Emigrating - Implications for my Portfolio

[Chorlton]

Hi All,

I'm not sure whether this is the correct forum for my question but I shall ask it anyway and hopefully somebody will be able to answer it or direct me to the correct forum.

I live in the UK (& have done so all my life) and I currently have a Trading portfolio which consists of 3 UK stocks.

Recently, I have been offered a new job which will mean emigrating to Australia. However, I would like to keep my portfolio open / active, as I believe the stocks I have chosen offer excellent long-term (1-2yrs) potential, even though at present I am running at a loss on 2 of them!!

Consequently, if I was to leave the UK and move to Australia, could I keep my portfolio going through my broker (ETrade)? And is so, what implications would there be, especially if I decided to sell some of my stocks after I had moved??

I shall contact ETrade regarding this matter in due course but it would be very helpful if anyone could offer any advice at this time.

Regards,

CCH

 

[chump]

There is no reason why you have to liquidate your holdings here in the UK just because you move to Aus. However, once you become time resident (180days in the Aus tax year July to June) ..there for tax purposes any div's ,or cap gains are taxable in Aus ...ask around though ,because you might find a way of throwing these into a superann scheme which could be better for you from a tax point of view..unfortunately I don't know sufficient about Aus tax to be of more help than that...don't forget to send the tax man here a P form leaving the UK

 

[Chorlton]

Thanks for the information Chump!

1 question thou................. "send a P form to the tax man before leaving"? Whats a P form?? Sorry, but my knowledge on such matters is pretty poor

Thanks in advance,

CCH

 

[chump]

P85 and P86 are forms that you need to submit to the Inland Rev to inform them you are either coming to the Uk to work , or leaving it ...call your local office , or go to the Inland Rev website and print down the form. If you ever wish to come back it will be easier if you have submitted this form so that their records are straight otherwise you might have a more difficult time explaining where you have been etc...

 

[Chorlton]

I'll do exactly that.......... thanks for the quick reply............

cheers..........