Hi,
hope someone can help. We are Brits with permanent residency in NZ and have lived here for 4 and a half years now. We have an old fashioned UK 'endowment' policy in the UK which we are still paying into from our UK bank account, but it is due to mature in 2018. We are due to receive £40,000. (approx $80,000 depending on exchange rate).
My question is, as a NZ tax resident, am I liable to pay tax when I transfer it here to NZ.....and if so (which I'm sure is highly likely!) what sort of percentage will I be looking at loosing? Are there any ways round keeping the tax I pay to a minimum? ie gifting an amount to my kids and transferring a sum to each of them here in NZ. I'm not trying to get out of paying my dues here, just trying to preserve as much of the 25 years investment I have made as I possibly can!
Any advice would be appreciated.
Cheers
hope someone can help. We are Brits with permanent residency in NZ and have lived here for 4 and a half years now. We have an old fashioned UK 'endowment' policy in the UK which we are still paying into from our UK bank account, but it is due to mature in 2018. We are due to receive £40,000. (approx $80,000 depending on exchange rate).
My question is, as a NZ tax resident, am I liable to pay tax when I transfer it here to NZ.....and if so (which I'm sure is highly likely!) what sort of percentage will I be looking at loosing? Are there any ways round keeping the tax I pay to a minimum? ie gifting an amount to my kids and transferring a sum to each of them here in NZ. I'm not trying to get out of paying my dues here, just trying to preserve as much of the 25 years investment I have made as I possibly can!
Any advice would be appreciated.
Cheers
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