Highest Guaranteed Fixed Deposit Rate With ICICI

dancingdandare

Y

our line here is highly suspicious, suggesting people do not declare their investments and interest - which as I'm sure you are aware, is illegal in the UK. You must declare all foreign holdings, including interest.

ICICI is well know for having a poor customer service record, let alone with issues of depositing offshore = very bad idea IMO.

I agree you must declare all earnings in the uk, interest income, investments. The tax man will always find out and if he does it could be far worse than paying the tax in the first place. :eek:

I don't agree on the second point. Personally i have had no problems with ICICI customer service, and its not effectively depositing offshore as its a uk arm of the Indian bank. It is as safe as a bank in england as far as compensation is concerned if something would to go wrong. Plus i have already mentioned on other threads the strength of India's economy over the uk's in the long term. As far as i am concerned you take a small risk putting your money anywhere these days. Although i would rather have my money in a country who's economy is on the up and forecasts show it will continue to do so.
:T:rotfl::j

isofa

dancingdandare wrote: »

YI agree you must declare all earnings in the uk, interest income, investments. The tax man will always find out and if he does it could be far worse than paying the tax in the first place. :eek:

Totally agree - as per my post. The OP is actively encouraging people to deposit off-shore and not declare, which could result in jail.

dancingdandare wrote: »

I don't agree on the second point. Personally i have had no problems with ICICI customer service, and its not effectively depositing offshore as its a uk arm of the Indian bank. It is as safe as a bank in england as far as compensation is concerned if something would to go wrong. Plus i have already mentioned on other threads the strength of India's economy over the uk's in the long term. As far as i am concerned you take a small risk putting your money anywhere these days. Although i would rather have my money in a country who's economy is on the up and forecasts show it will continue to do so.
:T:rotfl::j

Diaagree - the original post is regarding ICICI Singapore, which is not a UK arm of ICICI. The risk is much higher depositing off-shore, regardless of the protection offered by Singapore. This isn't the same as depositing with ICICI UK which is a UK registered bank under the UK FSCS protection scheme.

ICICIs poor customer service record is well reported on these forums, a search will show many unhappy customers. But each to their own :beer:

eeja

To answer the important points raised above it is worth noting that there is no legal obligation in the UK to declare one's offshore deposits. Most UK residents who deposit funds in the Channel Isles and IOM avoid tax by the simple means of deferring the interest payments on their accounts.
It is also worth noting that one's UK tax liability depends on one's tax status and millions of UK non residents and expats many of whom read this forum are in no way liable for UK tax on the income of their investments.
Why is it wrong to point out that the European Savings Directive does not apply in Singapore (or Hong Kong for that matter ? ) Everyone must decide how they deal with their own tax affairs but you cannot censor information.

Regarding complaints re poor service at ICICI , that of course concerns ICICI UK and not offices of ICICI elswewhere in the world.
At the end of the day you cannot ignore the following two facts :
1. That the UK guarantee covers only £50k but that the guarantee against default offered by the Republics of both Ireland and Singapore is UNLIMITED
2. That the ICICI above mentioned accounts offer an interest rate ten to twenty percent higher than that the same parent bank offers in the UK
Quod erat demonstrandum ...you pays your many and takes your choice !

isofa

eeja wrote: »

To answer the important points raised above it is worth noting that there is no legal obligation in the UK to declare one's offshore deposits. Most UK residents who deposit funds in the Channel Isles and IOM avoid tax by the simple means of deferring the interest payments on their accounts.

Incorrect.

HMRC cracked down on this last year, and will penalise, fine and may prosecute any UK residents with off-shore accounts trying to evade tax on interest.

News from April 2007: http://news.bbc.co.uk/1/hi/business/6568027.stm

HMRC policy: http://www.hmrc.gov.uk/offshoreaccounts/index.htm

What taxes to pay: http://www.directgov.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnSavingsAndInvestments/DG_10013299

HMRC are also encouraging whistle blowing so if people know of others trying to evade tax in this way to divulge the information, even though it may breach data protection laws.

