Asked to confirm tax residency by my bank

DevCoder

diamonds wrote: »

Like the prime minister you mean...



And banks should ask HMRC, a declaration is nothing verus solid evidence. That is the point. People lie, less likely the average Joe on PAYE.

Still don't think you quite understand the whole self certification requirement imposed by the various tax regimes (and not just for the benefit of UK tax regime).

You will get asked to fill out more and more self certification forms as not every tax regime is signed up to CRS and/or AEOI.

The banks are not imposing this on you, the tax authority is. Also you don't seem to understand the implication of a bank losing the ability to access the market of the tax authority if they do not comply. In the case of the USA, if one bank in one country does not comply then the USA tax authority has the ability to revoke that whole banking groups ability to trade in its currency.

Any bank who can't trade in USD is doomed.

mgdavid

Ballard wrote: »

I held off for as long as I could but my ignore list now has a member.

it's a good club to join :-)

Ballard

mgdavid wrote: »

it's a good club to join :-)

I'm going to miss & :rotfl:though.

diamonds

krisdorey wrote: »

Still don't think you quite understand the whole self certification requirement imposed by the various tax regimes (and not just for the benefit of UK tax regime).

You will get asked to fill out more and more self certification forms as not every tax regime is signed up to CRS and/or AEOI.

The banks are not imposing this on you, the tax authority is. Also you don't seem to understand the implication of a bank losing the ability to access the market of the tax authority if they do not comply. In the case of the USA, if one bank in one country does not comply then the USA tax authority has the ability to revoke that whole banking groups ability to trade in its currency.

Any bank who can't trade in USD is doomed.

I understand fine thank you.

The point is the UK tax office record has more omfft than a declaration.


I can understand why it annoys people, most PAYE peoples info is there already, if the bank want it as regulations...ask the tax office to comply with that regulation.


I don't care about a bank going *up, I care about how I run my accounts

meer53

diamonds wrote: »

I understand fine thank you.

The point is the UK tax office record has more omfft than a declaration.


I can understand why it annoys people, most PAYE peoples info is there already, if the bank want it as regulations...ask the tax office to comply with that regulation.


I don't care about a bank going tits up, I care about how I run my accounts

Enjoy running your accounts, while you can. :rotfl:

diamonds

meer53 wrote: »

Enjoy running your accounts, while you can. :rotfl:

Is it not time you hit ignore.



Again someone who cant read^ posted above I opened a new HSBC account.


Again above, I understand why people are annoyed and a full explanation why.




.... and that above is your adult reply!


:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl: :rotfl::rotfl::rotfl:

Ladylove

We have received one of these letters also and frankly it doesn't make sense.
Neither or us have lived abroad , have few savings, and not much income
either. It's all very odd and think best place for this letter is the bin!!

badmemory

There are several threads about this. Depending on your bank, many letters/forms appear fraudulent. Some of the banks are running scared, mostly because of their past bad behaviour and don't want any more massive fines. If it looks even vaguely like a scam, then I suggest that you hand deliver it to a bank branch with a letter headed complaint.

colsten

Ladylove wrote: »

We have received one of these letters also and frankly it doesn't make sense.
Neither or us have lived abroad , have few savings, and not much income
either. It's all very odd and think best place for this letter is the bin!!

It doesn't matter whether you have foreign or high or low income. Banks do need to be able to prove they checked you. If you ignore the letter, you risk having your account closed.

Google FATCA. The Americans are everywhere.

badger09

colsten wrote: »

It doesn't matter whether you have foreign or high or low income. Banks do need to be able to prove they checked you. If you ignore the letter, you risk having your account closed.

Google FATCA. The Americans are everywhere.

And it's likely to get much, much worse:(