SuperSeagulls

And what happens if you don't (not saying I wont of course!!)?

SS

CreditCardKing

Nothing. You may feel a little guilty and have problems sleeping. Once you start breaking the law where will you stop maybe you will start killing people next. Tax evasion is a serious offence if you get caught you will have to pay back the tax that you should have paid anyway plus some interest and also maybe a small fine.

worzel

If by some chance they find out you would presumably get a large tax bill backdated for years, interest added on top and possible legal action or even the cancellation of your visa.

Alternatively the Finance Minister may give you an important role like head of the bank of australia

Techno Freak

I'm confused again......

To simplify it, forget the ISA wrapper. Say I bought £10,000 of units in a unit trust, On day one the trust is worth £10,000 ( less set up fees and charges ).

Now, this trust is a fixed amount of units the value of which can go up or down, it does not pay an income or interest as such. Only the pot value fluctuates like any cocommodity|_
So, in 5 years I move to Oz and the trust is worth say £15,000 but I leave it in the UK. Do I declare this pot?

It may be worth £16,000 a year later - do I pay the Oz taxmtax man cut of the £1000 difference for that year?

What about a year after that when the value has plumeplummeteday £11,000 - I doubt the taxmantax man give me the difference back?

I don't see how a fund of this nature is any different to a house. If you move to Oz and keep your UK home then you don't pay tax on the increase in value of your home - only any income from it. As the fund is a fixed asset and will not be paying an income then is it the same situation?

Thanks.