MSE News: Bank of Cyprus UK customers won't be hit by savings tax 18 March 2013 at 12:15PM edited 18 March 2013 at 3:57PM in Savings & investments 14 replies 2.4K views

Former_MSE_Helen

"Savers in Cyprus could have their deposits taxed, but Bank of Cyprus UK customers won't be affected..."

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Bank of Cyprus UK customers won't be hit by savings tax



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JohnRo

Lucky for them then, meanwhile Bank of England UK customers have already been fleeced and look set to continue getting fleeced.

typistretired

I hope the money to repay the tax paid by British service personnel and civil servants is coming out of the overseas foreign aid budget.

alanq

"European officials said over the weekend that Cypriot citizens with less than €100,000 (£87,000) in their accounts will have to pay a one-time tax of 6.75% of the cash value, while those with more money will lose 9.9%."

This part of the article seems incorrect. What has citizenship got to do with it? Talk has been of the UK government compensating British Service personnel for any losses due to this move. Mention has also been made of Russian depositors being caught out. Isn't it the case that all deposits in bank accounts regulated by Cyprus are affected and all deposits made by Cypriot citizens in non-Cypriot banks are safe?

soulsaver

alanq wrote: »

"European officials said over the weekend that Cypriot citizens with less than €100,000 (£87,000) in their accounts will have to pay a one-time tax of 6.75% of the cash value, while those with more money will lose 9.9%."

This part of the article seems incorrect. What has citizenship got to do with it? Talk has been of the UK government compensating British Service personnel for any losses due to this move. Mention has also been made of Russian depositors being caught out. Isn't it the case that all deposits in bank accounts regulated by Cyprus are affected and all deposits made by Cypriot citizens in non-Cypriot banks are safe?

Haven't heard the definition of who can be ROBBED - but I know its absolutely outrageous to raid law abiding peoples bank accounts.
It wont be Cyprus citizens as a definition because this is couched in taking a slice of 'Russian dirty money' - and, as you say, they wont be Cypriot citizens. 'Residents' I'd heard but that wouldn't get the Russians either.
I know we get raided by taxes, but that's tax on GAINS - not deposits which already been taxed. Inexcusable, illegal, reprehensible. And broken the mould for rules.

Plus UK will reimburse public sector employees there? I'm not objecting - but that means the UK tax payer is in effect bailing out Cyprus, in addition to what ever we're putting up through EU.

JohnRo

UK deposits are "taxed" by the BoE's artificially manipulated record low interest rates and currency devaluation caused by money printing. The only difference is most people seem oblivious or don't notice the theft because it is covert.

John_Pierpoint

The original thread is here:

http://forums.moneysavingexpert.com/showthread.php?t=4499663

Steve059

So now we're the offshore tax avoiders.

Glen_Clark

JohnRo wrote: »

UK deposits are "taxed" by the BoE's artificially manipulated record low interest rates and currency devaluation caused by money printing. The only difference is most people seem oblivious or don't notice the theft because it is covert.

Absolutely. And when you consider the pound has lost about 20% of its value against the Euro since the Euro was introduced, and that Cypus has been paying 5.5% interest on Euros, whilst Britain has been paying 2% interest on pounds, you find the British saver has already been fleeced by about 4 times as much as that proposed for Cypriots :mad:
I wish I had kept my savings in Cyprus instead of Britain.

Glen_Clark

soulsaver wrote: »

Haven't heard the definition of who can be ROBBED - but I know its absolutely outrageous to raid law abiding peoples bank accounts.
It wont be Cyprus citizens as a definition because this is couched in taking a slice of 'Russian dirty money' - and, as you say, they wont be Cypriot citizens. 'Residents' I'd heard but that wouldn't get the Russians either.
I know we get raided by taxes, but that's tax on GAINS - not deposits which already been taxed. Inexcusable, illegal, reprehensible. And broken the mould for rules.

Plus UK will reimburse public sector employees there? I'm not objecting - but that means the UK tax payer is in effect bailing out Cyprus, in addition to what ever we're putting up through EU.

I still cannot see any difference between taxation and theft or ROBBED as you put it.
The fact that the money has already been taxed doesn't stop the Government taxing it again.
If money could only be taxed once the Government's source of income would have dried up thousands of years ago.

roddydogs

Savers have been robbed for the last few years , by the low interest rate not matching inflation.