Asked to confirm tax residency by my bank

alanq

I had a written application to CLOSE a fixed term savings account with Britannia BS/Co-op returned because I had failed to tick a box saying that I was only resident in the UK for tax purposes.

If I had allowed the account to roll over into the default new account I would not have needed to return the form making the declaration so it did not seem to be related to the closing interest being paid.

Ballard

alanq wrote: »

I had a written application to CLOSE a fixed term savings account with Britannia BS/Co-op returned because I had failed to tick a box saying that I was only resident in the UK for tax purposes.

If I had allowed the account to roll over into the default new account I would not have needed to return the form making the declaration so it did not seem to be related to the closing interest being paid.

It is likely that that organisation have taken this form as an opportunity to update their records.

It is a requirement for UK banks to know where you are resident and whether you are liable for tax in other jurisdictions.

Banks report interest earned to HMRC. They also have to inform them if you are liable to tax elsewhere. For certain countries HMRC forward the details. The big one is the US (Google FATCA). If you are liable to tax in the US then you interest earned will be passed to the IRS.

I posted a link from the UK government on the thread that I referenced in my first post if you'd like to see the official line.

bigadaj

GingerBob wrote: »

Reading that guff from FD had me vomiting out of the window! I've never seen such a condescending load of hogwash in my life! It's all to protect you from financial crime! What arrogant scumbags they are! The best way to protect yourself from financial crime is to not bank with HSBC. Nothing could be simpler.


OP, send back the form endorsed with a single sentence "No Changes" emblazoned across the front of it.


They really are taking the you-know-what with this lot.

You do appear to be of a very delicate disposition, please be careful if reading a few lines makes you sick to such an extent.

GingerBob_3

bigadaj wrote: »

You do appear to be of a very delicate disposition, please be careful if reading a few lines makes you sick to such an extent.

It's a funny thing - it only happens when I read about the low-down antics of banks, insurance companies, credit reference agencies, TV Licensing, the DVLA, private parking companies, local government and various other blagging organisations.

Ballard

GingerBob wrote: »

It's a funny thing - it only happens when I read about the low-down antics of banks, insurance companies, credit reference agencies, TV Licensing, the DVLA, private parking companies, local government and various other blagging organisations.

Now you mention it I'm sick to death of banks complying with the law too. We should do something about this.

lovinituk

GingerBob wrote: »

Reading that guff from FD had me vomiting out of the window! I've never seen such a condescending load of hogwash in my life! It's all to protect you from financial crime! What arrogant scumbags they are! The best way to protect yourself from financial crime is to not bank with HSBC. Nothing could be simpler.


OP, send back the form endorsed with a single sentence "No Changes" emblazoned across the front of it.


They really are taking the you-know-what with this lot.

You really are the angriest person on this forum! It must be horrible carrying around all that angst!!

diamonds

Ballard wrote: »

If the form needs to be signed (as I assume is likely) and isn't signed then it will not be sufficient to meet the banks obligations. The account could then be frozen until such a time that a properly completed form is received.

It doesn't take a mastermind to work it out.

Of course when making a declaration of 'not applicable, no changes' you would need to sign and date it, it is a declaration after all, all declarations need to be signed and dated as a legal measure

Indeed failure to sign it would see it returned for signature and date therefore of signature.


I think to only go on your internal policies/training as legislative is a oversight many employees make even on reading their own employment contract/s. Enforcing any term or condition against regulations and UK/EU legislation measure/s takes a court challenge and agreement.

Ballard

diamonds wrote: »

I think to only go on your internal policies/training as legislative is a oversight many employees make even on reading their own employment contract/s. Enforcing any term or condition against regulations and UK/EU legislation measure/s takes a court challenge and agreement.

I honestly don't mean to be rude but you post many sentences that I simply can't understand. I get the second sentence here but the first is beyond me.

I want to stress that I mean no offence at all but is English your prime language?

diamonds

Ballard wrote: »

I honestly don't mean to be rude but you post many sentences that I simply can't understand. I get the second sentence here but the first is beyond me.

I want to stress that I mean no offence at all but is English your prime language?

Yes shorthand, legal is my second, Scots english my third, english my forth

agrinnall

diamonds wrote: »

Yes shorthand, legal is my second, Scots english my third, english my forth

So "english" is your prime and your "forth" (sic) language? No wonder it's hard work to comprehend what you write sometimes.