CRS tax letter fromm lloyds.

ajbell

Got a letter from lloyds yesterday asking me to confirm which country I am resident in for tax purposes and threatening me with being reported to the tax authorities if I don't respond.
Any ideas what this is about?. I have never worked abroad or have any income other than my regular wage in this country.

colsten

It's just part of the KYC procedure banks have to adhere to. They wouldn't know your tax residency status, which is why you need to tell them what it is. I doubt the letter is a threat - surely it just states what will happen if they cannot get the information from yourself?

ajbell

They could mind there own business, surely only the IR need to know my tax affairs.
Is everyone getting one of these letters?.

Tallaght

https://www.lloydsbank.com/legal/proof-of-identity.asp

ajbell

I've been with lloyds for 40 years!!

Tallaght

Are you in Jersey by any chance ?
Six months ago Lloyds closed over 8,000 Jersey accounts.I cannot understand why they only just asking you for KYC checks after 40 years.

ajbell

No I have always lived, worked and paid tax in england, wages paid in the same branch for 40 years.

Tallaght

Lloyds bank has been trying for three years to get their holders, largely longstanding customers whose details require checking, to prove their identity in compliance with international standards.

Having made multiple failed attempts to contact them since January 2016 it has now pressed the button. Their accounts will be in the deep freeze until such time as the documents required to confirm their identity.

TheShape

ajbell wrote: »

They could mind there own business, surely only the IR need to know my tax affairs.
Is everyone getting one of these letters?.

Their customers and their tax residency status is very much their business.

Thrugelmir

ajbell wrote: »

I've been with lloyds for 40 years!!

The world has changed in that timeframe. With it regulation. Onus is on providers to run their business in accordance with the prescribed rules or face hefty penalties.

Ben8282

Why is it a problem for you to answer them and just tell them that you are tax resident in the UK. Don't see a problem with that. Simple question. Simple answer. It's not as if they were asking for any personal information beyond that.