carlosthegerbil

Hey all,

This may bore some people to tears, and i apologise if it does but, but I was wondering if any of you left or are leaving money in the UK when going over to Oz, and in which case, how did you invest it?

I have been advised to leave some money back in the UK 'just in case' so we will be leaving about 10% of our house sale money here and obviously I want it to work as hard as possible for us while we aren't touching it.

I have been scratching the surface of offshore investments and high yield this and that, but haven't committed to anything yet, just looking for advice from anyone who has already been there really.

Thanks in advance!

ctg

esperanza

Find a high-paying ISA - you can't pay extra in to an ISA once you are non-resident (assuming you declare yourself non-resident) but you can put it all in before you leave (especially at this time of year, because as a couple you get an allowance each of £3000 cash or £7000 shares-based, and you can use your 06/07 allowance and your 07/08 allowance right next to each other - means you can put £12000 into a tax-free savings account)
Technically you are supposed to declare the earned interest and the australians might then tax you on it, but how would they know if you didn't declare it....? Suppose it might be an issue if you then wanted to bring the money across to Australia.
I'm leaving my money here in an ISA though!

marco121068

Hardly the 'good character' you declared on the visa application.

northernbird

www.nationwideinternational.com

We use these guys and have never had any problems.

esperanza

Well I'm not talking about masses of money. Plus it's in the UK, wasn't earned in Australia, interest not paid in Australia, won't be spent in Australia.... I don't think they have any right to tax it!! (And usually I would say 'you can't pick and choose which laws you follow'.... so I haven't actually decided what to do yet. But I am very tempted to just leave it there and keep quiet.)