Genesis

Yeah right.

Agree to move pensions from the UK because it was all tax free under an NZ govt. approved QROPs scheme.

IRD come up with a plan to shaft those who have ALREADY moved said pensions who thought it was tax free. 'Retrospective taxation' they call it and it is legal.

So we find ourselves awaiting a bill from the IRD. Irrelevant it will be less than it could have been due to the shite forex that apparently will work well for those who have been retrospectively shafted, we should not be taxed for something we were told would be tax free....not a cent.

The shit thickens.

Apparently we need to 'assess' the value of the pension upon arrival into NZ so they can work out the difference of the value when it arrived in NZ, it is known as the 'greater shafting valuation process' herein known as the GSVP.

Got in touch with NHS pensions UK and they can do a 'hypothetical valuation' also part of the above mentioned 'GSVP'...its only going to cost us 384 GBP.

NZ has been so good to me I thank my lucky stars every day I am here that I live in this fair land of milk and honey. I hope who ever typed those stupid words on a post about me can now see the truth.

NZ has not been good to me, not a tiny bit. I have been good to myself. I worked hard in the UK and bought a load of money over for my new life in NZ which incidently the finance house took a large part of because of NZ's inability to reign in the finance house business, they called NZs total and utter lack of care in this area the 'wild west of the fiscal world' at the time.

Hmm, NZ's been so good to me.

Catchafire

http://www.iexpats.com/2012/11/ambig...s-from-the-uk/

The country’s tax authority has also told us that the tax implications are to be retrospective.
However, the IRD admits that there remains ambiguity whether certain schemes, including QROPS transfers from the UK to New Zealand, can be taxed under current legislation.

So nothing has been set in stone.

Yup the finance house debacle must have been a huge blow and you have my sympathies. But what was the attraction vs a bank deposit account. I seem to remember at the time, the interest rates where not so different.

Everyone knows that there is more risk inherent with a private corporation vs a bank.

You can probably tell me to f*&^ *&&, but from what I understand, you have a decent income, nice house, healthily happy kids, live in a decent area. I am sure there is about 98% of the worlds population who would give anything to have what you have.

So, you lost some money.

Not the end of the world or is it?

Assanah

Well, and that is really sad. You simply can't trust this country with your money precisely because nothing is set in stone. Everything and anything is up for grasps if the government wants it to be.

GoingIn2011

That's true of anywhere frankly. I've been royally shafted by the UK gov too. Gordon Brown to be precise.

Genesis

Nope its not the end of the world. My point was regarding the 'stupid' comment that NZ has been 'kind to me'. NZ has caused me much grief as it happens thru mal administration, efforts by the IRD to shaft us in hindsight and a whole lot more I won't bore you with. I may have a nice house but due to the leaky home debacle it is unlikely I will ever sell it at its market rate. While it does not leak you know the saying 'if it walks like a duck....

The leaky home saga again was poor everything by NZ authorities. Poor workmanship, poor inspection, poor building regs., poor choices by govt regarding changing this that and the other about the building code, etc, etc.

So when someone makes a sweeping and wholy unture statement about NZ's friendly and benign nature regarding my lot I take my right of reply..especially after finding out about the 384 pound charge today I may have to lay out if they manage to change the goal posts.

Genesis

Don't think I was ever shafted in the 45 yrs in the UK like I have been in the short 8 years I have been in NZ. Not anywhere like it. NZ really is the 'wild west'.

Woodlea

You live in far better circumstances than you did in the UK as you have told us time and time again. So you've lost a bit of dosh, so what? Haven't we all? You came from the arse-end of Northants....you really need to appreciate what you have gained and stop whining on about what you have lost. I don't want to get personal and have sympathised with you in the past but I just get fed up with your blame culture attitude - move on bud, get a job, do some volunteering when the kids are at school and feel the love in the country

scottishstacey

I can understand that your going through a bad time, bringing money over is a difficult time for a lot of people at the moment. You mentioned possibly coming back to the UK, have you thought more about doing that?

I was reading older posts on the forum today, was really interesting seeing everybodys stories from the past since im quite new on here compared to others. Your posts were all very positive, so if things have changed and your shit bucket outweighs your good one then maybe its better to think of a new place before you get older and feel like you cant move. Just my view

marblep

Genesis - do yourself, your wife and your kids a favour and go back to the UK. It's where you want to be.

I am so sorry for what you've been through. But shit, you are so bitter. You 'espouse' that being a stay at home dad is great. I don't think so. You are so angry. You sure as hell don't seem to like it.

northeastlad

That is absolutely sh*t! It's yours, you didn't earn it in NZ - they SHOULD NOT tax it! I think taxing pensions is just legalised theft anyway!

Genesis

This is not about what I lost..it is my repost to some one who said 'NZ has been good to me' What I lost is a side issue. The point is NZ has not been good to me. Yes I live in a nice area and the part of NN I lived in was shite...that does not make NZ being good to me, not one bit.

I chose the area et al. This thread also gives those thinking about a move a flavour of what can and does go wrong. So, I am not whinging..not in this case.

Genesis

I would if I could but I can't. Kate is wrapped up in her job (understandably) and the kids love it. I made this bed it is my duty to lie in it...I am trying to make the best of it. And yes life is not good for me at the moment for a number of reasons that I will not go into. Suffice to say none of it has to do with money, there are much deeper more important reasons for my discord. As for being a stay at home dad? Hardest thing I have ever done, realise 8 years down the track it was not the brightest idea of mine and I have made a complete hash of it IMO..that is why I am currently attending parenting classes as I am pretty shite at the job..try my hardest, love my kids but I guess I 'must do better' as the report would go.

What you have to remember is that this board is for the odd rant, letting steam off and a cathartic release, whilst I do not go back on what is written above I do my best at present to get what I can out of life in NZ. I guess I am deep in my mid life crisis eh?

scottishstacey

Im sure your a great dad, dont worry about that. Sounds like your just having a bad time. Maybe you could try some volunteering or a part-time job just so your out and about. Will kate not consider a move back at all? Im sure the kids would love both countries

Genesis

Thanks SS! I have done voluntary work and still do some at Kate's Hospice. As for the retrun to Europe? I could never live in England due to the crowds but there is always Scotland eh? A move is very unlikely however as the majority rule quite rightly. This bad patch will pass, I just have to make greater efforts, but for now what with some life coaching (it was free!) and some parenting classes things may improve.

scottishstacey

Loads of space up in the highlands lol even parts of england have loads of space - i watch programs like "escape to the country" - very nice places!

Hope things pick up for you soon