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Guest amygirl

CPV visa. Transfer of funds etc to Oz.

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Guest amygirl

:huh:Hi All, Happy New Year to one and all and I hope that it will be a good one.

 

I received THE VISA just before Christmas-----------best Chrimbo pressie ever I guess !! Now is the job of selling the bungalow etc etc etc------------I am trying to sort out the best way of transferring the funds over to Oz and minimize any additional costs, does anyone have any experience of this and any advice please ????

 

I think that I have sorted the pension issue out, have downloaded the necessary form onto the puter as I cannot fill it out until I go over to Oz ( that is the UK state pension ) and have spoken to my occupational pension provider and they can send the pension to Oz for £1 a month ------------------again, if anyone has experience of this and any advice, it would certainly be most welcome.

 

My head is spinning at the moment trying to think everything through and I just hope that I do not make any costly mistakes. A whole new life awaits, I have just got to make sure that the funds are available to facilitate the dream.

 

All helpful comments and/or advice very much welcomed, thanks.

Gill

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Guest austibeach

Hi Gill, glad to hear you're on your way to your new life down under. I can't really help you with any advice, but I will be interested to see what advice you do get.

 

Take care, Eric.

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Gill

We did the whole CPV thing a couple of years ago and it really isn't too much of a problem. The way we did it was:-

1. opened an account with CBA(Commonwealth Bank of Australia) in London who opened an account on our behalf in Au. They transferred money into it(free if over £30,000).

2. Set up an agreement with one of the money exchange companies,we used HIFX.

3.You will then have to decide when you want to exchange your £'s for $'s at either the current rate or do a forward contract (Hifx will take you through this).

4. Once we had our flight all planned we then advised our pension providers with the new bank details and the dates to change payments.(Both state and private pensions).

5.Once we arrived in Au we then visited the designated CBA office to prove who we were and set up other accounts like the Au equivalent to a current account,Visa card etc.

Dont forget that if you leave any money in UK banks to let them know to stop taking tax from the interest you may receive.

Also you will then have to advise the UK tax people that you are leaving so they can advise your private pension provider to pay your pensions gross in Au, and also to claim back any taxes owing to you for the year 2008/2009. (We left the UK in July 2007 and got all the tax back we paid from April 2007).

It all worked quite well. I listed everything we had to do on a sheet of paper and ticked it all off one by one.

CBA and HIFX worked really well for us so have no hesitation in recommending them.

Good luck with it all, it's a great relief when completed.

Mike

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Guest cazbeckham

Hi Mike

 

We have been bere for 12 weeks now and still have some money in our UK bank savings account to which the tax is taken on the interest before it is paid into our bank account.

 

We sent off our P85 forms as we left the UK and had notification that Husband had no tax to pay or any to be returned to him, but I had to pay about £130 as I had an internet business and it was left from that.

So the UK Tax Office are aware that we are no longer UK residents and are PR in Australia via a CPV Visa.

 

You stated - Dont forget that if you leave any money in UK banks to let them know to stop taking tax from the interest you may receive.

 

Surely if the UK Tax office know that you have emigrated by them having the information on the P85 form we sent then any monies in our savings bank account will not be taxed??????

 

 

Regards

 

Carol Beckham

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Guest amygirl

Hi Mike, Thanks so much for the info ,very clear and extremely helpful. My head is just spinning with it all at the moment and I just don`t want to make a wrong move.

Thanks once again and I hope all is going well for you in Victoria.

Gil

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Hi Mike

 

We have been bere for 12 weeks now and still have some money in our UK bank savings account to which the tax is taken on the interest before it is paid into our bank account.

 

We sent off our P85 forms as we left the UK and had notification that Husband had no tax to pay or any to be returned to him, but I had to pay about £130 as I had an internet business and it was left from that.

So the UK Tax Office are aware that we are no longer UK residents and are PR in Australia via a CPV Visa.

 

You stated - Dont forget that if you leave any money in UK banks to let them know to stop taking tax from the interest you may receive.

 

Surely if the UK Tax office know that you have emigrated by them having the information on the P85 form we sent then any monies in our savings bank account will not be taxed??????

 

 

Regards

 

Carol Beckham

Hi Carol

In theory you could be right but we told our bank that we were no longer resident in the UK and tax on interest was stopped straight away. I suppose your alternative is to claim it back off the tax man, but hey it's better to get your money straight away than leave it with the tax man and have to claim it back later.

Mike

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Guest amygirl

Hi All CPVERS,

I am in the process of sorting finances ready for the off to Oz and obtaining shipping quotes . The house sold after only two weeks on the market which really did surprise and delight me------------contracts have still to be signed of course so it is still not set in stone !!

 

Does anyone have any reccommendations for a shipping company ??? I am getting a few quotes but I always like to have a reccommend where possible. I will be moving to New South Wales, so if anyone has moved there in the past year or so and has a good word for a company it would be appreciated. Also has anyone had any dealings with Montfort International plc Global Financial Planning ?? Again, any information would be really good.

 

I notice that there is a mention of a tax form P85 and wondered where I can obtain one and what it is exactly for ???

 

It is amazing , after 17 months of waiting, hearing diddly squat---------suddenly everything has happened so fast and my feet have yet to touch the ground ,but I have to say it is good to be getting on down, so to speak. Anyone out there still waiting to hear, I would advise that you start clearing anything that you are not planning to take down under, just do a little at a time and gradually pare it down so that when you get to the next stage there is less to worry about .

 

Kind Regards

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