Transferring funds back to the U.K
May 23rd 2006, 2:25 pm
#1
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Transferring funds back to the U.K
The oldies have at last sold their house here and are setting off to sail back to the U.K in a couple of weeks. Pop has been worrying about how to get the proceeds of the house sale back home preferably without incurring any major tax problems here or in the U.K as he'll be stuck in the Indian Ocean en-route for a few months unable to be contacted by normal means.
As I see it he's going to cop a tax bill somewhere. The U.K tax office still count him as a resident, Australia views him as a visitor [4 yr retirement visa]
He has to leave in a couple of weeks to give him time to beat the cyclone season later this year yet the house sale doesn't complete until the end of July.
..........................
I suggested leaving it all to me for a leaving party
As I see it he's going to cop a tax bill somewhere. The U.K tax office still count him as a resident, Australia views him as a visitor [4 yr retirement visa]
He has to leave in a couple of weeks to give him time to beat the cyclone season later this year yet the house sale doesn't complete until the end of July.
..........................
I suggested leaving it all to me for a leaving party
May 23rd 2006, 2:32 pm
#2
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Joined: Dec 2003
Location: Adelaide - South Australia
Posts: 1,820
Re: Transferring funds back to the U.K
Originally Posted by cresta57
The oldies have at last sold their house here and are setting off to sail back to the U.K in a couple of weeks. Pop has been worrying about how to get the proceeds of the house sale back home preferably without incurring any major tax problems here or in the U.K as he'll be stuck in the Indian Ocean en-route for a few months unable to be contacted by normal means.
As I see it he's going to cop a tax bill somewhere. The U.K tax office still count him as a resident, Australia views him as a visitor [4 yr retirement visa]
He has to leave in a couple of weeks to give him time to beat the cyclone season later this year yet the house sale doesn't complete until the end of July.
..........................
I suggested leaving it all to me for a leaving party
As I see it he's going to cop a tax bill somewhere. The U.K tax office still count him as a resident, Australia views him as a visitor [4 yr retirement visa]
He has to leave in a couple of weeks to give him time to beat the cyclone season later this year yet the house sale doesn't complete until the end of July.
..........................
I suggested leaving it all to me for a leaving party
Alternatively - and this is only to be considered with someone you trust - how about doing a private transaction with someone who's heading out to Oz.
May 23rd 2006, 8:30 pm
#3
Joined: Jan 2005
Location: Asia Pacific
Posts: 4,922
Re: Transferring funds back to the U.K
Ozforex will handle any buying of GBP with AUD. Its very easy. Just contact them and have a chat. They are good.
As to the tax situation he should speak to an accountant knowledgeable in australian and UK tax law. If done properly there is no need to pay tax on the proceeds of a house sale. There are a number of factors also - if this is his primary residence or a second home, also just because its a temporary visa you can still be non resident in the UK for tax purposes. The situation is can be quite complex and my own tax affairs were a nightmare. However - saved me 1000's getting advice and well worth it.
As to the tax situation he should speak to an accountant knowledgeable in australian and UK tax law. If done properly there is no need to pay tax on the proceeds of a house sale. There are a number of factors also - if this is his primary residence or a second home, also just because its a temporary visa you can still be non resident in the UK for tax purposes. The situation is can be quite complex and my own tax affairs were a nightmare. However - saved me 1000's getting advice and well worth it.
