Secure Trust Bank?

derrick

Just received the following letter from Secure Trust Bank with whom I do have a Fixed Rate Bond, but am wondering if it is legit.

The form I am being asked to complete is an "Individual Tax Residency Self-Certification Form".

The 0330 phone number at the bottom is not one I know, but the numbers at the top are known numbers.


One Arleston Way
Solihull
West Midlands
B904LHF

F 08704113513
T 03451 117092
W www.securetrustbank.com

SecureTrust
Bank
Straightforward transparent ban

Important: Action required - sharing information for tax reasons with other countries

Dear *************

As a result of a new requirement under the Automatic Exchange of Information (AEOI), Secure Trust Bank Pic is required to determine your 'tax residence'. This is usually where you are liable to pay income taxes. If you are resident outside of the UK, we may need to give this information to HMRC who may then share this with the relevant Countries' tax authorities.

What do I need to do?
Please complete and return the enclosed fcrm in the prepaid envelope provided.

Please respond as soon as possible, but no later than 28 April 2017. If we do not
receive this we will need to notify HMRC that we have not had a response from you.
Even if you have already provided information under the United States Governments Foreign Account Tax Compliance Act (FATCA) you may still need to provide additional information for the AEOI as this is a separate regulation.

Where to go for further information
The 'Organisation for Economic Co-operation and Development' (OECD) has established a set of rules for all participating countries to use. These can be found on the OECD's 'Automatic Exchange of Information' website: www.oecd.org/tax/automatic-exchange/

Should you have any questions about this letter please contact our customer services team on 0330 303 1298.

Yours sincerely
Customer Services Manager

ENC.


Secure Trust Bank PLC. Registered in England and Wales 541132. Registered Office: One Arleston Way, Solihull, B904LH. Authorised by the Prudential Regulation
Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our registration number is 204550.
STBSA012JH11


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xylophone

See https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/386413/Automatic_exchange_of_information_-_account_holders.pdf

derrick

xylophone wrote: »

See https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/386413/Automatic_exchange_of_information_-_account_holders.pdf

So anyone who has opened an account since 01st July 2104 can expect requests from every organisation they have opened an account with?

This could be several forms to fill in and send back! Another bureaucratic nonsense!


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greenglide

This could be several forms to fill in and send back! Another bureaucratic nonsense!

So you have dismissed all of the stuff put in place to attempt to stop people hiding money overseas in tax havens etc as "bureaucratic nonsense". You would rather that people were allowed to continue this?

Banks will only require this if they do not know whether you are a UK tax residence and whether they know your NINO. I believe that most people will not be impacted by this (but I might be wrong!).

derrick

greenglide wrote: »

So you have dismissed all of the stuff put in place to attempt to stop people hiding money overseas in tax havens etc as "bureaucratic nonsense". You would rather that people were allowed to continue this?

Banks will only require this if they do not know whether you are a UK tax residence and whether they know your NINO. I believe that most people will not be impacted by this (but I might be wrong!).

Yes I do! And until GB governments stop wasting our taxpayers money I will continue to do so!


STB have all of my details which they received when I opened the account! They have not even asked for my NINO on this form!

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My OP was to ask if the letter was legit, I then commented on the reply, if you don't like that then tough!

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MyOnlyPost

greenglide wrote: »

So you have dismissed all of the stuff put in place to attempt to stop people hiding money overseas in tax havens etc as "bureaucratic nonsense". You would rather that people were allowed to continue this?

derrick wrote: »

Yes I do! And until GB governments stop wasting our taxpayers money I will continue to do so!

So because you feel successive governments have wasted tax revenues it is ok for the rich elite to avoid tax by hiding it overseas? How does that help the countries tax receipts?

I can't tell from your anger if you are working class man angry that you have to pay your taxes when rich people don't pay their share, or a rich man angry that you're not allowed to hide your money anymore

derrick

MyOnlyPost wrote: »

So because you feel successive governments have wasted tax revenues it is ok for the rich elite to avoid tax by hiding it overseas? How does that help the countries tax receipts?

