HELP!!banks won't take my money

ColdIron

LR67 wrote: »

I like to give everyone a response regardless of the comments as I would feel rude not to!!

Except Jesus?

gadgetmind

As the OP seems to have decent cash flow, I can't really see the need to be stashing away large amount of cash.

In their position, I'd be looking at investing in a range of dividend income assets, property and also some VCT/EIS due to the tax advantages, but only if happy to take on the risk.

planteria

LR67 wrote: »

I don't know to be honest, never been asked that before or even thought of it to be honest. I should imagine my bank updates HMRC as its all in there.

Besides as far as I know HMRC have no right to collect the tax on it anyway, it's all processed through a foreign country and then gets transferred to my bank account in the UK having already been taxed by the foreign government.

fwiw i assumed LR67 was originally from another country. and also that the money is 'in Cash' but in a bank account, not under his bed. i read the desire to open accounts to be to take advantage of S123 and FlexDirect and other 'current account as savings account' deals.

im not sure whether some of the other posters in this thread are cynical, or if i am naive. but i do know that i have been accused of things on here that are untrue, with accusations of multiple IDs and at least one report to moderators .

i don't know a lot about Right To Buy, but i know that a lot of people live in a council house, buy it when they can, at a significant discount, then do with the house whatever suits them best.

planteria

Jonbvn wrote: »

As a UK resident, you are liable for tax on your worldwide income. It is your responsibility to report this to HMRC, not your bank's.

this could be very important information for LR67.

planteria

Eric_the_half_a_bee wrote: »

Two statements from the OP in separate posts:

First



and later



Usually it's good to have two reasons for something. But not when each reason contradicts the other.

Besides, if your income is from gambling, and gambling is not subject to any tax, then why are you paying tax on it to a foreign government?

i'm not sure that the two comments contradict. gambling winnings that are coming in from Gibraltar or Macao or somewhere, which were not taxed abroad, and do not need to be taxed here?

planteria

gadgetmind wrote: »

As the OP seems to have decent cash flow, I can't really see the need to be stashing away large amount of cash.

In their position, I'd be looking at investing in a range of dividend income assets, property and also some VCT/EIS due to the tax advantages, but only if happy to take on the risk.

tend to agree. a good cash buffer, at decent rates, perhaps. but then perhaps LR67 should be investing in an ISA and/or Pension. i assume that is what the IFA will guide him to.

Gaffy

Hate adding to this thread but wasn't there another troll thread recently with exactly the same rags to riches story about gambling?


If this thread is indeed true (doubt it) then the OP should be thoroughly ashamed of themselves for taking a council house from someone who really needs it.

MarcoM

On the subject of proving the source of as large sum how does this work? Do you have to go to a bank clerk in your high street bank and show them a grant of probate in case of inheritance or for example sale of a foreign property?

I am asking this because my bank seems to have front desk staff that are not very able to carry out the simplest of tasks....

I'd like to know from people like gadgetmind and others how have they dealt with their bank when cashing / depositing large sums of money. Is private banking the way of finding the right people to deal with such queries in an appropriate manner? At the end of the day, regardless of the OP's story, having a bank account frozen for thirty plus days isn't great.

ChesterDog

Depending on the amount involved, you could ask for a meeting with the manager in advance of attempting to make the deposit.

Just be ready for the product sales pitch that will ensue...

Archi_Bald

Gaffy wrote: »

If this thread is indeed true (doubt it) then the OP should be thoroughly ashamed of themselves for taking a council house from someone who really needs it.

Agree totally. Disgusting behaviour.