Tax Payable on Matured Investment Bond

[Samgeo]

Hi,

Background: I now live in Australia, I was born here, however was married to a Brit and became an Aus/Brit a number of years ago. I worked and paid taxes in the UK for many years and whilst moving back home a number of years ago I still have children that live in the UK.

I invested in an Investment Bond back in approximately 2005 with £125,000, it is now valued at approximately £245,000. The investment is held with AVIA, this use to be Norwich and whilst the investment is now administered in Dublin it was also registered or something on Jersey, from what I recall.

Key thing is I wish to bring the funds to Australia and I do not know what the tax position might be, secondly can I transfer that much over here? I do pay taxes in Australia on other UK based income?

Kind regards
Samgeo

[maths]

Assuming you are non-UK resident when the bond matures and you do not intend to reacquire UK residency within 5 years of leaving the UK then any gain on the bond is
not subject to UK income tax.

I assume the bond was issued by a non-UK based life office?

The question is therefore as an Aussie resident whether Aussie tax is payable on any gain. I suspect there will be a liability. Whether this may be reduced as ownership subsisted whilst non Aussie resident and/or whether
the bond is revalued on becoming Aussie resident is a matter for a local adviser.