jerzy

This question seems to have been asked several times but I've not actually seen an answer.

Does anyone know if there are any tax rules/implications of leaving a largeish sum of money in a UK bank account.

We will have the proceeds from our house sale (£100+k) but don't intend on buying a house in Oz until we've settled. We will rent for a period, maybe up to 2 years.
I don't want to incur unnecessary conversion charges, or get caught if the exchange rate dives, until we're sure we need the money in Oz.
I assume we'll get taxed on any interest we make but will we be liable to Oz capital gains tax when we come to bring the money into the country if we leave it too long ?

Thanks in advance to anyone who replies.

seang

alittle starting info

http://britishexpats.com/forum/showt...hreadid=235111

Grayling

Hi
You would be taxed on any interest earned.
You would also be liable for tax on changes in exchange rates.
Alan Collett has posted a thread about this today. Look further down the page.
I am not sure about the implications of moving over a large sum of money later on.

Good luck

G

jerzy

Thanks,

Hadn't spotted Alans post and it hadn't shown on my searches but it is well worth a read and answers my particular question perfectly.

Thanks Alan.