Moving Finances to New Zealand from the UK

If you have left the UK and recently moved to New Zealand, there are a few things you can do to ensure that your finances are moved without hitch. 

Your UK-NZ Finances Checklist 

• Complete a P85 or P85(S) from http://www.hmrc.gov.uk/ to notify the UK Inland Revenue of your departure and submit a UK tax return (you may be due a rebate).
  
• Don't forget a P45 from your UK employer.
• Get a current State Pension Forecast.
• Get current statement(s) from all your personal and occupational pension schemes and let the respective companies know your new address in New Zealand.
• Investigate whether transferring you UK pensions to New Zealand may benefit you.
  
• Look into KiwiSaver, the New Zealand government retirement savings scheme.
• Get current statement(s) from all your PEPs, ISAs, Unit Trusts, Endowment policies and other managed investments and let the respective companies know your new address.
  
• Set up (and test) Internet and phone access to you UK bank account/s.
• Let your UK bank/s know your new New Zealand address. Consolidate your bank accounts as necessary – we advise that you leave least one account open in the UK. You may also need to fill in a form to have any interest due to you paid tax-free, and remember to cancel direct debits and standing orders as appropriate.
• Open a New Zealand bank account.
• Check whether your UK life assurance, medical insurance and income protection policies apply when overseas and consider whether to keep them. Let the respective companies know your new New Zealand address.
• Make sure your car insurance is cancelled and ask your car insurance company for a "No Claims Certificate"– this will help you to get favourable terms from a New Zealand car insurance provider.
• Review your insurance needs – medical, life and income insurance, as well as car and house and contents cover. Make sure that any insurance policies you have retained in the UK are still valid and good value.
  
• Apply for a New Zealand IRD (tax) identification number and check whether you’ll need to file a New Zealand tax return.
• If you have retained offshore investments, check what the tax situation is on them. Remember that you have a “grace period” of 4 years as a Transitional Resident, but you may need to re-think your offshore investments after this point.
  
• If renting out your property in the UK, apply to the UK Inland Revenue for non-resident landlord status so tax is not deducted from your rent.
• Investigate the best way to bring Pounds Sterling to New Zealand.
• Cancel any Child Benefit payments (http://www.direct.gov.uk).
• Make sure your will is current and still reflects your requirements, and consider setting up an Enduring Power of Attorney.

This article was supplied by Broadbase International Ltd (www.broadbaseinternational.com). Information contained in this article is of a general nature and is not intended as a substitute for professional advice based on your individual circumstances. Disclosure statements are available on request and free of charge.