Returning to UK from NZ and bringing money
My wife and I are both dual citizens - UK and New Zealand. We emigrated to NZ in January 2016 and have spent no time in the UK since then and therefore have not been resident in the UK or paid any UK tax since then.
We now want to move back to the UK
We have sold our house in New Zealand. There is no capital gains tax here.
We want to bring the proceeds from our house sale, as well as savings back to the UK so we can buy a house for us to live in.
The total amount we want to transfer to the UK comes to $585,485 ($455,485 from the house sale and $130,000 savings). This is equivalent to roughly £300,000
We will start working and paying PAYE when we settle in the UK.
- What is our tax position in the UK regarding this amount?
- How can we bring this amount into the UK without any tax liability?
- Is there an optimum time during the tax year that we should move both us and the money across?
- As a second option will there be a tax liability if we found a UK house and then transferred the money directly from our NZ bank account into the solicitor’s account (along with proof that the funds weren’t obtained by nefarious means!)
A second point…
Once we’ve been out of NZ for 12 months, we can release our KiwiSaver in NZ (a government run retirement savings scheme) and move it into the UK. It will be approximately £25,000. Having been in the UK for 12 months at this point, will it be taxable?