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tax and emigration

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can anyone help?
i am emigrating to australia in 2 weeks. i have a high interest internet savings account and a cash mini isa here in th uk. i am not sure whether i will stay in oz or return home, therefore can i leave my bank accounts here and for as long as i want? do i need to fill out tax forms? do i need to inform the inland revenue/ tax office? i am very confused by all these things, can anyone help please as i leave the uk in 2 weeks!
thanks

Comments

  • Jonbvn
    Jonbvn Posts: 5,562 Forumite
    Part of the Furniture 1,000 Posts
    You can retain both accounts no problem.

    With the ISA you are no longer permitted to make further contributions.

    With the savings account make sure you download and complete form R105 and send it to you bank to get the interest gross.

    Please note that to achieve non-resident (for tax) status you must be outside the UK for a whole tax year (April to April), and you cannot spend more than 90 days in the UK in any one year.
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
  • thanks for that. the bank bradford and bingley online, said i cant do form r105, as gotta be uk resident. basically i can leave it in there as long as it remains with this uk address which is my parents. is that right? would you change to another bank which u pay no tax on? any recommendations as most of them say got to be uk resident??
  • Steve_xx
    Steve_xx Posts: 6,979 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    If you don't pay tax on the account in the UK, you may well find that you have to pay tax in Oz.

    It's all to do with your residential status, ie which country have you decided to be officially a resident of. If you decide that you are still a UK resident then your income from the bank account wil probably be taxed under the UK regime. If you change your status to Oz residency then you will be taxed as per their regime.

    You are kind of implying that you might be able to avoid paying tax on your income from your bank account somehow? I don't think that's possible really.
  • Can I also jump on this thread as I have the same question. If you are liable for paying tax either in UK or Oz, how much would you be taxed in Oz?
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