Obviously this doesn't affect non UK residents or ex-pats.

eeja

Read carefully what was written .....
THERE IS NO LEGAL REQUIREMENT TO DECLARE ONE'S OVERSEAS OFFSHORE DEPOSITS : This is 100 percent correct under current law .

You are absolutely correct when you write that tax EVASION is a crime...you dont have to be a lawyer to know that !
Tax AVOIDANCE on the other hand is 100 percent legal as the courts have consistantly ruled !

isofa

eeja wrote: »

Read carefully what was written .....
THERE IS NO LEGAL REQUIREMENT TO DECLARE ONE'S OVERSEAS OFFSHORE DEPOSITS : This is 100 percent correct under current law .

You are absolutely correct when you write that tax EVASION is a crime...you dont have to be a lawyer to know that !
Tax AVOIDANCE on the other hand is 100 percent legal as the courts have consistantly ruled !

Non declaration of interest payments off shore is tax evasion. Whether you have to show the balance is irrelevant, because you have to declare the interest payments, this is the current UK law.

"If you receive savings and investment income from abroad, you will usually need to declare this on a Self Assessment (SA) tax return. You may have to pay UK Income Tax, but if you've paid foreign tax on the income you may be able to offset (deduct) this."

"HMRC has recently used its legal powers to obtain information about holders of offshore accounts from a number of banks."

Essentially if you deliberately don't declare it and are found out, you'll be prosecuted.

All from the government HMRC website.

Putting deposits off-shore, claiming interest and not declaring it (if you are a UK citizen living in the UK [not an ex pat or non resident]) is evasion not avoidance.

gozomark

isofa wrote: »

Putting deposits off-shore, claiming interest and not declaring it (if you are a UK citizen) is evasion not avoidance.

its not evasion if you are a UK citizen who isn't resident in the UK... ie domiciled but non-resident

isofa

gozomark wrote: »

its not evasion if you are a UK citizen who isn't resident in the UK... ie domiciled but non-resident

True and I make that clarification point in my earlier posts, if you read up..."Obviously this doesn't affect non UK residents or ex-pats."

All my recent posts regard on shore UK citizens, not UK citizens living abroad/ex-pats etc.

eeja

Correct Gozomark ( presumably an expat in Malta )

What UK resident money saving members however fail to grasp is that if interest payments are not paid out to savers, but the interest due defered, then UK tax would not become payable .That is until such time as it is paid out. Were the account holder to become non resident in the future, tax on the interest might indeed never become payable !
Kindly visit any of the Channel Isles/IOM banking websites where it is specifically mentioned that interest payment can be deferred. The reason for the deferral is obvious.
Anyhow all this taxation issue is off the subject .
Friendly advice was given on this forum to money savers as to where and how they could get the safest and highest interest rate for their savings, with complete certainty that the info provided was correct it being confirmed on the relevant websites.
Instead of a thank you , this posting has been responded to by numerous doubting Thomas' s who just sought to find any means to criticise, with their doubts usually based on incorrect info or the irrelevant question of taxation.
So perhaps this explains why so many people keep the best rates and offers to themselves .....who needs arguments and hassle when you try to help people ! Remember the saying about never looking a gift horse in the mouth ?
Anyhow no need to believe eeja whoever he is ...just contact the bank yourselves directly and you will know if the info given was accurate or not..

eeja

This is to inform readers on this 'best buy' thread that ICICI has now lowered their rate slightly probably due to large numbers of readers on this forum hearing about this best buy and depositing large sums with them and they are now offering 7.37% and 7.42% for 12 month sterling deposits (under and over £70K) at their Singapore office.
These savings accounts are open to UK residents and are guaranteed by the Singapore government, as ICICI'S office there is properly licenced to accept such deposits.
Do not think you can beat this best buy elsewhere..if so please post here .