Going abroad

robson_poops

Hi all!

I have a reasonable amount of money stashed away in UK savings accounts but I plan to emigrate to Canada in March 2010. I imagine I will eventually have dual-nationality.

Should I take my savings to Canada with me or are there tax-cutting advantages to leaving it in a UK-based account?

Thanks for any help offered!

Pumpkinface_2

Your UK interest income will still be taxable in the UK. Although if you have no other UK sourced income then you will have the benefit of the unused personal allowance before tax kicks in.

robson_poops

Pumpkinface wrote: »

Your UK interest income will still be taxable in the UK. Although if you have no other UK sourced income then you will have the benefit of the unused personal allowance before tax kicks in.

Thanks for that, Pumpkinface!I think the unused personal allowance thing will apply to me. How do I act on this? Do I tell my bank manager or do I tell the tax office?

dzug1

You fill in a form R85 and give it to your bank

robson_poops

dzug1 wrote: »

You fill in a form R85 and give it to your bank

Thank you! (This forum is brilliant).

PlutoinCapricorn

Yes, MSE is a great source of info and tips, not to mention entertainment: have you seen the Debitas thread?

I hope that you will continue to be a member when you are in Canada.

Cook_County

Canadian tax is not necessarily lower than UK but you should take advice on an Immigrant Trust, Canadian taxation of UK pensions including perhaps a QROPS, UK State Pension etc before moving.