[minlady]

Originally Posted by anna&steve

Hi, Steve here. Once the house is sold, there will be proceeds which will hopefully be used to fund a house purchase in Oz although the plan is to rent initially. I'd heard in the UK that you would be liable to Capital Gains Tax unless funding another house purchase in the UK (not sure how true that is). However, could Mr. Brown (or whoever might be the Chancellor at that time) get his grubby hands on any of these proceeds (we're tripled taxed on everything else!!!) as you are effectively taking the money out of the country. I've had proceeds from house sales before in an account for a few months before using the money to fund a house purchase here & have not had any issues? I'm sure many of you have now used proceeds to buy in Oz, how did you go on with that? Any advice very welcome & I hope if you're already over there it's going well! Regards, Steve.

Hi

Not sure if this is what you mean... but
The way I see it....and probably how we are going to do it...

You leave the UK and therefore deem yourself NON-resident for Tax purposes. You take the time to arrive in Oz, meanwhile you are non-res in Oz and therefore not liable for tax there either (same as working in middle east for example).

In the mean time, our bank, the HSBC, make it real easy to move your account to Jersey where you get all the benifits of HSBC online ATM etc, but the rub is all savings are at Gross.

You arrive in OZ, date of arrival you start residency, you get temp tax code etc. Transfer monies to Oz HSBC savings and start to pay tax at local rate. Money sorted in Jersey for time away is tax free....worth checking out.

Please tell me if i'm wrong!

min x