Tax on UK endowment policies
Oct 15th 2003, 11:12 am
#1
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Joined: Feb 2003
Posts: 4
Tax on UK endowment policies
Can anyone work out how to play by the rules on this - the ATO don't make it easy!
I have trawled through all the info in Foreign Investments Guide and as far as I can see I must have an "opening value" in order to calculate my tax liabilities on my uk endowment policies. All I can find on statements is the "Sum assured and guaranteed bonus so far" figure which I think is the closest I can get to an opening value.
Has anyone worked this out.
For anyone who is in the process of coming over I would suggest getting good financial advice BEFORE coming - I didn't and I'm regretting it. Seems to me you are best off cashing in almost all uk investments before coming and planning to move pensions over here ASAP.
I have trawled through all the info in Foreign Investments Guide and as far as I can see I must have an "opening value" in order to calculate my tax liabilities on my uk endowment policies. All I can find on statements is the "Sum assured and guaranteed bonus so far" figure which I think is the closest I can get to an opening value.
Has anyone worked this out.
For anyone who is in the process of coming over I would suggest getting good financial advice BEFORE coming - I didn't and I'm regretting it. Seems to me you are best off cashing in almost all uk investments before coming and planning to move pensions over here ASAP.
Oct 15th 2003, 12:34 pm
#2
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Endowment Policies and the FIF Rules
David,
Note that in determining the market value you can use a buy back value if the FIF isn't listed on an approved stock exchange => ask the life company for a surrender value as at the date you arrived in Australia and as at 30/06/2003.
Best regards.
Note that in determining the market value you can use a buy back value if the FIF isn't listed on an approved stock exchange => ask the life company for a surrender value as at the date you arrived in Australia and as at 30/06/2003.
Best regards.
