NikiL

We moved in September and got 2.10, 3 weeks later there was a very brief blip where it hit 2.5, then 2.7 for a few days.

Like moneypenny said earlier there's enough to stress about with the move, the exchange rate is what it is when you need to move the funds. If you decide to sit and wait you pay tax on the gain after 6 months (yes, thats only tax on the increase between when you move physically and when you move the money, but its still an increase in the gamble).

Personally, unless 60% of the difference between what you can get now and what you think you might get is going to make a massive difference I'd move it now. The rate is what it is, and 2.6 is going to be a rarity for a while - the UK economy is going to be fubared for some time.

brendarover

Its far more stressfull working long hours, earning what you could have got for free if you had waited for the exchange rate to improve, i tell yeh, work versus waiting, there is no debate there my friend. On a £100k, waiting for 2.5:1 from the current level of 2:1 is $50k.

What a load of tosh, complete and utter lies, no truth in that statement.

But just in case, just for comparison, i read another thread on here. What would you rather have, nothing, no money, no extra cash, or $50k minus say 20% tax on the forex gain, so $40k in you skyrocket?


I ask again nowt or $40k for waiting a while, answers on a dollar not!

louie

What makes you say that? Do you have a link to somewhere on the ATO site that says you don't pay tax on foreign exchange gains?

brendarover

Give me a link to tell me its true?

Do your own research my friend, call up the ATO, see what thye say, but one thing, watch how you word it correctly.

If you put enough effort in, you find the answer young jedi!

Its a debate similar to Oz house prices, i could be on here all day and night, it just ain't worth the hassle.

Twinset

Anyhows, 2 bucks to the pound makes the maths simple...and my wage looks healthier when you think in pounds.......

LouiseR

We'll be waiting for the exchange rate to go up. We now earn and live on Aussie dollars, so the sterling that is the UK has no bearing on us so we can afford to wait till the exchange rate goes up.

If it takes a year or 18 months or whatever we'll still wait till the minimum we want is reached. WIth the tax issue after a recent thread I've had a look into it and we'd still make more on the exchange than we'd pay in tax so well worth it in my opinion. Oh and meanwhile I'm earning interest on it in the UK as well

brendarover

Nice one Louise, great outlook, do your research, minimise or numb any tax take! You have the attitude of a winner! Be happy!

eugene43

Get a life please

brendarover

Your name is EUGENE AND YOUR A

Occupation: dental technician

Desert Island me and you, no thanks Eugene, rock'n'roll!

ABCDiamond

I assume if you do not 'watch how you word it correctly' you end up paying tax on foreign exchange gains?

Those with knowledge can often get around almost anything...

sr71

If any of us were actually that good at predicting exchange rates we'd be a lot richer than we are.

chilliman

I second that if we all had crystal balls we would all be millionaires!!

Twinset

I think you mean "Get an accountant......"

JimHennington

I couldn't agree more. For every person who thinks it's going to go up, there is another person who thinks it'll fall further.

That is the nature of anything that's a market. The market price reflects the average opinion on what everyone thinks is fair! If it were ever "wrong", the very big boys would act on it before you or I would even know.

mr mover

Well if i was a "hedger" comparing the UK pound , based on a financial sector, turn around .
With the Aust $ based on a Commodities ,turn around.............mm