[immortal167]

My partner and I are moving to live in the UK. Sold our house here so will have a reasonable nestegg of cash. We have a number of options, including leaving it here and earning a good interest rate and waiting for the perfect exchange rate to take it to the UK. Alternatively we could take it straight to the UK. What are the tax implications of me arriving at heathrow with a banker's draft for XXX thousand pounds? What are the tax implications of earning interest on money in NZ? Thanks!

[*Paul]

While the experts sharpen their pens, I'll just add some comments. Interest earned in NZ for a non-resident is subject to a lower tax rate, I think somewhere around 15%.

However you will likely have to declare the income in the UK and pay the remaining, if any, to make it up to what you would have paid in the UK.

Personally I would leave all or part in NZ for now as the rates are high.

FYI, if you do an exchange via Ozforex or similar be very careful you are getting a competitive rate, and never have it converted automatically on receipt.