Fishy

Am I right in thinking that if we leave money in UK bank account and become non resident the interest earned will be interest free?

Jeeper

I assume you meant tax free?

I don't know about UK but for kiwi's leaving NZ you become non-resident and pay a non resident tax rate on the interest earned....which is a much lower tax rate.
Alternatively you can claim tax back at end of year (although better not to give them tax unneccessarily in the first place).

Pompey_Paul

Your best UK investment might be a UK house or flat...get rental income and UK house price inflation.....gotta be worth between 5 - 10 % per annum............and no that bubble is not about to burst no matter what the Gov try to do........its a demand thing

Mind you it looks like Blair is about to bring in (what equates to the old window tax) extra council tax if you have the following:

Sea view
Country view
Patio
Conservatory

Madness they call it Madness and it must be madness......)and so on and on to a ska beat)

deedee

sounds like a good investment plan, especially when you can get 10% in NZ without doing anything other than parking your wallet

auldduck

No - you are liable to tax in both the Uk and in NZ on any interest earned, not declaring it can be a criminal offence.

cheers - Quackers

Pompey_Paul

Thats if you bring it in to NZ i imagine..........

uk+kiwi

No - you will only be liable for tax in one country. Normally you would choose this to be NZ if that is where you are resident - they will thus charge interest on global earnings to include interest from UK savings/investments, but will be based on you telling them. However if you withold this info. then it is a criminal offence.

However remember that in the UK you have the c. 5k tax threshold which does not apply in NZ so you may wish in fact to be a UK resident for tax purposes, although if NZ keeps its comparatively high interest rates it would be better to have the money in NZ earning interest which would be liable to tax there. Of course I assume the reason for the question is to await a softer dollar for currency conversion.

Pompey_Paul

You girls are the AIM!