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Moving to Aus, advice needed please.
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JJust to clarify, we already have a tax accountant in Australia who is well versed in international matters.
“If you trust in yourself, and believe in your dreams, and follow your star. . . you'll still get beaten by people who spent their time working hard and learning things and who weren't so lazy.”1 -
Well for a start OP should change address to the AUS one with bank, informed them they they are no longer living in UK, which have tax implications or any cards etc will go to the old address with a major risk of fraud.
A unused account with just rent payed in could easily flag up on systems, if it is just a normal bank account, rather than a business one. Any contact would be by held details. o reply would see a frozen account.
Should OP access bank account online (IP address will show) or via app, location will be seen. Bit of a giveaway.
Might surprise many but, people use their cards while abroad. Lets just say again it's a bit of a giveaway.
If OP wanted to open a savings acc, it would have to be while they were still living in the UK.
Life in the slow lane0 -
Apart from the fact that it is good practice to have accounts and debit/credit cards with more then one bank, one reason I and others are saying be careful about Lloyds is that during their period of state state ownership between 2009-17, they sold off most of their international operations to focus on being a domestic bank. This has led to them closing lots of accounts where the account holders now live overseas.
Similarly, Barclays decided it would be uneconomic to support account holders in the EU following Brexit so decided not to support any overseas regardless of where they are based.
Even if you don't tell a financial institution you have moved overseas, there is a good chance they will find out due to increased regulation like FATCA and the Automatic Exchange of Information between tax authorities.
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That's good, so have you gone over your plans with them so you know how and where your UK income and gains will be taxed when you become an Australian resident?
And so we beat on, boats against the current, borne back ceaselessly into the past.0 -
Excellent!
Not necessarily something many people think to have in place before moving to foreign climes.
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Hi Alan, you're chatting with Tessy. Hope you are doing well.
You can still hold savings accounts with Lloyds or Halifax while you’re overseas, as long as you already have an eligible UK account and meet their residency requirements. However, there are a few important things to consider.
You can keep existing Lloyds or Halifax savings accounts while living abroad
Pension income and rental income can continue to be paid into a UK account
Easy access savings accounts are often the most suitable if you need flexibility
Funds held in UK savings accounts are protected under the FSCS (up to £85,000 per banking group).Important points to be aware of:
New account opening may be restricted if you’re no longer UK‑resident
Some regular savers or ISAs may not be suitable once you’re overseas
Tax treatment of interest may change depending on:
Your country of residence
Whether you’re still classed as a UK tax resident
You may need to keep your contact details and overseas address up to date
Online and app access is important, as branch support may be limited while abroadMore information. Thanks for all the thoughts.
“If you trust in yourself, and believe in your dreams, and follow your star. . . you'll still get beaten by people who spent their time working hard and learning things and who weren't so lazy.”0 -
Is that a response from a bot? It isn't true e.g., Lloyds has closed accounts of people living in the EU. You need to ask about Australia in particular.
The stated FSCS figure is incorrect as well, it's now £120k.
https://www.theguardian.com/money/2020/sep/21/britons-eu-uk-bank-accounts-closed-lloyds-barclays-brexit
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That specifically refers to savings accounts but doesn't comment on whether you could retain your current account, and also adds a caveat without the necessary and important explanation of what it actually means: "You can still hold savings accounts with Lloyds or Halifax while you’re overseas, as long as you already have an eligible UK account and meet their residency requirements".
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Friend of mine just returned from 25 years In CH, never told Barclays and they never asked.
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That's not a sensible way to organize things.
And so we beat on, boats against the current, borne back ceaselessly into the past.0
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