Peer-to-peer lending abroad from EU

AForeigner

Hello everybody,

I have searched the forum for some thread with some similar situation but..I have a too complicated personal geography.

I am an Italian citizen, I am a resident of the UK (I'll have a pre-settled status in fact, from Brexit on, already registered),
and since I lived in France for some years in the past, I still have a saving account there.
I am not due to make an income declaration in France since I am no longer a fiscal resident. I pay taxes in the UK directly deducted on my salary. (I don't own anything in Italy, never been a fiscal resident there, at least that is simple)

Now, my French saving account is tax-free in France (I still haven't understand if I shall declare it in the UK anyway, but I don't think so). It is also not making any interest.

So, I thought to start investing through Fast Invest. On their FAQ page they state:
"All taxation must meet the regulations in the investor's country of residence."

So, if I moved Euros from my French account to a Euros envelope in Fast Invest...should I declare it in...the UK as per the FAQ? Or in France as it would make more sense? Should I only declare the received interests? In that case should I start again making tax declaration in France for some very small sum?

I am wondering if this is worth it or it would just be a mega-complication for nothing.

londoninvestor

Only the interest is taxable in the UK. There's no UK tax purely on moving a capital sum here from abroad.

AForeigner

Thank you for the reply!

Bacman

As you are a resident in the UK, it would make sense to close your foreign bank accounts and go with financial companies FSCS approved in the UK. Why keep accounts in non UK banks now?

Joe_Bloggs

Bacman said:-

As you are a resident in the UK, it would make sense to close your foreign bank accounts and go with financial companies FSCS approved in the UK. Why keep accounts in non UK banks now?

What if they wanted to send their mother a bunch of flowers on her birthday ?
J_B.


PS Never heard of fast invest. If this name is the best they can come up with then they need assistance.

AForeigner

To send flowers to my mom (or better, to receive refunds in euros when I travel for work) a TransferWise or Monzo card+bank details would be enough... But the point is that I am not sure it I want to stay in the Uk for more than a couple of years, especially with Brexit.

So to transfer the bulk of my savings from euro to pounds, with the perspective of converting again, doesn't seem the greatest idea.