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Old 09.12.2015, 13:51
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UK taxation on foreign accounts

Maybe you already know about the changes on 1.1.2016, when the UK tax authorities will now be able to inspect foreign bank accounts in 90 countries.

http://www.telegraph.co.uk/finance/p...m-January.html

Today's publicity drive comes as new penalties and punishments are being introduced in the New Year for anyone who fails to declare offshore tax.
Holiday home owners and people who inherit overseas bank accounts, and fail to declare the interest or dividend earnings, are among those who are likely to be caught by the ending of a disclosure facility on December 31.
The ending of the so-called "Liechtenstein Disclosure Facility" (LDF) in 2016 means that HMRC will be able to impose penalties of at least 30pc of the tax due, whereas there is now no minimum penalty, and can look back 20 years as opposed to 16 as now.
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Old 09.12.2015, 14:26
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Re: UK taxation on foreign accounts

Isn't it nice that OH and I recently got letters to say we don't need to fill in a UK return any more.
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Old 09.12.2015, 15:06
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Re: UK taxation on foreign accounts

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Maybe you already know about the changes on 1.1.2016, when the UK tax authorities will now be able to inspect foreign bank accounts in 90 countries.

http://www.telegraph.co.uk/finance/p...m-January.html

Today's publicity drive comes as new penalties and punishments are being introduced in the New Year for anyone who fails to declare offshore tax.
Holiday home owners and people who inherit overseas bank accounts, and fail to declare the interest or dividend earnings, are among those who are likely to be caught by the ending of a disclosure facility on December 31.
The ending of the so-called "Liechtenstein Disclosure Facility" (LDF) in 2016 means that HMRC will be able to impose penalties of at least 30pc of the tax due, whereas there is now no minimum penalty, and can look back 20 years as opposed to 16 as now.
Pleased I have not been resident in the UK for 21 years
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Old 09.12.2015, 16:01
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Re: UK taxation on foreign accounts

I left in 1977, so it won't affect me. Have you noticed on the map, the Isle of Man and Channel Islands are white, so neither a Yes nor a No...
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Old 09.12.2015, 16:28
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Re: UK taxation on foreign accounts

I suppose as most of us are tax resident in CH and not in the UK and some might have forgotten about old accounts in the UK they should be more worried about the Swiss approaching them for tax than the Brits.
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Old 09.12.2015, 23:29
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Re: UK taxation on foreign accounts

Ahhh now I know what the notice from the bank was! I guess I need to change my official addy on my UK account? I have it for a UK address still although no longer living there but don't want a tax headache
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Old 09.12.2015, 23:39
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Re: UK taxation on foreign accounts

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Ahhh now I know what the notice from the bank was! I guess I need to change my official addy on my UK account? I have it for a UK address still although no longer living there but don't want a tax headache

I have bank accounts in several countries, I have been asked by most in the last 5 years to provide utility bills at each of those addresses. Not one bank has asked if I was actually tax resident & another has never seen my passport or a utility bill! It's a big farce TBH
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Old 09.12.2015, 23:43
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Re: UK taxation on foreign accounts

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I have bank accounts in several countries, I have been asked by most in the last 5 years to provide utility bills at each of those addresses. Not one bank has asked if I was actually tax resident & another has never seen my passport or a utility bill! It's a big farce TBH

It was some thing that was worded for many things and included the USA and UK and I was like huh what is this for now. But now it makes sense! I tried for a different French account and it ended up too much hassle so I gave up, I know the UK has become hard to open an account as well. Other times it's easy as cake. Still odd given the system is just a place to hold your money and they profit from this "service"
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Old 10.12.2015, 04:36
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Re: UK taxation on foreign accounts

The OECD's Common Reporting Standard (CRS), also known as Automatic Exchange of (Tax) Information or AEoI, comes into effect for EU countries and Liechtenstein on January 1, 2016. It will come into effect in Switzerland on January 1, 2017.

The Crown Dependencies and Overseas Territories are adopting CRS as well effective January 1, 2016 ((and are rolling CDOT (UK FATCA) into CRS on differing time scales)).

In a nutshell, CRS requires all Financial Institutions (FIs) in a CRS Participating Jurisdiction to screen Reportable Accounts to look for account holders who may be Reportable Persons. Reportable Accounts include custody, current accounts, checking accounts, brokerage accounts, savings accounts, cash-value insurance contracts, annuities, etc. Reportable Persons are non-exempt persons tax resident in a participating jurisdiction. Reportable Persons include individuals and entities but exclude some organizations such as governments, central banks, etc.

FIs must also screen the Controlling Persons of non-Participating Jurisdiction entities that are account holders. For instance, a Controlling Person of a trust is a settlor, grantor, beneficiary, protector, or anyone who otherwise exercises control over the trust.

An FI must then report the balances and income for those accounts holders or Controlling Persons to its national tax authority, which will then pass that info on to the tax authority of whatever other participating jurisdictions the account holder is tax resident in or has uncured indicia of tax residency.

FIs in early adopter Participating Jurisdictions (e.g., EU countries and Liecthenstein) will will begin to mail out CRS self-certifications to existing account holders in 2016. Likewise, new account holders will also have to sign CRS self-certs beginning in 2016.

The key here is that HMRC and other tax authorities of Participating Jurisdictions will receive your financial data automatically. It will not have to go out and look for it.
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Old 10.12.2015, 08:18
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Re: UK taxation on foreign accounts

These people claim to introduce you to foreign off shore banks, http://www.offshoreprotect.com/
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Old 10.12.2015, 08:37
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Re: UK taxation on foreign accounts

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I have bank accounts in several countries, I have been asked by most in the last 5 years to provide utility bills at each of those addresses. Not one bank has asked if I was actually tax resident & another has never seen my passport or a utility bill! It's a big farce TBH
First Direct sent letters out this year requiring required confirmation of identity. I did it using a video chat (using a webex facility that doesn't work on Windows 10 - clevel!) so they could take photos of passport and a utility bill. My wife did her verification at UBS, but since all utility bills are in my name, she used her residency permit as the secondary id. As ever, the docs they say they required don't really fit non-UK countries.
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