GreenwichMeantime Posted January 16, 2022 Share Posted January 16, 2022 Hi there! We've decided to take the plunge and move back to the UK. I've started researching what it's going to entail, hoping to make it as painless a process as possible, but I have to say, it all seems very daunting so far! Does anyone know if the savings we've accumulated here will be subject to tax in the UK even though we've already paid tax on them in Australia? Speaking of tax, I've seen it suggested that it's a good idea to time our arrival in line with the start of the UK tax year - or as close to it as possible. Any thoughts? I'm also seeing that it's a good idea to hire a financial adviser to ensure there are no costly tax surprises at either end. I'm happy to do this if needed, but we don't own any property in Australia, so I'm hoping this keeps things nice and simple, meaning no need for financial advice. Do you think financial advice is a must in this situation and, if so, can anyone recommend a good adviser? Thanks so much in advance for any wisdom you can share :) Quote Link to comment Share on other sites More sharing options...
Marisawright Posted January 16, 2022 Share Posted January 16, 2022 If you have savings in the bank, you just transfer them using a service like Wise, no tax implications. I cant see why you’d need a financial advisor unless you’re planning to transfer superannuation or a lot of investments. If you have self- managed super you’ll certainly need help 1 Quote Link to comment Share on other sites More sharing options...
Amber Snowball Posted January 16, 2022 Share Posted January 16, 2022 30 minutes ago, GreenwichMeantime said: Hi there! We've decided to take the plunge and move back to the UK. I've started researching what it's going to entail, hoping to make it as painless a process as possible, but I have to say, it all seems very daunting so far! Does anyone know if the savings we've accumulated here will be subject to tax in the UK even though we've already paid tax on them in Australia? Speaking of tax, I've seen it suggested that it's a good idea to time our arrival in line with the start of the UK tax year - or as close to it as possible. Any thoughts? I'm also seeing that it's a good idea to hire a financial adviser to ensure there are no costly tax surprises at either end. I'm happy to do this if needed, but we don't own any property in Australia, so I'm hoping this keeps things nice and simple, meaning no need for financial advice. Do you think financial advice is a must in this situation and, if so, can anyone recommend a good adviser? Thanks so much in advance for any wisdom you can share Hi, I moved back to the uk in 2018 and didn’t get financial help. I moved at the end of June. I completed my final Australian tax return when it was due indicating it would be my final one. Then paid no tax on my paye in the uk for a few months as I used my annual allowance there and then just fell into the uk system from there. You don’t pay tax on savings or in my case a house sale, only earnings. I cancelled any insurances on my Australian superannuation. You will need to complete a Transfer of Residence form (TOR). Just so you aren’t charged vat on your belongings and this includes any pets so you have to list them. It’s process heavy but just do it bit by bit. There’s lots of info on the site and a few have moved back recently so will help I’m sure. 2 Quote Link to comment Share on other sites More sharing options...
GreenwichMeantime Posted January 16, 2022 Author Share Posted January 16, 2022 Thank you both so much! That's really helpful info. I had no idea about the TOR, especially the part about pets. My two cats (Darwin born & bred) are coming with us, so I really appreciate the advice. Thank you!! 1 Quote Link to comment Share on other sites More sharing options...
Marisawright Posted January 16, 2022 Share Posted January 16, 2022 1 hour ago, GreenwichMeantime said: Thank you both so much! That's really helpful info. I had no idea about the TOR, especially the part about pets. My two cats (Darwin born & bred) are coming with us, so I really appreciate the advice. Thank you!! There are some financial things to consider. Don't close your Australian bank accounts. It can take a few weeks to get your British bank accounts fully active, so you'll need your Australian debit and credit cards during that time. You can use them in shops and ATMs just as you do in Australia so it's no big deal. Once you get settled, write to your superannuation company to tell them your new address and instruct them to cancel all insurances (they're probably not valid once you're overseas anyway). If you are old enough to withdraw your superannuation, that's a whole other can of worms so post here and I'll explain. Get it wrong and you can lose a lot of your super. Quote Link to comment Share on other sites More sharing options...
Amber Snowball Posted January 16, 2022 Share Posted January 16, 2022 2 hours ago, GreenwichMeantime said: Thank you both so much! That's really helpful info. I had no idea about the TOR, especially the part about pets. My two cats (Darwin born & bred) are coming with us, so I really appreciate the advice. Thank you!! The TOR form was new 4 years ago and was a total ball ache. I think it has improved so hopefully not too much hassle. I listed a lot of things I didn’t end up taking and it was fine, better to have them on the list and not take them than the other way around! Quote Link to comment Share on other sites More sharing options...
Melbpom Posted January 16, 2022 Share Posted January 16, 2022 If you are close to retirement age consider you eligibility for an Australian pension. If you claim a pension while resident in Australian you can still receive it in the UK but if you become eligible after leaving the country you can't lodge a claim in the UK. This is my understanding so double check. Quote Link to comment Share on other sites More sharing options...
