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converting GBP to NZD

converting GBP to NZD

Old Mar 9th 2010, 5:26 pm
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Default converting GBP to NZD

Hi
Does anyone know if there is a time limit for people to convert GBP to NZD as i was told you get taxed on your GBP funds after a certain time. We were thinking of leaving it in our offshore sterling account until the rate improves, not that we're going for another two years so hopefully by that time we won't have to worry too much about the low rate.
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Old Mar 9th 2010, 7:37 pm
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Default Re: converting GBP to NZD

Originally Posted by fitzandindiana View Post
Hi
Does anyone know if there is a time limit for people to convert GBP to NZD as i was told you get taxed on your GBP funds after a certain time. We were thinking of leaving it in our offshore sterling account until the rate improves, not that we're going for another two years so hopefully by that time we won't have to worry too much about the low rate.
Had not heard that. All your capital for your new life in NZ is bought here tax free. There is also a tax break for the 1st 4 years on any offshore earnings whilst resident in NZ for those who have recently arrived..however we have learned that if you take up this option you cannot claim tax credits....something you get if you have kids and you are asa household sub c$90K..the less you earn and the more kids you have the more you get. Check out www.ird.govt.nz
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Old Mar 10th 2010, 6:10 am
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Default Re: converting GBP to NZD

Originally Posted by fitzandindiana View Post
Hi
Does anyone know if there is a time limit for people to convert GBP to NZD as i was told you get taxed on your GBP funds after a certain time. We were thinking of leaving it in our offshore sterling account until the rate improves, not that we're going for another two years so hopefully by that time we won't have to worry too much about the low rate.
The previous poster was correct, tax free period is 4 years on overseas income. Even if you needed to keep it longer, tax shouldn't effect it as it would be the income from the overseas investment that became taxable, which is no different if you brought it over to NZ.

With GBP continiung to trade at a lower and lower levels against the NZ$ who knows what might happen. The low of $2.50 that started a seperate thread on this or another forum seems like dreamland at the mo
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Old Mar 10th 2010, 12:51 pm
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Default Re: converting GBP to NZD

Thanks for your replies, lets hope in all that time it can reach 2.50 again! We can dream anyway
Where abouts in Sheffield are you from? We used to live in Sheffield before moving to Isle of Man 11 years ago.
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