# Hi,question about tax on currency rate gains



## Davymac (Jan 15, 2014)

Hi,just in from the uk,have pounds in an gbp account with anz,waiting for the exchange rate to become more favourable,my question is will the tax man hit me on this gain.and does it start from arriving or actually from day of residence granted?thanks


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## escapedtonz (Apr 6, 2012)

Davymac said:


> Hi,just in from the uk,have pounds in an gbp account with anz,waiting for the exchange rate to become more favourable,my question is will the tax man hit me on this gain.and does it start from arriving or actually from day of residence granted?thanks


I believe due to a reciprocal agreement between UK an NZ (double taxation thingamebob ?) when you come here as a resident you are free from paying tax on anything you earn outside of NZ for a period of 5 years from arrival date......or so I believe.
I have recently spotted a paragraph on the internet somewhere that mentioned rules may be changing about tax on pension transfers from UK to NZ.
Must have a search for this to understand what the score is.


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