Hi - myself and my wife are emigrating to NZ in PAril/May time. We have sold a business and have other assets which shouyld provide us with a decent income from the interest when it is all in one account. Given the poor performance of the exchange rate (high interest rates in NZ) we have got together as much money as we can now and have set up a savings account in NZ. We have all of the required residence visas and work permits and assuming we work for three months when we get there, our long term residence permits will be granted.
We have set up a savings account with Westpac and elected to pay tax on it - which is 10% of earnings until we get there, then 39% when we arrive.
Myself and my wife are both 40% tax payers. One or two people have suggested we will need to pay tax in the UK on the interest we are making in NZ, even though we are paying tax there as well.
Westpac do not ebleive we need to pay tax twice, but I'm not so sure.
Help.
Thanks,
Richard
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