kakadu chris

Hi

I trying to find out about leaving money back in the UK from
my house sale and if it is taxable when I transfer it to Auss.

I am off to Perth on the 7th of march and I intend to leave most
of my money in the Uk until (hopefully!) the exchange rate gets better.

I beleive that the rules may have changed recently.

From what I can work out you must transfer it from a bank account
that has been open prior to the 1st of july 2003. see this article:

www.gomatilda.com/news/article.cfm?articleid=327


The question that I have is:

Can I keep the money in my ING account when I leave and then transfer it
to my main HSBC account, just before I need to do the transfer via hifx.??

Or Is better just to leave it in the HSBC account (earning liitle interest)??

thanks for any advice

Chris

smood

That is a bad news post if it is true. I am in a similar position as you. My house has just gone on the market and when sold I will be moving to aus very shortly after. I have a friend in the financial sector in Sydney, so i will contact her about this and maybe she can confirm or deny it.

If I can find anything out I will let you know. Hopefully someone who has recently transferred a large sum will read your thread.

kakadu chris

I would apprecaite it if you could have a word with your friend and post a reply or send me a pm

thanks

Chris

bert-doozer

I am also interested in this, so please post on here

TVM

Stu

Brizbound

From what I understand (and I am not an advisor!) any tax liability that could arise is merely on the GAIN in the value. That is to say that the transfer of the money itself is tax free but if the exchange rate has moved from say 2.5 to 2.6 on £100k from when you became resident to when you move it to OZ then your $ value would have increased by $10k. It is this $10k that MAY attract some tax not the whole $260k.

However as mentioned I am not an advisor and may have absolutely no idea what I'm talking about and you must seek proper professional advice etc etc.

cyclemark

As with many questions on this forum, this usually gets discussed every week or so, so do a quick search and I'm sure you'll find some more information.

ABCDiamond

You are correct on that point It would only be on any Gain from the original value in A$ at the time you become resident here.