bartender

Hi
Help!! I'm at the point where I am trying to get info on removal firms, what to take or leave, how to deal with pensions, etc. Lots of different viewpoints, but don't know anyone else going through it or having done it all. I'm totally confused!
Anyone have any answers, advice, suggestions, more questions????
George

jajpe

hi bartender,
sorry i can't really answer any of your questions but i want to add one of my own and also pop yours back up to the top again for someone who knows!

mine is about the settlement funds we will lodge in nz. are they taxed in any way or due any other big charges/fees we should know about?

will appreciate the answer to this. especially inertested in case we have to lodge it twice ie once to have it assessed by nzis and then again when we go! many thanks

bartender

Hi Jajpe
Don't know the correct answer to your question, as I don't need settlement funds for the extra two points. However, I recall being told that you don't pay tax on resettlement money.

Which brings me to the next follow-on quesyion to yours, do you have to pay tax on any/all the money you bring with you to NZ?? I have a house to sell here in London, which will give me considerable (in UK terms) funds over there. Is there a minimum/maximum that you are allowed to take over before it is taxed? Or is there no limit if you are emmigrating?

George

arthurm

you can bring as much as you like without it being taxed.

you'll be taxed on the interest it earns if you put it in the bank here.

Don

To add to that: the NZ withholding tax will only be 2% on the interest you earn if your bank has approved status to levy non-resident withholding tax. Obviously this does not continue when you become resident. If you don't get this permission, withholding tax levied on interest will be much higher.

But according to UK law you should also declare any income on your UK tax return.

Confirmed: you can bring as much money as you like to NZ without being taxed.

Cheers - Don

bartender

Thanks for that - one worry off my head. But if I leave money over here, you say I get taxed on it over in NZ? I was thinking of leaving a slush fund for my yearly visits back - and to see daughter through college. Would I need to declare this?

George

Don

NZ taxes you on worldwide income, incl UK income such as bank a/c savings interest.