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Whether you are starting a new life in Australia or returning to your homeland, the move will be exciting yet daunting. With countless things to organise your financial planning might not be your first priority. However, the tax system in Australia is very different from the UK and failing to manage your financial affairs in the months before departure can prove extremely costly.
Scottsdale Consulting are UK based Independent Financial Advisers who specialise in helping people to arrange their finances in order to avoid any pitfalls and to take full advantage of the generous tax breaks available. With qualified consultants who have lived and worked in Australia and the UK, we are ideally positioned to provide the professional and impartial advice you will need.
These are the questions we are most often asked:
UK Property - Download our FREE pdf guide
Is this the best time to sell my home or other properties? If you keep any property, you need to understand how you will be taxed on the rental income and what your capital gains tax liability will be when you finally sell.
UK Investments - Download our FREE pdf guide
Should my endowment policies, ISAs, Unit Trusts and other investments be kept or cashed in? Things to consider include the amount of any surrender penalties, potential future bonuses and how UK based investments might be taxed in Australia.
UK Pension Schemes - Download our FREE pdf guide
Is it best to move my pension funds abroad and what is the process? These are probably the most difficult questions to answer because the tax rules are complex and constantly changing. In many cases there are very substantial benefits to be had from moving pension funds to Australia but the procedures involved and the timing of the transfers are critical if you are to avoid expensive mistakes. Scottsdale Consulting is regulated in the UK by the Financial Services Authority to give advice on transferring pensions to QROPS (Qualifying Recognised Overseas Pension Schemes).
UK Protection Policies
What should I do about my life assurance and critical illness cover? It is very important that you do not cancel your UK policies unless you are certain that you no longer need the cover. You will need to review your protection requirements when you are settled in your new country because your liabilities might be different and your cover should be in the local currency, rather than in sterling. However, you should ensure that any new policies are on-risk before your existing cover is cancelled to be sure that you are not left unprotected at any time.
Tax on Foreign Investment Funds - Download our FREE pdf guide
What is this and can I avoid it? This is an Australian tax levied on the growth of investments and some pension funds held outside that country. Good financial planning is needed to mitigate FIF tax.
Inheritance Tax Planning - Download our FREE pdf guide
Will my family have to pay inheritance tax when I die? This UK tax can be charged at 40% on your worldwide assets unless you take very specific steps over a number of years to break all links with the UK. We believe that professional advice is essential to achieve this.
Currency Exchange - Click here for more information
Will my bank offer the best exchange rate when I move abroad? Exchanging large sums of money demands more attention than arranging the spending money for an annual holiday. Exchange rates have been extremely volatile in recent years so the timing of currency conversion is absolutely crucial. It might be sensible to leave much of your capital in sterling for a period but professional advice is essential. Scottsdale Consulting has teamed up with Moneycorp, a world leader in foreign exchange, to provide highly competitive rates along with access to currency dealers who will help you with the timing of any transactions.
Continuing Advice
Who will advise me after I leave the UK? In case you don’t already know any Financial Planners in Australia, we have established contacts with suitably qualified professionals. We can brief an adviser on your affairs and arrange for them to contact you on your arrival. This will provide a seamless transition and ensure that any plans made in the UK are not inadvertently compromised later. Naturally, we would only pass on information with your express approval.
Scottsdale Consulting Ltd | Company No. 04627921
Registered Office:
Fairbourne Drive, Atterbury, Milton Keynes, MK10 9RG
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