The answer to this question will depend on how much money you need to start your new life in New Zealand. The following list may however get you thinking...
Cash Deposits If you are leaving money deposited with your UK bank, make sure you let them know that you are emigrating so you can fill in the relevant forms to have interest paid tax-free. Please note that while you may not be tax resident in the UK, while you are a UK citizen you are liable to UK income tax on all income arising in the UK, including interest. You will however retain your UK Personal Tax Allowances, but should speak with us for further information. While you are eligible for the four year tax exemption for new immigrants under New Zealand tax laws, you will not have to pay New Zealand tax on any interest you earn. However, after four years you will need to declare any interest earned in the UK and pay New Zealand tax on it. There is a double-taxation treaty in place between New Zealand and the UK which ensures that you do not pay tax twice on any income. We have access to a number of excellent investments which can earn higher interest rates than are generally available in the UK, and can even leave your money invested in Pounds if you would prefer, so please contact us to discuss your options.
Endowment PoliciesYou have three options: - Continue paying into your policy until maturity.
- Stop paying and leave the policy paid up.
- Cash in your policy.
The most appropriate course of action does depend upon your circumstances and objectives. You will need to take into account the exchange rate, tax in the UK & NZ, what type of policy you have and time to maturity and the investment returns on your policy vs other investments returns. We would be happy to discuss your situation in more detail to make sure that you make the most appropriate decision.
Mortgages If you are selling your property, you will need to discharge any related mortgages. This will happen automatically as part of the sales process. If you are renting out your property, you need to inform your mortgage provider – this may constitute a change to the conditions of the mortgage agreement, and you may need to pay an extra charge. You would also need to arrange house and limited contents cover to cover the property whilst rented and possibly vacant for a while. For more information on these and more issues surrounding letting out your house in the UK, please see the article on the subject on our UK website.
Stocks, Shares, Tessas, ISAs, Unit Trusts and Term Investments Initially you will need to advise the companies handling your investments of your change of address, then you can review what to do with these investment assets at your leisure. You will need to take into account the exchange rate, tax in the UK & NZ, and the investment returns on your policy vs other investments returns. We would be happy to discuss your situation in more detail to make sure that you make the most appropriate decision.
Premium Bonds You can hold your premium bonds while living in New Zealand – just be sure to let them know your new address. New Zealand has a similar system, called Bonus Bonds; www.bonusbonds.co.nz.
|
