Sending house funds to UK
Feb 3rd 2010, 4:28 am
#1
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Thread Starter
Joined: Jun 2006
Posts: 200
Sending house funds to UK
Hi All,
Have searched threads on this topic and have got some good advice but I just wanted to ask this specific question:
We just sold our flat in Melbourne and return to London later this year for 18 months. Given the good forex rate at the moment we are considering sending the full amount to the UK. Note we dont need this money as we will be renting in UK and it would just be going in a term deposit.
We have taken care of capitol gains tax etc and know about the tax on profit through forex deals.
Apart from that though, is there any regulations we have to meet to move this money? It just seems wierd wiring so much money to my current account in the UK. Will it raise suspicions etc?
Cheers
Matt
Have searched threads on this topic and have got some good advice but I just wanted to ask this specific question:
We just sold our flat in Melbourne and return to London later this year for 18 months. Given the good forex rate at the moment we are considering sending the full amount to the UK. Note we dont need this money as we will be renting in UK and it would just be going in a term deposit.
We have taken care of capitol gains tax etc and know about the tax on profit through forex deals.
Apart from that though, is there any regulations we have to meet to move this money? It just seems wierd wiring so much money to my current account in the UK. Will it raise suspicions etc?
Cheers
Matt
Feb 3rd 2010, 4:37 am
#2
BE Forum Addict
Joined: Mar 2009
Posts: 1,289
Re: Sending house funds to UK
Hopefully you will use a registered Forex broker. We used Ozforex.
Feb 3rd 2010, 4:39 am
#3
Forum Regular
Thread Starter
Joined: Jun 2006
Posts: 200
Re: Sending house funds to UK
Thanks. I use ozforex too. I couldnt find any reason for it not to be ok legally, I just thought it would raise suspicions when halifax suddenly get hundreds of thousands (aud) into a current account that hasn't been touched for 2 years lol!
Feb 3rd 2010, 4:47 am
#4
BE Enthusiast
Joined: Jul 2004
Location: Perth, WA
Posts: 743
Re: Sending house funds to UK
Hi All,
Have searched threads on this topic and have got some good advice but I just wanted to ask this specific question:
We just sold our flat in Melbourne and return to London later this year for 18 months. Given the good forex rate at the moment we are considering sending the full amount to the UK. Note we dont need this money as we will be renting in UK and it would just be going in a term deposit.
We have taken care of capitol gains tax etc and know about the tax on profit through forex deals.
Apart from that though, is there any regulations we have to meet to move this money? It just seems wierd wiring so much money to my current account in the UK. Will it raise suspicions etc?
Cheers
Matt
Have searched threads on this topic and have got some good advice but I just wanted to ask this specific question:
We just sold our flat in Melbourne and return to London later this year for 18 months. Given the good forex rate at the moment we are considering sending the full amount to the UK. Note we dont need this money as we will be renting in UK and it would just be going in a term deposit.
We have taken care of capitol gains tax etc and know about the tax on profit through forex deals.
Apart from that though, is there any regulations we have to meet to move this money? It just seems wierd wiring so much money to my current account in the UK. Will it raise suspicions etc?
Cheers
Matt
Interest rate for term deposit sucks in the UK. Would you not get a far better rate in a term deposit in Australia ?
Feb 3rd 2010, 4:50 am
#5
Forum Regular
Thread Starter
Joined: Jun 2006
Posts: 200
Re: Sending house funds to UK
We've thought about that but the rate is to come up in the UK as property interest rates rise, and we aren't too sure what will happen in the future. I'm from the UK and wouldnt like to leave it here only to find out in 3 years i want to stay in uk and the fx rate is now 35p and the amount in pounds has therefore almost halved.
Feb 3rd 2010, 5:27 am
#6
BE Enthusiast
Joined: Jul 2004
Location: Perth, WA
Posts: 743
Re: Sending house funds to UK
We've thought about that but the rate is to come up in the UK as property interest rates rise, and we aren't too sure what will happen in the future. I'm from the UK and wouldnt like to leave it here only to find out in 3 years i want to stay in uk and the fx rate is now 35p and the amount in pounds has therefore almost halved.
, I'm waiting to bring funds over to Oz from England, but only when the fx rate improves.
Feb 3rd 2010, 7:29 am
#7
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Joined: May 2004
Location: Umina, NSW
Posts: 2,453
Re: Sending house funds to UK
Why would you need to pay capital gains tax anyway unless its not your only property of course and if not why on the exchange rate. If you are returning to live in UK then you are entitled to move it over there its not like you moved money over here, banked it then moved it back at a favourable time. You sold a house. Of course I find tax a mine field and have no idea really but my understanding is if its you only residence you are selling and its the one you lived in, no tax is payable.
Jo
Jo
