Banks, HMRC and the 'unexpected'

tommytynan123

I received an inheritance some while back and paid it into the bank. Within 1 hour the bank had phoned me to ask the questions of 'what' 'who from' ''is more due'' etc. They seemed content.
I understand that if banks are not happy with the answers then they are obliged to inform HMRC.
Is that the case? and if so what happens when HMRC get the info.

alternate

It is supposed to avoid money laundering. If it is forwarded to them then The Revenue may look at it and there a small chance they would ask similar questions.

jonesMUFCforever

I suspect it might have been a marketing call - did they offer you a free appointment to discuss savings at all?

colsten

If you don't have to declare anything, you don't need to fear any HMRC investigation. If you aren't sure whether you need to declare something, ask the HMRC.

maninthestreet

I suspect the call from the bank asking questions about the money was related to money laundering regulations.

tommytynan123

I should add that its not about me! I'm clean and hiding nothing. A friend who lives off benefits including carers, disability and housing is trying to ''place'' £80K out of site!!! I've said ''I wouldn't do that because if they find out ...'' but he is adamant he's going to place it with a relative whose bank account is invariably running at zero. I've now backed off as I know ''nuffin''

*~Zephyr~*

I can just imagine the future posts...

"I put £80k into my mate's bank account so that the DWP didn't stop my benefits. Now my mate has died and I've got nothing to prove that the money is mine. How do I get my cash back???"

mgdavid

or, his wife's drained the account and left him....

colsten

tommytynan123 wrote: »

I should add that its not about me! I'm clean and hiding nothing. A friend who lives off benefits including carers, disability and housing is trying to ''place'' £80K out of site!!! I've said ''I wouldn't do that because if they find out ...'' but he is adamant he's going to place it with a relative whose bank account is invariably running at zero. I've now backed off as I know ''nuffin''

A guy with £80K in the bank who thinks the tax payer should fund benefits payments for them. I hope they catch that scrounger.

JuicyJesus

colsten wrote: »

A guy with £80K in the bank who thinks the tax payer should fund benefits payments for them. I hope they catch that scrounger.

The poster should shop them.

masonic

OP, you can do the right thing completely anonymously:

https://secure.dwp.gov.uk/benefitfraud/