CRS tax letter fromm lloyds.

ajbell

I would rather close my accounts than answer pointless questions.
In the last hour I have received legal advice from someone involved in tax law and it's quite true that lloyds are obliged to ask but I am not obliged to answer.
They can't close my account but can refer me to HMRC.

kuratowski

They can close your account for any reason they choose, so long as they give you sufficient notice in line with the Ts&Cs (Section 24.1)

ajbell

The letter I received sets out the penalties for non compliance.
I may drop into to my branch tomorrow morning.

davidwatts

ajbell wrote: »

I may drop into to my branch tomorrow morning.

Given your strength of feeling about this matter, that immediately conjures the image of you entering via the skylight SAS style, smoke grenades popping and guns blazing!

Robin9

ajbell wrote: »

……...
I may drop into to my branch tomorrow morning.

Lucky you - you've still got a branch and its open on a Saturday as well.

All the branch will do is confirm policy.

ajbell

It annoys me that I have to give information that they clearly don't need.
Recently bought a new TV and you can't just pay cash and walk out, they need details to make sure you are paying the BBC tax.
May be I'm just too old.

colsten

ajbell wrote: »

I would rather close my accounts than answer pointless questions.
In the last hour I have received legal advice from someone involved in tax law and it's quite true that lloyds are obliged to ask but I am not obliged to answer.
They can't close my account but can refer me to HMRC.

You will find that

1. Lloyds can close your accounts without giving you a reason
2. all application forms these days ask you for your tax residency.

You are right, you are not obliged to share the tax residency information banks request (though you freely shared it here). The price you pay for that is that you cannot bank anywhere. Your choice.

colsten

ajbell wrote: »

It annoys me that I have to give information that they clearly don't need.

They clearly *do* need the information, in order to comply with their banking licence, which in terms complies with international banking regulations.

Stop being a prat and tell them that your only tax residency is UK.

ajbell

Don't need in that they already have from multiple sources.
What do you seriously think the HMRC are going to do when lloyds refers me?.

BoGoF

Stop being a tool. Either complete the form or have your accounts closed.

Your choice.