Tax Amnesty discussion

Cook_County

heleen wrote: »

Thanks Cook-County (although grumble grumble it's bad news)

Do you know how I report the income that was brought into the UK this tax year (£285) on my self -assessment? Is it as income or is there a special form about offshore accounts?

Thanks

Remittances to the UK of non-UK employment income get entered on an employment page, claim for credit for foreign tax on the foreign pages.

Cook_County

confused2 wrote: »

We are retired have a house in the UK and one in spain (which was in inherited). Neither house is rented. We live mainly in the UK.
We do not pay income tax as we are retired.

What would be expected to pay the uk government?

Being retired does not exempt anyone from tax in either country.

Spain has income tax and wealth tax, the UK has income tax.

If you have sufficient income you owe tax in one or both countries.

Separately, the UK will tax your worldwide estate on death, unless you are non-UK domiciled. Spain has forced heirship rules, so I assume you have Wills organised to handle your estate under both sets of rules.

kelk72

We have a holiday home in spain that we do not rent out its just for our own personal use we have owned it for 6 months and have engaged an accountant in Spain that is sorting out our Spanish tax for us as we want everthing to be "legal and above board" my question is as we dont rent it out and therefore do NOT earn any income surely we dont have to declare anything to the IR? we also have a Spanish current bank account that does not earn any income/interest quite the reverse as Spanish banks make a charge for every cheque/standing order etc that we make I find it all very confusing

Mercenary

I am a housewife and a non-taxpayer.
I have received a letter about this matter from the bank that used to hold a standard savings account off-shore in my name (with some money in it, both set up and given to me years ago by my father) . As it was a pain to manage, plus the interest was at normal savings interest rates (as in cr*p :rolleyes: ), I moved it, a few years ago, to an account with the same bank on mainland Britain.
The interest does not take me near my personal tax limit, so do I have to declare anything?

dejongj

Mercenary wrote: »

I am a housewife and a non-taxpayer.
I have received a letter about this matter from the bank that used to hold a standard savings account off-shore in my name (with some money in it, both set up and given to me years ago by my father) . As it was a pain to manage, plus the interest was at normal savings interest rates (as in cr*p :rolleyes: ), I moved it, a few years ago, to an account with the same bank on mainland Britain.
The interest does not take me near my personal tax limit, so do I have to declare anything?

My understanding is that even if it doesn't take you to your personal limit you still have to declare it...Nothing to pay mind you, but what about your other sources of income....But then again the money is longer off-shore you said? So why the concern?

alan99_2

xray wrote: »

What happens if you had an account yet closed it in, say, 2002?

According to this article which I came across they will still know about it.

5. The Notices seek documents containing the names and addresses of customers of the Financial Institution (other than public limited companies, Governments, charities, churches, mutuals, trade associations and clubs) having a UK address and a non-UK bank account in a number of named jurisdictions or locations, together with documents containing the following information about the customer: whether the account address is noted “gone away” or “not at this address”, the account holder’s date of birth, the name of the bank at which the account is held, the branch at which the account is held, the sort code of the branch at which the account is held, the account number, the date that the account was opened and the date that the account was closed. The Notice requires documents showing the annual interest credited in the years 2000 to 2005 and the balance on 31 December 2000 and on 31 March in each of the years 2001 to 2005

Details here

http://www.accountancyage.com/accountancyage/news/2174065/four-banks-offshore-disclosures

(above is from "Second Bank")

Hope the above helps. I am no expert.

Alan

xray_3

Alan

That's very helpful. Thanks.

hello_world_6

alan99 wrote: »

According to this article which I came across they will still know about it.

5. The Notices seek documents containing the names and addresses of customers of the Financial Institution (other than public limited companies, Governments, charities, churches, mutuals, trade associations and clubs) having a UK address and a non-UK bank account in a number of named jurisdictions or locations, together with documents containing the following information about the customer: whether the account address is noted “gone away” or “not at this address”, the account holder’s date of birth, the name of the bank at which the account is held, the branch at which the account is held, the sort code of the branch at which the account is held, the account number, the date that the account was opened and the date that the account was closed. The Notice requires documents showing the annual interest credited in the years 2000 to 2005 and the balance on 31 December 2000 and on 31 March in each of the years 2001 to 2005

Details here

http://www.accountancyage.com/accountancyage/news/2174065/four-banks-offshore-disclosures

(above is from "Second Bank")

Hope the above helps. I am no expert.

Alan

Thanks Alan, I wondered what information exchanged hands.... What about address's: I worked 2000-2 overseas and used an offshore account. I changed the address back to the UK when I returned and kept money there for a rainy day. Interest last year was about £20 Will the HMRC be aware that the account was opened and most of the use relates to an overseas address? Indeed the principle of this based on UK addresses so should HMRC be able to view information created when I had a non UK address?

denboy1739

I have worked overseas since 1985 and deposited my savings in the channel isles, since reitiring in 2001 I have remained abroad with very short visits to the UK.
I believe this gives me a non resident status for UK tax purposes.
Will I still have to submitt to the HMRC disclosure, any info would be appreciated.

julians_2

A few questions I think a lot of people have:

1- How many people does this issue affects?
2- Are they going to be able to go through everyone's records - or will they just go for those with large amounts?

If some one had earnt money in 1999/00 and put it offshore (in a non interest bearing account) would they still have to pay the taxman the Tax + Interest on money? (+ fine).