Cashing in cheque as a non uk resident EU national

Bonee

Hello,
this is my first post and please allow me explain my situation for you experts.
Unfortunately I am not living in the uk and I am an EU citizen (Hungary)
My grandmother has substantial investments at an UK investment company (invesco). She would like to cancel her account, and they said they going to send us a cheque with the leftover money. My problem is that if we cash the money here in Hungary she has to pay more income tax than it would be in the UK, so I would come to the UK and cash it in.
1. my first question would be that Can I cash it in without being a resident? do you know any bank who can open a bank account for eu nationals without showing a proof of residence?
2. second If I manage to cash it in, do I need to pay tax?

we are talking about 20-30k pounds

thank you all :beer:

Game_Over

Bonee wrote: »

Hello,
this is my first post and please allow me explain my situation for you experts.
Unfortunately I am not living in the uk and I am an EU citizen (Hungary)
My grandmother has substantial investments at an UK investment company (invesco). She would like to cancel her account, and they said they going to send us a cheque with the leftover money. My problem is that if we cash the money here in Hungary she has to pay more income tax than it would be in the UK, so I would come to the UK and cash it in.
1. my first question would be that Can I cash it in without being a resident? do you know any bank who can open a bank account for eu nationals without showing a proof of residence?
2. second If I manage to cash it in, do I need to pay tax?

we are talking about 20-30k pounds

thank you all :beer:

1. I can't see any UK bank letting a non-customer walk in with a bit of paper and walk out with £20k+ of cash under their arm.

There was a woman on TV last night that was a long standing customer of HSBC, and lived in the UK, and HSBC wouldn't let her have even £6k in cash when she asked to take it out of her own account.

2. Any UK tax due on the investment would have been deducted at source by Invesco.

Archi_Bald

As an international company, Invesco will no doubt work with the tax authorities in various countries. It is also fair to assume that the tax authorities in the EU share data, either regularly or on demand. It seems sheer lunacy to try and swindle your way out of paying the tax due in your country of tax residency.

I would just like to add that investments are subject to CGT, not income tax, in the UK.

Bonee

Game_over:
While I totally agree with you on #1, I did not say I would be a non costumer I just asked if its possible to open a bank account as a non resident.
so on #2 if I work temporary in the UK and get an account, cash in the cheque I would not be subjected to further income tax is that right?
>archibald answered this

Archi_Bald

In the UK, you cannot cash a cheque in somebody else's name, and you will also find that you can't just rock up, get a temporary job, and get a bank account.

Bonee

okay, thank you that's why I came here first to know these

System

Can you not just open a savings account in an offshore location such as the Isle of Man, Channel Islands or Gibraltar.

They all use the UK banking system and Pound Sterling for currency.

I would imagine they probably wouldn't even charge for depositing it and have a standard fee for withdrawals.