Leaving large sums in UK and moving abroad - tax implications?

ManicMum

Hello

If I sell my house and stash the cash in the bank, sod off to Australia for a few years, would there be any tax implications or any other implications as a non-resident?

I could rent my house out but way things going, think sell it and save it.

Do I still have a UK tax allowance as non-resident? Or would I be declaring any income from savings on an Australian tax return? I think most Aussies do one of these even if employed as there are lots of things you can claim for.

thanks

chookie1

ManicMum wrote: »

Hello

If I sell my house and stash the cash in the bank, sod off to Australia for a few years, would there be any tax implications or any other implications as a non-resident?

I could rent my house out but way things going, think sell it and save it.

Do I still have a UK tax allowance as non-resident? Or would I be declaring any income from savings on an Australian tax return? I think most Aussies do one of these even if employed as there are lots of things you can claim for.

thanks

I don't know how Australia deals with tax, but any income that you get in the UK will be subject to UK tax - interest, rental income etc with all the usual tax allowances / bands as if you were resident. You won't be allowed to add to any ISAs.

If Australia taxes you on your worldwide income, you'll also be taxed on this UK income by them, but should be able to offset any tax that you paid in the UK. If Aussie tax is lower than UK then you'll prob be better off moving the money outside the UK. If (and I don't think it does) Australia taxes you on just income obtained in Aus, then you would be better off moving the UK money to somewhere offshore eg Jersey where you won't pay any tax.

slinga

Selling your house if you intend to return in a few years may make your buying again a lottery.
Seriously reconsider.