What happens to a Cash ISA when moving to Oz?
#16
BE Forum Addict
Thread Starter
Joined: Jan 2004
Posts: 1,818
Re: What happens to a Cash ISA when moving to Oz?
Originally Posted by JAJ
You'll need to declare the interest for Australian tax.
Jeremy
Jeremy
SS
#17
Forum Regular
Joined: Feb 2005
Posts: 90
Re: What happens to a Cash ISA when moving to Oz?
Originally Posted by SuperSeagulls
And what happens if you don't (not saying I wont of course!!)?
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Last edited by CreditCardKing; Dec 11th 2005 at 10:49 am.
#18
Re: What happens to a Cash ISA when moving to Oz?
Originally Posted by CreditCardKing
Nothing. You may feel a little guilty and have problems sleeping.
Alternatively the Finance Minister may give you an important role like head of the bank of australia
#19
BE Enthusiast
Joined: Jul 2005
Posts: 617
Re: What happens to a Cash ISA when moving to Oz?
Originally Posted by JAJ
You'll need to declare the interest for Australian tax.
Jeremy
Jeremy
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.