gift I think? which Is what it would be classed as I guess, then He'd give it back to me when I want it
Maybe offshore account?

Any help would be gratefully appreciated
Thanks

knockoff nige

Can you just take full ownership of the account its in? Is your ex wfie in the UK? If so, she could surely setup a new account for herself.

Bermudashorts

There is no such thing as gift tax and you can't have a capital gain on pure cash, it can only accrue interest. Still I think it is messy to put it in your father's name, potential IHT issues so I would avoid that.

Obviously too late for you now, but it really is worth keeping a UK bank account as it will be difficult to open one now. How about opening a GBP account in Australia? Then at least you can put off the potential exchange rate blow.

Kiwipaul

+1

HSBC operate one. Intrest rate they pay is cr@p but no bank charges.

podgster

thanks for the replies

yeah inheritance tax was what i was thinking not capital gains and was worried how messy it could be

No she still in Aus other wise I would have asked bout me taking the account

As I thought I'm pretty sure the only options are either offshore or the AUS GBP account

KJCherokee

If the money is in a joint account you may well find it difficult to prevent your (ex) wife taking half of it, particularly if you are divorcing under Australian law - and her lawyer could have a field day if you tried to move it out to hide it from her.

Alan Collett

I'll send you a PM with contact details for the NAB in the UK.

I understand they can help with the opening of a UK bank account through their links with Yorkshire Bank and the Clydesdale Bank.

Best regards.

podgster

Yeah thanks for the reply, luckily she decided not to take half (seeing as she wasnt morally entitled to it and she also as a house in the uk) so its all been court agreed, however before this it was 'hijacked' out of the account and put in her mothers uk account (very clever - wish id have moved it earlier) to act as bribery to make sure I accepted the financial deal , otherwise she was gonna walk with it
Thanks