Hi

I trying to find out about leaving money back in the UK from
my house sale and if it is taxable when I transfer it to Auss.

I am off to Perth on the 7th of march and I intend to leave most
of my money in the Uk until (hopefully!) the exchange rate gets better.

I beleive that the rules may have changed recently.

From what I can work out you must transfer it from a bank account
that has been open prior to the 1st of july 2003. see this article:


www.gomatilda.com/news/article.cfm?articleid=327


The question that I have is:

Can I keep the money in my ING account when I leave and then transfer it
to my main HSBC account, just before I need to do the transfer via hifx.??

Or Is better just to leave it in the HSBC account (earning liitle interest)??

thanks for any advice

Chris

Chris,

I am in the position. Things are not clear and in order to clarify you will probably need to pay a financial adviser to get a clear cut answer. I am afraid Go Matilda will not respond to your post.

What I would do is to the same as you- transfer mt £ in ING account which has been opened prior to 1 July 2003 in case.
ING current interest rate is 5.0%, not the best (best being Egg at 5.5%) but for peace of mind and to comply with the law, I would do that

Also, keep in mind that the current exchange rate is 2.45 and does do seem to move very much. So in worst case scenario, assuming you bring £100k and assuming increase to 2.55 in 6 months, you might be liable for $AUD10k forex gains taxed at 47%= £ 1,880 !!
so for a difference of 0.5% of interest rate, better to leave your £ in your ING account [assuming it has been opened prior to 1 July 2003]

jf,