[Caven]

Hello,

Does anyone know, when you've sold your house and are at the point of moving the funds to NZ, at which point(s) are you taxed? Are you taxed on the way out by the UK, or on the way in by NZ, or both?

Ta in advance, C.

[veronica]

shouldn't think NZ would tax you on that. they didn't tax us on the capital we bought across. not sure that UK would tax you on the house if its the only one you own (apart from the normal stuff they do during the sale transaction)

[Caven]

Thanks for replying Veronica, so did you not get hit by anyone for moving money out, then in to another country?

[Timbo]

Caven. I cant see why you would have to pay tax on proceeds from your home in either uk or nz. Unless it is not your sole residence, in which case i guess capital gains could creep in (not in NZ though).
All you would be doing is moving your dosh from A to B, not making a profit on it.
Iam sure Karl has touched on this subject before. It may be worth asking him.

[Graham Barnes]

Agree with Timbo.

No tax is payable on the sale of your own residence, either in NZ or UK. Transferring funds is not liable to tax in either country as well.
If you're selling a property which is not your primary residence (E.g. rented out), then UK CGT is payable...which can be substantially reduced if you are careful!
BTW, NZ does not charge CGT on rented property.

[karltsmith]

Hi Caven,

Graham and Timbo are 'right on the money' (punn intended)! You can however be liable to pay tax on any income from investing your capital to produce an income stream in which case this income is taxable. You are considered to be a tax resident in NZ (for tax purposes) if you have been 'resident' (on any form of visa where you are generating and income) for more than 184 days! You wont fall into the trap of double taxation because the UK and NZ have a dual tax agreement. You just need to play the tax rules to your advantage as much as you can!

Karl :nice1

[Caven]

Thank you all very much for clearing this worry up for me :nice1

I think I've been a victim of my own cynicism :laugh It just did not seem possible that I could sell something, keep the money and be alowed to run with it!

Cheers!