Moving capital and savings back to uk

Not sure yet, but we may be selling up houses (residential plus investment), cars etc and moving back to the UK for career purposes. The move would be permanent. The main question is: can we move all that capital (all Australian tax liabilities on investment property profits will have been settled here) back to our UK bank account (which we've kept open for the past ten years) with no tax issues other than on interest earned? Thanks in advance.

Welcome to the forum. I am going to move your thread in to the finance section, we have two members who may be able to advise Alan Collett and Andrew Williams

Definitely one for Alan!

Thanks guys!

In short, the transfer of capital from Australia to the UK isn't likely to trigger a tax liability in the UK.

Make sure the investment property capital gains aren't subject to non resident rates of tax in Australia - there's no CGT discount for non residents these days, and tax is payable at 32.5% on the first $ of Australian source income when received by non residents.

Best regards.

Thanks Alan. Particularly for the advice about the investment property - that would have been an expensive surprise as I was looking at the issue from a low earnings tax year point of view! Kind regards.

Thanks guys!

 

In short, the transfer of capital from Australia to the UK isn't likely to trigger a tax liability in the UK.

 

Make sure the investment property capital gains aren't subject to non resident rates of tax in Australia - there's no CGT discount for non residents these days, and tax is payable at 32.5% on the first $ of Australian source income when received by non residents.

 

Best regards.