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

edited 18 March 2013 at 3:57PM in Savings & Investments
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Former_MSE_HelenFormer_MSE_Helen
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edited 18 March 2013 at 3:57PM in Savings & Investments
"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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  • JohnRoJohnRo Forumite
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    Lucky for them then, meanwhile Bank of England UK customers have already been fleeced and look set to continue getting fleeced.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
  • typistretiredtypistretired Forumite
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    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.
    "Look after your pennies and your pounds will look after themselves"
  • alanqalanq Forumite
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    "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?
  • edited 18 March 2013 at 3:19PM
    soulsaversoulsaver Forumite
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    edited 18 March 2013 at 3:19PM
    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.
  • JohnRoJohnRo Forumite
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    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.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
  • Steve059Steve059 Forumite
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    So now we're the offshore tax avoiders.
    If you fold it in half, will an Audi A4 fit in a Citroen C5? :)
  • Glen_ClarkGlen_Clark Forumite
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    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.
    “It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair
  • Glen_ClarkGlen_Clark Forumite
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    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.
    “It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair
  • roddydogsroddydogs Forumite
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    Savers have been robbed for the last few years , by the low interest rate not matching inflation.
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