FATCA (metro)

System

Ex-pats just want a free ride; protection from the state on demand but don't pay towards that state...

They should tax British Citizens on their worldwide income too.

teamwork

I thought it was just the USA - but governments are becoming increasingly desperate to recoup the money they burn.

EdSwippet

Heng_Leng wrote: »

Ex-pats just want a free ride; protection from the state on demand but don't pay towards that state...

Complete nonsense. Ex-pats pay full taxes to the country in which they live, because that is where they receive government services and "protection from the state". Claiming that they should also pay some other country just because of an accident of birth is not justifiable.

Heng_Leng wrote: »

They should tax British Citizens on their worldwide income too.

The UK government does tax British Citizens living in the UK on worldwide income.

EdSwippet

teamwork wrote: »

The USA is the only country that taxes its citizens who live abroad on income that they earn while living abroad.

Almost the only one. The other is the "single party state" of Eritrea. You can judge a country by the company it keeps.

System

We'll need to agree to differ - the people who often want assistance are in places like the Middle East where they pay no/little local tax but have no local rights.

Places such as the rest of the EU, Australia or Canada (where there are double taxation treaties) aren't really an issue as they pay local tax comparable to here and are stable.

EdSwippet wrote: »

Complete nonsense. Ex-pats pay full taxes to the country in which they live, because that is where they receive government services and "protection from the state". Claiming that they should also pay some other country just because of an accident of birth is not justifiable.

The UK government does tax British Citizens living in the UK on worldwide income.

EdSwippet

Heng_Leng wrote: »

... Places such as the rest of the EU, Australia or Canada ... aren't really an issue as they pay local tax comparable to here ...

Why should a tax rate comparable with that of the UK be a determining factor?

Singapore and Hong Kong are fine places to live, yet manage to exist on tax rates substantially lower than the UK. Should a British ex-pat who chooses to live in a fiscally prudent country have to subsidize the fiscal profligacy of their country of birth? For the rest of their lives?

Herbalus

I've read one of these letters and the references to the IRS and the United States is beyond belief. My instinctive reaction, which I understand it moot as the UK government have given in to the US, is to tell a foreign tax revenue organisation t p*** off.

Sentences like "the purpose of FATCA is to report financial assets owned by United States persons to the United States tax authorities" and "has been implemented by the United States Department of the Treasury and US Internal Revenue Service" really have nothing to do with me.

We really should be better protected from mandatory form-filling by foreign powers.

nyermen

Don't agree with the US's taxation policy myself, I feel there should be a middle ground, otherwise living in a high tax country, you'd have little left after double taxation?

Part of the issue is that they're still US citizens, owning a US passport, and having the right to return "home" (plus use US consular services, if they're in a risky country that has problems, a nice US warship turns up to rescue, etc.)

Putting it the other way round, all the UK ex-pats living in low tax countries have the right to return to the UK at any time, use our services etc (potentially return at retirement with no money and get welfare?), and importantly - don't generally have citizenship of the country they're living in, just leave to remain, so can be kicked out at any time and are then the UK's problem.

Recently Boris Johnson got hit with a tax bill, because he still has a US passport, despite not living there since he was five years old. I believe he has the option to give up his US citizenship somehow as he's also british.

System

He/she doesn't have to subsidise anything. They can give up their UK citizenship and become a local with the lack of UK/EU protection.

Do they still have compulsory National Service for under 40s in Singapore? Capital punishment and no freedom of the the press - joy!

EdSwippet wrote: »

Why should a tax rate comparable with that of the UK be a determining factor?

Singapore and Hong Kong are fine places to live, yet manage to exist on tax rates substantially lower than the UK. Should a British ex-pat who chooses to live in a fiscally prudent country have to subsidize the fiscal profligacy of their country of birth? For the rest of their lives?

LittleVoice

Just received another reminder about completing this form. Metro Bank tell me "it is important that you complete the Self-Certification form by the 7th June 2015" and that they are obliged to provide HMRC with details about customers' tax residencies even if the Self-Certification is not returned or returned incorrectly completed.


Is this foreign law already in effect?


How would they know if I'd completed it incorrectly?


I don't care if HMRC are advised that Metro Bank don't know my residency status. Am I wrong not to care?