Fitterjo

What CGT/Tax/Exchange rate transfer penalties would we get charged for the below mentioned 3 scenarios’


1. Sell our house here, leaving the money in UK bank,thenmoveto OZ with the intension of transferring the money in 1 to 2 years.

2. Rent house out for 1 year then sell and transfer money to OZ

3. Leave house empty for 1 year then sell and transfer money to OZ

We would be renting a house in OZ and would be Australian tax payers shortly after getting there.

Has anyone other ideas to get the most out of your money when moving to OZ

Any help much appreciated.

spottydog

With Tax matters it is really best to seek paid for professional advice. Alan Collett, the agent who posts on here, understands international tax or knows a man who does

carlap

be careful of leaving money in the uk, you will get addicted to the exchange rate demon and it can make you feel sick inside. We sold up and missed out on the spike 10 months ago. Thinking it would only get better, left the money in the uk. Now as the rate spirals downwards we won't change otherwise it locks in the ''loss'', but still it plunges ever downwards. There is talk of the banks losing their AAA credit rating and a hung election - making it worse.

We have missed 20% house price increases here. Even interest rates are up to 6% here for a one year term.

It is starting to make me feel like we have to go back to the UK to get anything from it. I know somew will say just change it and get on with your life and maybe we will at some stage.

JAJ

Why do you assume you will be "charged tax"? - you might very well make a loss if the exchange rate gets even worse.