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Yorkshirepom

moving back to uk what finical implications will I need to be aware off

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16 minutes ago, Parley said:

But you have contradicted yourself. You said the latest will is the only valid will and supercedes all previous wills, so how can you have more than one?

I should have been clearer: if it’s simply to “translate” the will into Australian law, as FWP was referring to, it should not be regarded as a new will.

Generally if making a new will you would write that this is my last will and supersedes all previous etc…..

Edited by DIG85

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I know we’re going off the original topic here but what has been written about wills is very interesting.  Does that mean that if you were potentially subject to inheritance tax in the UK you could simply transfer some of your assets to Australia and bequeath them in an Australian will?  Or if you simply keep the Australian will and don’t bother making a new one in the UK would you even be subject to inheritance tax?

 

 

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On 26/01/2022 at 21:05, RandL said:

nothing is for free , i would check the exchange rate your are getting with HSBC, i  also have HSBC accounts and the actual amount arriving in your other currency account was always better with wise or OFX

Last time I used the service it was a better exchange rate than MoneyCorp that everyone on here seems to rave about.

HSBC provide it as part of their global view current account service.

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On 23/01/2022 at 17:24, Amber Snowball said:

Just to say, you can change addresses for most Australian government departments on the my.gov.au site and it’s helpful as they can contact you on there but the only one you can’t change online from overseas is medicare and if there is an Australian address they will send your new card there when it’s due. You have to phone them to put a uk address in and that’s a pain at the best of times much less with a large time difference so if possible try and change that medicare address whilst you are in Australia, could you use a relatives address? Or if you speak to them they might suspend your account or something maybe.

I gave up and just put my sons Australian address in the end.

The ato and Centrelink etc all accepted an overseas address on the online portal.

 

You may be out of date there. I recently moved (within Australia not overseas admittedly) and only needed to update my address once on myGov and it update all connected government departments including medicare. As such I would have thought the system must have been improved so they all have the same address standard now.


Chartered Accountant (England & Wales); Registered Tax Agent & Fellow of The Tax Institute (Australia) www.kbfayers.com

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On 27/01/2022 at 22:15, Cup Final 1973 said:

I know we’re going off the original topic here but what has been written about wills is very interesting.  Does that mean that if you were potentially subject to inheritance tax in the UK you could simply transfer some of your assets to Australia and bequeath them in an Australian will?  Or if you simply keep the Australian will and don’t bother making a new one in the UK would you even be subject to inheritance tax?

 

 

If you are resident in the UK for tax purposes at the time of your death then you are subject to UK inheritance tax on your worldwide assets regardless of the country the will is processed in or was written in. If you are resident overseas then you only pay it on your UK assets (again regardless of the country the will is processed in or was written in).

The reason for wanting a UK will is that an Australian will might not meet all the legal requirements in the UK and so your wishes might not be followed. It doesn't change the tax liability. If you have assets in both countries it is sensible to have separate wills to make sure your wishes are followed. Whichever is the latter says "this will supersedes all previous wills except for my Australian will with respect to my Australian assets" or some such rather than the standard "this will supersedes all previous wills".

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Chartered Accountant (England & Wales); Registered Tax Agent & Fellow of The Tax Institute (Australia) www.kbfayers.com

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2 hours ago, Ken said:

You may be out of date there. I recently moved (within Australia not overseas admittedly) and only needed to update my address once on myGov and it update all connected government departments including medicare. As such I would have thought the system must have been improved so they all have the same address standard now.

Hi, yes it offered me that option and I thought the same but no. Medicare just won’t have it! 🤦🏻

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