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Originally Posted by Neil Meadowcroft
Hi,
Is it true that you have 6 months to change your pounds into dollars or run the risk of paying tax on this? (if this is in a Australian bank account)
Cheers.
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No.
You will not pay tax on any Capital Sum that you have when you migrate, no matter how long you take to bring it over.
Tax only comes into it if that value increases, and the "increase" is then classed as income and is taxed.
If you keep it in £, even in an Australian bank account, it will be treated as an investment, and any "gain" will be taxed, even just a gain from foreign exchange movements.