Hy
Should i get to Oz i will obviously sell lock stock and leave the UK's Smoking Barrel. I have an endowment policy from the Standard Life from a previous mortgage which ends in 10 years, i use this mainly as a savings plan now so should be a nice pick up, my question is this.
Can i still pay into this policy even though i would be in Oz ?
I don't want to cash it in as it would lose me some considerable money, has anyone any experiences with this ?
I am in the same boat with the endowment policy from previous morgage that decided to keep on. I have spoken to Legal & General and they said that as long as I have uk bank account as long as I have funds in the account they will continue to take the dd on the policy.
Dont know if each company has their own policy on this.
Watch out for Australia's Foreign Investment Fund Rules if you decide to retain such policies (and pension fund arrangements located outside Australia) => consider taking formal advice and/or looking on the ATO website: www.ato.gov.au
Remember that an investment product that is tax free in the UK does not necessarily mean it will be tax free when you are tax resident in Australia.
Best regards.
__________________
Managing Director, Go Matilda, http://www.gomatilda.com
Registered Migration Agent Number 0102534 and Chartered Accountant (England & Wales, and Australia)
Offices in the UK and in Australia
Before you do anything, I'd be inclined to contact someone like Pensions Transfers Direct (http://www.pentran.com.au/) or Global Destiny (http://www.globaldestiny.co.uk) and have a chat with them as they deal with UK->Oz financial matters. They'll probably charge you a couple of hundred quid for an analysis, but you may be talking about a significant amount of money here.
It may be handy to have the money now, but it may be more if you keep it going, and who knows you might want a holiday home on the beach in 10 years time.
In respect of endowment policies, etc select the one on Investments Held Outside Australia.
Best regards.
__________________
Managing Director, Go Matilda, http://www.gomatilda.com
Registered Migration Agent Number 0102534 and Chartered Accountant (England & Wales, and Australia)
Offices in the UK and in Australia
Hy
Thanks to eceryone who posted a reply, i think i need to contact Standard Life and get some details from them. God its a nightmare this application business isn't it.
__________________
Managing Director, Go Matilda, http://www.gomatilda.com
Registered Migration Agent Number 0102534 and Chartered Accountant (England & Wales, and Australia)
Offices in the UK and in Australia
