Taking ISA's, PEP's & Endowment Policies to Oz
Dec 6th 2003, 6:45 pm
#1
Forum Regular
Thread Starter
Joined: Feb 2002
Location: Melbourne
Posts: 121
Taking ISA's, PEP's & Endowment Policies to Oz
Hi All,
Does anyone know if you are able to take PEP's, ISA's and Endowment policies to Oz?
If so can you continue to pay into them whilst in Oz?
Any advice would be appreciated.
Regards
Colin
Does anyone know if you are able to take PEP's, ISA's and Endowment policies to Oz?
If so can you continue to pay into them whilst in Oz?
Any advice would be appreciated.
Regards
Colin
Dec 6th 2003, 6:54 pm
#2
Happy Daddy
Joined: Aug 2003
Location: Dodgey West Midlands , UK
Posts: 1,312
Re: Taking ISA's, PEP's & Endowment Policies to Oz
Hi colinmorgan,
this onw has been asked before.
You can keep them, but in oz you are taxed on any increase they make. (they don't have tax fee savings outside Oz)
I think you would be better off cahing them in.
On of the more financially aware can give you a better answer.
Bye
Markeh
this onw has been asked before.
You can keep them, but in oz you are taxed on any increase they make. (they don't have tax fee savings outside Oz)
I think you would be better off cahing them in.
On of the more financially aware can give you a better answer.
Bye
Markeh
Dec 6th 2003, 7:03 pm
#3
Loving it in Bundy
Joined: Sep 2003
Location: Bundaberg, Australia
Posts: 1,775
My dad, who sold me my endowment has advised that I don't cash it in just yet but to leave enough money in a Uk account to pay for it for at least 2 years. But this may be because it's only been running 5 years. At the moment it is worth nothing, but yours maybe, depends how long it has been running.
Sarah
Sarah
Dec 6th 2003, 8:19 pm
#4
Just Joined
Joined: Dec 2003
Posts: 5
Re: Taking ISA's, PEP's & Endowment Policies to Oz
[QUOTE][i]Originally
Hello mate
used to be a financial advisor but i may be a little out of date. the endowment should be fine but the tax free peps and isas may be a different story.
You can still contribute to your endowment but need to weigh up its worth.....we are cashing in based on needs right now, the market, value etc but if you are past 5 years or more it oculd be worth keeping?
Have a look at www.thisismoney.co.uk there is a forum on there with far more up to date specialists!
S-A
Hello mate
used to be a financial advisor but i may be a little out of date. the endowment should be fine but the tax free peps and isas may be a different story.
You can still contribute to your endowment but need to weigh up its worth.....we are cashing in based on needs right now, the market, value etc but if you are past 5 years or more it oculd be worth keeping?
Have a look at www.thisismoney.co.uk there is a forum on there with far more up to date specialists!
S-A
Dec 6th 2003, 10:38 pm
#5
Joined: Aug 2003
Posts: 11,149
PM Alan Collett who is a tax accountant and knows the ins and outs of both systems from an emigrants point of view.
The IR advised the institutions that held my ISAs that I was not allowed to contribute any more to the ISAs. I have sold my ISAs. The ISAs are a good tax tool if you are resident in the UK but any income derived (as with most income derived in the UK) is taxable in OZ.
Anyhow you might have things like pensions etc to think about so good advice from someone like Alan could save you heartache in the future. UK financial advisers have been known to offer advice that gives a big Aussie tax headache further down the line.
The IR advised the institutions that held my ISAs that I was not allowed to contribute any more to the ISAs. I have sold my ISAs. The ISAs are a good tax tool if you are resident in the UK but any income derived (as with most income derived in the UK) is taxable in OZ.
Anyhow you might have things like pensions etc to think about so good advice from someone like Alan could save you heartache in the future. UK financial advisers have been known to offer advice that gives a big Aussie tax headache further down the line.
