Tax on money left behind in the UK
#1
Just Joined
Thread Starter
Joined: Apr 2006
Location: Yorkshire to Hamilton
Posts: 12
Tax on money left behind in the UK
HI all,
I was just wondering if anyone could enlighten me as to whether or not you would pay tax on interest earned on money left behind in the UK.
I know i will not pay tax in the uk on earnings up to 10k pa but i am wondering when the interest is taken into NZ will it be taxable.
I estimate the interest will be £875 per month and will be transfered monthly.
I envisage that one or both of us will be working and will this make a difference as to if the investment returns are taxed...
I am torn between leaving most of our monies in the uk and taking it to NZ. Either way it will be invested to provide an income to allow one of us to go to university. This will depend alot on the exchange rate and if it is tax free left in the uk. We will rent and not buy for this period to allow this to happen.
Any help and advice as to our plan would be appreciated. It has been our dream to entwine the emigrating to NZ with one of us studying to change our career for a long time now and were almost in a position to commence coming very soon.
thankyou Lee
I was just wondering if anyone could enlighten me as to whether or not you would pay tax on interest earned on money left behind in the UK.
I know i will not pay tax in the uk on earnings up to 10k pa but i am wondering when the interest is taken into NZ will it be taxable.
I estimate the interest will be £875 per month and will be transfered monthly.
I envisage that one or both of us will be working and will this make a difference as to if the investment returns are taxed...
I am torn between leaving most of our monies in the uk and taking it to NZ. Either way it will be invested to provide an income to allow one of us to go to university. This will depend alot on the exchange rate and if it is tax free left in the uk. We will rent and not buy for this period to allow this to happen.
Any help and advice as to our plan would be appreciated. It has been our dream to entwine the emigrating to NZ with one of us studying to change our career for a long time now and were almost in a position to commence coming very soon.
thankyou Lee
#2
BE Forum Addict
Joined: Jan 2006
Posts: 1,010
Re: Tax on money left behind in the UK
Originally Posted by lmw999
HI all,
I was just wondering if anyone could enlighten me as to whether or not you would pay tax on interest earned on money left behind in the UK.
I know i will not pay tax in the uk on earnings up to 10k pa but i am wondering when the interest is taken into NZ will it be taxable.
I was just wondering if anyone could enlighten me as to whether or not you would pay tax on interest earned on money left behind in the UK.
I know i will not pay tax in the uk on earnings up to 10k pa but i am wondering when the interest is taken into NZ will it be taxable.
I am torn between leaving most of our monies in the uk and taking it to NZ. Either way it will be invested to provide an income to allow one of us to go to university. This will depend alot on the exchange rate and if it is tax free left in the uk. We will rent and not buy for this period to allow this to happen.
Any help and advice as to our plan would be appreciated. It has been our dream to entwine the emigrating to NZ with one of us studying to change our career for a long time now and were almost in a position to commence coming very soon.
Any help and advice as to our plan would be appreciated. It has been our dream to entwine the emigrating to NZ with one of us studying to change our career for a long time now and were almost in a position to commence coming very soon.
K.
#3
Re: Tax on money left behind in the UK
Originally Posted by kt0157
Leave it in the UK (or offshore UK). There's a special tax deal for new immigrants to NZ where all foreign investment earnings are tax free until 2011 (I think I've got the date right). Re-visit the issue in 4 years time..
K.
K.