[tee and dee]

Hello everyone,

I don't often start a thread as I can usually find what i need to know from the other ones - but - I've searched and can't find so here goes -

I know i read recently something about being hit hard with taxes ??? when you bring over a sum of money (eg profit from U.K. house) and want to have it in a NZ bank ready to spend. Is this tru ? and if so what does it entail eg how much can you bring / is there a threshold before being stung/ can you get round this in any way etc etc I could go on.

I know someone out there can help me on this one,
Cheers :cheers

p.s. this is only relevant if we manage to sell our house - it went on the market today !
Tracey

[Delson]

Good luck with the house sale, ours has been on the market 14 months!! The tax on money you take over has just recently changed. Check out the NZ Inland revenue, you've got 4 years grace. :nice1

[veronica]

We havent been taxed on any of the money we have brought over from the UK house, when we brought it over the exchange rate was not very friendly so we have put it into a sterling account over here in the westpac bank where it is sitting until we need it or the exchange rate gets even better.

[Hannah]

This tax can be avoided - i think you need to put it in a trust fund or something. I read an article in a magazine this week about how new immigrants get clobbered for this tax and how there are ways to avoid it. I'd suggest getting financial advice.

[jubjub]

there is no tax on bringing money from the UK. You need to declare it, but NZ doesn't have capital gains tax, and it doesn't count as taxable income.

We brought over $200,000+ with no issues whatsoever, plenty of others have done the same for more

[katandbob]

there is no tax on bringing money from the UK. You need to declare it, but NZ doesn't have capital gains tax, and it doesn't count as taxable income.

We brought over $200,000+ with no issues whatsoever, plenty of others have done the same for more

Hi, how did you declare the money??, I am sure you didnt take it all through with you when you flew into NZ?? Sorry if I sound dense (its cause I am :p ) ha ha!

look forward to your clarification Jubjub, cheers Kat

(PS Tracy, long time no speak - Good luck with the House sale! :nice1 )

[UktoKiwi]

You do not have to declare anything.
It is best to open an account before you go.
Plenty of threads how to do it.
However we opened one with HSBC.
They sent us forms which we completed and then took form, ID and other required documentation to the local HSBC branch in UK for the branch to copy docs so you can retain originals and stamp having seen passports etc.
HSBC have a savings account that pays 7% with minimum of NZD3,000 I think and virtually no costs. You also get free atm withdrawals and can have internet access, cheque book etc.. After opening account they sent us the cards and passwords etc to UK.

[UktoKiwi]

I meant to say at the start that putting the money into a bank would probably be better than taking a suitcase of cash!!!

[katandbob]

You do not have to declare anything.
It is best to open an account before you go.
Plenty of threads how to do it.
However we opened one with HSBC.
They sent us forms which we completed and then took form, ID and other required documentation to the local HSBC branch in UK for the branch to copy docs so you can retain originals and stamp having seen passports etc.
HSBC have a savings account that pays 7% with minimum of NZD3,000 I think and virtually no costs. You also get free atm withdrawals and can have internet access, cheque book etc.. After opening account they sent us the cards and passwords etc to UK.

Thanks...will discuss with Bank researcher (Hubby ;) ~) and see what he thinks.

Kat

[katandbob]

I meant to say at the start that putting the money into a bank would probably be better than taking a suitcase of cash!!!

:yes and it also leaves room for more clothes and shoes :nice1

Kat

[UktoKiwi]

and on a serious note:-
I expect it would be very difficult for any bank or bona fide financial institution to accept a large sum of cash nowadays without substantive proof of legitimate origin etc.. due to the money laundering rules. So trying to do it as a new account holder would be even more of a problem.
It would generally have to come through the banking system at least.

By the way the banks in NZ including HSBC allow you to have a currency account so you can hold different currencies such as sterling or US$ or Aus$ etc at goodish rates of interest. This could occur if you wanted to leave your monies or some of your monies in sterling for some time rather than convert to NZD for whatever reason you might have.

[StevieD]

What a headache! Not looking forward to all the messing around when my turn comes. Looking in to the paypal option though...

[tee and dee]

Thanks you lot - I tried asking on anohter thread about Inland Rev in Nz and got totally ignored !!! thought it was probably the migrant's way of dealing with a possible loss of SAVINGS - "If we don't discuss it, it doesn't exist and we'll never have to pay it". You know who you are.
Hi Kat, I've been following you enviously - but we're possible only 3/4 months behind you now - I read more than I post. How your grand-baby ? Woops were you trying to pretend you are a young thing (40's not bad,kid).

Will keep posting about the house - first viewing tomorrow and she's already sold and needs to be out by August !! Perfect as I'm resigning at the end of the week and will be unemployed by Sept if we are still here,
Tracey

[katandbob]

Thanks you lot - I tried asking on anohter thread about Inland Rev in Nz and got totally ignored !!! thought it was probably the migrant's way of dealing with a possible loss of SAVINGS - "If we don't discuss it, it doesn't exist and we'll never have to pay it". You know who you are.
Hi Kat, I've been following you enviously - but we're possible only 3/4 months behind you now - I read more than I post. How your grand-baby ? Woops were you trying to pretend you are a young thing (40's not bad,kid).

Will keep posting about the house - first viewing tomorrow and she's already sold and needs to be out by August !! Perfect as I'm resigning at the end of the week and will be unemployed by Sept if we are still here,
Tracey

Me..........Im going to see my old boss this week......want to use the photocopier, and borrow some Large Labels for my boxes that I have just packed....then I have a bank acc to sort :confused: funny how Rob hands things over to me when it means dealing with pwk or telephones ;)

Kat.....PS, couldnt believe the ripoff currency rate that the Travel agencys offer...£2.61!

Transferz still got the best for us at the minute

good luck

Kat