Jump to content

You're currently viewing the forum as a Guest
register-now-button_orig.png
and join in with discussions   
ask migration questions
message other members

..and much much more!

Maisie

Help! Bringing over savings 22 months after emigrating

Recommended Posts

hiya

 

myself and hubby are here on 176 visa but never brought over our savings due to the currency rate but now are biting the bullet and going to bring it all over. Thing is do we have to pay tax now on our savings or do we just declare the interest on our tax return next year

 

We did state on our 176 application what our savings were and only brought over

enough to get us started here but now we need to get it over but dont want to pay tax on it if we had to. Has this happened to anyone and what did you do???

Share this post


Link to post
Share on other sites
Guest Guest31881

You only pay tax on any profits, So if you make a profit on the exchange then you could be liable for tax, otherwise you will have to declare interest gained on your next tax return.

 

I would suggest you contact an accountant to make sure,

Share this post


Link to post
Share on other sites

thanks for letting me know, dont quite get what you mean, for eg if the scenario was I brought over 50,000 sterling and that got me 75,000 dollars would I have to pay tax do you think on the 25,000

 

sorry Im just good with these things

Share this post


Link to post
Share on other sites
Guest Guest31881

If your UK money was worth $20000 when you moved over and it is now worth $21000 i think technically you could be taxed on the $1000 profit, but I do not think it has happened. But I would still suggest seeing a good accountant who is use to dealing with both currencies,

Share this post


Link to post
Share on other sites

oh sound get it now, thanks a mill going to check with hubbys accountant, just gave up on the exchange rate at this stage, needs must. thanks a mill for getting back to me really appreciate it

Share this post


Link to post
Share on other sites

There is a "private or domestic nature" exemption in respect of the forex rules - discuss with an accountant who is experienced in this area.

 

Best regards.


Managing Director, Go Matilda Visas - www.gomatilda.com

Registered Migration Agent Number 0102534; Registered Tax Agent (Australia)

Chartered Accountant (UK, and Australia)

T - 023 81 66 11 55 (UK) or 03 9935 2929 (Australia)

E - alan.collett@gomatilda.com

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×