UK tax-free accounts & Oz tax

[stevieM]

Hi to all,
just joined Pomsinoz, this is first posting.
We have PR status and will be looking to emigrate to Australia within next 12 months or so (unless UK house market really does implode).
I wondered if anyone might know how the Australian Tax Office would treat UK based tax-free savings accounts e.g. ISAs and the older PEPS as they were known?
Anyone know if any interest received and/or capital gains made become taxable if these accounts are left open whilst residing in OZ, or even if they can legally be left open after emigrating?
thanks,
StevieM

[Scardycat]

Good question, sorry I can't help but I would be interested to know the answer to this, hope you get some responses

regards

Cat

[Mike and Connie]

Hi there
I believe that all tax free accounts ISA's Peps etc will be closed once the authorities get to know that you have left the U.K.
I also believe that the terms and conditions of the tax free savings are that you must be residing in the U.K. I know that we closed ours just prior to leaving U.K. How they check on this I couldn't guess, maybe through your Nat Ins number which is quoted on all tax free savings products. Also be aware that if a Building Society closes an ISA they may transfer the balance into a very low interest paying account.

Mike

[stevieM]

Originally Posted by Mike and Connie

Hi there
I believe that all tax free accounts ISA's Peps etc will be closed once the authorities get to know that you have left the U.K.
I also believe that the terms and conditions of the tax free savings are that you must be residing in the U.K. I know that we closed ours just prior to leaving U.K. How they check on this I couldn't guess, maybe through your Nat Ins number which is quoted on all tax free savings products. Also be aware that if a Building Society closes an ISA they may transfer the balance into a very low interest paying account.

Mike

Thanks for that Mike.
It is much as I suspected. I was looking to top up my future ( but likely inadequate ) pension income using my ISAs and PEPs; looks like I will have to think of another strategy if we do make the move to Australia.
Steve.