Originally Posted by Tracey Smith
As far as I know you will only pay tax upon any profits you are making on that money. - might be worthwhile speaking to an accountant.
No "Penalties" - just the inescapable tax.;)
:)I think Tyke is correct but there are implications after 6 months from entry, but not 100% sure what they are . Cheers Graham
I spoke to HIFX the other week with the same problem. Firstly you will need to register with HIFX in Australia as you can't use your UK account (apparently).
When you ring up to make your deal you can tell the broker that you need to transfer money in the UK and they can factor the time into your settlement date. They will give you the appropriate bank details for HIFX in the UK.
My bank (Nationwide) allows £10K internet transfers at a time (multiple amounts a day) but no fax transfer authority. Otherwise sending a signed transfer form in the mail with the bank details for HIFX filled in and the amount fields blank (to someone who you trust!) may be an option but I don't know how safe that is???
Anyway hope this helps.