Guest wijaya

Investment left in the UK

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    Guest wijaya

    Hi all

    Can you give any thought or share experience about what to do with your fund/investment in the UK while you move to Australia.

    We are moving to Adelaide in September but will leave London in July, and going to Singapore/Indonesia for six weeks.

     

    We've just sold our house, and with the exchange rate so poor, we will leave our money in the UK. We also have ISA, and unit trust and shares. Overall, I have around £ 300 K.

     

    Does anybody still leave ISA in the bank ?

    Also I want to spread my money into small chunk, like 50 K to invest, - to minimise the risk if something happen to a particular bank. Is this viable? Are we allowed to do that, while we are not resident in the UK any more?

     

     

    Regards

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    Hi Wijaya

     

    With that sort of money then you need to take professional advice on your situation, one of the main considerations will be your visa type. You haven't said whether you will be a temporary visa holder or a permanent visa holder?

     

     

    Regards

     

     

    Andy

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    Guest wijaya
    Hi Wijaya

     

    With that sort of money then you need to take professional advice on your situation, one of the main considerations will be your visa type. You haven't said whether you will be a temporary visa holder or a permanent visa holder?

     

     

    Regards

     

     

    Andy

     

    Andy

    thanks for the suggestion. We are going on 475 visa. So my immediate thinking at the moment is to leave the money in the UK for the first year. See whether we can settle in Adelaide, and buy a house if the exchange improves. Or wait longer if situation remains the same.

     

    regards

    wijaya

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    Guest joolz

    Hi there,

    We sold our house last June and decided to put our money into National Savings Bonds, we have won every month so far...no ties and a better return than any bank could offer in interest. Also we are able to keep our money there, as long as you nominate someone to have the cheques posted to and give them the access to pay in to your bank account. Just an option...

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    Hi Wijaya

     

    One of the few fortunate things about certain temporary visas is that the holders generally do not have to declare their worldwide investment income in Australia, whereas permanent visa holders generally do.

     

    Generally expats of Britiain who are British Citizens still qualify for their personal allowance but if they earn over this (outside of ISA's / eligible tax free investments etc) then the UK will generally want to tax them on it.

     

    This could lead to some very tax efficient ways to invest money for these temporary visa holders.

     

    One other point to remember re the exchange rate, yes it certainly is at a very low point at the moment historically.

     

    However consideration of what the asset being held is on the UK side, ie cash, shares, property etc and what asset those funds will purchase in Australia needs to be factored in when condsidering whether to wait for an improvement in the exchange rate or not.

     

     

    Regards

     

    Andy

     

     

    (This information is of a general nature only and does not consitute advice)

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