I can't tell from your anger if you are working class man angry that you have to pay your taxes when rich people don't pay their share, or a rich man angry that you're not allowed to hide your money anymore

I don't care what you can't tell, we all have our opinions.

The countries tax receipts should stay in this country and not be distributed to the world, then maybe taxes could be reduced and then there would be not as much need to evade!

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Thrugelmir

derrick wrote: »

The countries tax receipts should stay in this country and not be distributed to the world, then maybe taxes could be reduced and then there would be not as much need to evade!

.

Let's collect the tax first. If people refuse to comply. Will banks simply close the accounts?

bowlhead99

derrick wrote: »

The countries tax receipts should stay in this country and not be distributed to the world, then maybe taxes could be reduced and then there would be not as much need to evade!

Do you actually know what a small fraction of HMRC tax receipts are distributed overseas?. Very small. If you have a multimillion pound tax bill and criminal intent to misdeclare and evade paying it, do you think you would lose that criminal intent if your UK tax bill was instead "multimillions, less a few percent" ? Nonsense.

derrick wrote: »

Yes I do! And until GB governments stop wasting our taxpayers money I will continue to do so!

Over 100 countries have committed to the OECD's initiative, with the UK being one of the pioneers in an effort to get a lot more information on people who maintain financial accounts and investments overseas.

STB have all of my details which they received when I opened the account! They have not even asked for my NINO on this !

The have asked you to certify that you did not have any residences outside the UK, which perhaps was not a legal requirement for them to get you to do when you opened the account, depending when you opened the account.

My OP was to ask if the letter was legit,

The form is published on their website at http://www.securetrustbank.com/aeoi

I then commented on the reply, if you don't like that then tough!
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If you don't like getting replies when you say things on a public forum that people feel are misguided, then, tough.

MyOnlyPost

derrick wrote: »

The countries tax receipts should stay in this country and not be distributed to the world,.

Maybe we shouldn't have spent hundreds of years building an empire and raping other countries assets then, or not spent the last 15 years starting and exacerbating wars causing suffering to untold millions of [STRIKE]foreigners[/STRIKE] people. I mean now that we've bombed their houses and blown up their hospitals isn't it about time [STRIKE]johnny foreigner[/STRIKE] they stood on their own two feet?

derrick wrote: »

then maybe taxes could be reduced and then there would be not as much need to evade!.

Yes because TV personalities, footballers and rich businessmen need to evade paying their taxes. I mean what an unjust system that asks those that earn more to pay more! When your income is in the millions per year there are plenty of ways to avoid tax legally without evading it illegally. Some people if paying tax correctly would be liable for more in a single year than the average man earns in a lifetime. Oh the horror of only having that amount of salary to live on! Of course they evade tax, what choice do they have?

In reality those on lower incomes generally pay a higher proportion of their income as taxes (direct and indirect) so it is they if anybody that should benefit from changes to the tax system.

derrick

MyOnlyPost wrote: »

Maybe we shouldn't have spent hundreds of years building an empire and raping other countries assets then, or not spent the last 15 years starting and exacerbating wars causing suffering to untold millions of [STRIKE]foreigners[/STRIKE] people. I mean now that we've bombed their houses and blown up their hospitals isn't it about time [STRIKE]johnny foreigner[/STRIKE] they stood on their own two feet?


I don't live in the past, I live for the future, I did not do the above,move on!



Yes because TV personalities, footballers and rich businessmen need to evade paying their taxes. I mean what an unjust system that asks those that earn more to pay more! When your income is in the millions per year there are plenty of ways to avoid tax legally without evading it illegally. Some people if paying tax correctly would be liable for more in a single year than the average man earns in a lifetime. Oh the horror of only having that amount of salary to live on! Of course they evade tax, what choice do they have?

In reality those on lower incomes generally pay a higher proportion of their income as taxes (direct and indirect) so it is they if anybody that should benefit from changes to the tax system.

My understanding was they avoided tax, via legal means, not evaded.

By definition the more you earn the more tax you pay, I do not see why when someone reaches £40000 they should have to pay twice the amount in tax on the extra, they would pay more by definition at 20%.


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