RandL Posted January 16, 2022 Share Posted January 16, 2022 (edited) 4 hours ago, Amber Snowball said: The TOR form was new 4 years ago and was a total ball ache. I think it has improved so hopefully not too much hassle. I listed a lot of things I didn’t end up taking and it was fine, better to have them on the list and not take them than the other way around! I had to do the TOR form in 2020. It wasn't really complicated, you have to complete the form in one hit , make sure you have all you documentation ready with your details, once completed I received the TOR number within a couple of hours, You then forward the number to your shipper . https://www.gov.uk/guidance/application-for-transfer-of-residence-relief-tor1 Edited January 16, 2022 by RandL added URL 1 Quote Link to comment Share on other sites More sharing options...
Amber Snowball Posted January 16, 2022 Share Posted January 16, 2022 28 minutes ago, RandL said: I had to do the TOR form in 2020. It wasn't really complicated, you have to complete the form in one hit , make sure you have all you documentation ready with your details, once completed I received the TOR number within a couple of hours, You then forward the number to your shipper . https://www.gov.uk/guidance/application-for-transfer-of-residence-relief-tor1 Excellent. in 2018 is was hellish and I only managed to get it done with the help of the thread on here and others finding work arounds. It was a nightmare. If attachments were too big, it didn’t lodge, but didn’t tell you it hadn’t worked, there were 2 email addresses that seemed to be in use and they didn’t necessarily work. It was gradually improving so good news it’s now working properly. Quote Link to comment Share on other sites More sharing options...
GreenwichMeantime Posted January 16, 2022 Author Share Posted January 16, 2022 Thanks so much everyone! This place really is a fountain of knowledge! I'm not at retirement age yet (I'm 51) so still a few years to go. I'm an Australian Citizen since 2016 so I was hoping I might qualify for the pension, even if I'm out of the country when I reach pension age, but I'll look into that just to be sure. You never know, I may be back again by then! From what I understand, I can't transfer my super into a UK pension, so that will have to stay here until I reach pension age. I'll speak to my super fund nearer the time. I have another question! We own our 2017 Hyundai I30 outright and are thinking of shipping it to the UK but we're unsure if the costs plus the import tax we'll no doubt be slugged with making shipping a car worthwhile. Any thoughts? Quote Link to comment Share on other sites More sharing options...
Amber Snowball Posted January 16, 2022 Share Posted January 16, 2022 17 minutes ago, GreenwichMeantime said: Thanks so much everyone! This place really is a fountain of knowledge! I'm not at retirement age yet (I'm 51) so still a few years to go. I'm an Australian Citizen since 2016 so I was hoping I might qualify for the pension, even if I'm out of the country when I reach pension age, but I'll look into that just to be sure. You never know, I may be back again by then! From what I understand, I can't transfer my super into a UK pension, so that will have to stay here until I reach pension age. I'll speak to my super fund nearer the time. I have another question! We own our 2017 Hyundai I30 outright and are thinking of shipping it to the UK but we're unsure if the costs plus the import tax we'll no doubt be slugged with making shipping a car worthwhile. Any thoughts? Deffo no Australian state pension if outside of Australia. It’s a means tested benefit not a universal right. Different to the uk. Yes super has to remain in Australia until preservation age when you can claim it if you retire then. I think with the car you have to get the speedo changed to mph and something about having certain fog lights I think. Used cars are increasing in price here like in Australia, so not sure if that would make it more or less worthwhile. Quote Link to comment Share on other sites More sharing options...
Marisawright Posted January 16, 2022 Share Posted January 16, 2022 (edited) 43 minutes ago, GreenwichMeantime said: I'm an Australian Citizen since 2016 so I was hoping I might qualify for the pension, even if I'm out of the country when I reach pension age No. The Australian pension is all about residency, not about citizenship. It's different to the UK. It's a welfare benefit, like the dole, and it's to help retirees who are on low incomes. If you're living in another country, the Australian government expects you to rely on the welfare system in that country instead. You need to take a look at your National Insurance record in the UK and see if you can backpay some of the years you missed while you were in Australia, so that you can get a decent British pension when you retire. As for the car, don't bother. You'll have to spend money to make it compliant with UK rules. Used cars get good prices in Australia right now because it's so hard to get your hands on a new one, so sell it. Edited January 16, 2022 by Marisawright Quote Link to comment Share on other sites More sharing options...
GreenwichMeantime Posted January 16, 2022 Author Share Posted January 16, 2022 Thanks again Amber & Marisa... you've been such a great help. No doubt more questions will crop up along the way, so I know where to come with any further queries! Thank you! 1 Quote Link to comment Share on other sites More sharing options...
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