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  • FIRST POST
    • Former MSE Helen
    • By Former MSE Helen 18th Mar 13, 10:15 AM
    • 2,324Posts
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    Former MSE Helen
    MSE News: Bank of Cyprus UK customers won't be hit by savings tax
    • #1
    • 18th Mar 13, 10:15 AM
    MSE News: Bank of Cyprus UK customers won't be hit by savings tax 18th Mar 13 at 10:15 AM
    "Savers in Cyprus could have their deposits taxed, but Bank of Cyprus UK customers won't be affected..."

    Read the full story:

    Bank of Cyprus UK customers won't be hit by savings tax



    Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.

    Last edited by Former MSE Helen; 18-03-2013 at 1:57 PM.
Page 1
    • JohnRo
    • By JohnRo 18th Mar 13, 10:23 AM
    • 2,721 Posts
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    JohnRo
    • #2
    • 18th Mar 13, 10:23 AM
    • #2
    • 18th Mar 13, 10:23 AM
    Lucky for them then, meanwhile Bank of England UK customers have already been fleeced and look set to continue getting fleeced.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
    • typistretired
    • By typistretired 18th Mar 13, 10:53 AM
    • 1,354 Posts
    • 972 Thanks
    typistretired
    • #3
    • 18th Mar 13, 10:53 AM
    • #3
    • 18th Mar 13, 10:53 AM
    I hope the money to repay the tax paid by British service personnel and civil servants is coming out of the overseas foreign aid budget.
    "Look after your pennies and your pounds will look after themselves"
    • alanq
    • By alanq 18th Mar 13, 12:10 PM
    • 4,154 Posts
    • 2,730 Thanks
    alanq
    • #4
    • 18th Mar 13, 12:10 PM
    • #4
    • 18th Mar 13, 12:10 PM
    "European officials said over the weekend that Cypriot citizens with less than €100,000 (87,000) in their accounts will have to pay a one-time tax of 6.75% of the cash value, while those with more money will lose 9.9%."

    This part of the article seems incorrect. What has citizenship got to do with it? Talk has been of the UK government compensating British Service personnel for any losses due to this move. Mention has also been made of Russian depositors being caught out. Isn't it the case that all deposits in bank accounts regulated by Cyprus are affected and all deposits made by Cypriot citizens in non-Cypriot banks are safe?
    • soulsaver
    • By soulsaver 18th Mar 13, 1:16 PM
    • 2,316 Posts
    • 1,110 Thanks
    soulsaver
    • #5
    • 18th Mar 13, 1:16 PM
    • #5
    • 18th Mar 13, 1:16 PM
    "European officials said over the weekend that Cypriot citizens with less than €100,000 (87,000) in their accounts will have to pay a one-time tax of 6.75% of the cash value, while those with more money will lose 9.9%."

    This part of the article seems incorrect. What has citizenship got to do with it? Talk has been of the UK government compensating British Service personnel for any losses due to this move. Mention has also been made of Russian depositors being caught out. Isn't it the case that all deposits in bank accounts regulated by Cyprus are affected and all deposits made by Cypriot citizens in non-Cypriot banks are safe?
    Originally posted by alanq
    Haven't heard the definition of who can be ROBBED - but I know its absolutely outrageous to raid law abiding peoples bank accounts.
    It wont be Cyprus citizens as a definition because this is couched in taking a slice of 'Russian dirty money' - and, as you say, they wont be Cypriot citizens. 'Residents' I'd heard but that wouldn't get the Russians either.
    I know we get raided by taxes, but that's tax on GAINS - not deposits which already been taxed. Inexcusable, illegal, reprehensible. And broken the mould for rules.

    Plus UK will reimburse public sector employees there? I'm not objecting - but that means the UK tax payer is in effect bailing out Cyprus, in addition to what ever we're putting up through EU.
    Last edited by soulsaver; 18-03-2013 at 1:19 PM.
    • JohnRo
    • By JohnRo 18th Mar 13, 1:32 PM
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    JohnRo
    • #6
    • 18th Mar 13, 1:32 PM
    • #6
    • 18th Mar 13, 1:32 PM
    UK deposits are "taxed" by the BoE's artificially manipulated record low interest rates and currency devaluation caused by money printing. The only difference is most people seem oblivious or don't notice the theft because it is covert.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
    • John_Pierpoint
    • By John_Pierpoint 18th Mar 13, 2:17 PM
    • 8,248 Posts
    • 7,388 Thanks
    John_Pierpoint
    • #7
    • 18th Mar 13, 2:17 PM
    • #7
    • 18th Mar 13, 2:17 PM
    The original thread is here:

    http://forums.moneysavingexpert.com/showthread.php?t=4499663
    • Steve059
    • By Steve059 18th Mar 13, 10:22 PM
    • 2,336 Posts
    • 6,159 Thanks
    Steve059
    • #8
    • 18th Mar 13, 10:22 PM
    • #8
    • 18th Mar 13, 10:22 PM
    So now we're the offshore tax avoiders.
    If you fold it in half, will an Audi A4 fit in a Citroen C5?
    • Glen Clark
    • By Glen Clark 19th Mar 13, 6:13 AM
    • 4,306 Posts
    • 3,329 Thanks
    Glen Clark
    • #9
    • 19th Mar 13, 6:13 AM
    • #9
    • 19th Mar 13, 6:13 AM
    UK deposits are "taxed" by the BoE's artificially manipulated record low interest rates and currency devaluation caused by money printing. The only difference is most people seem oblivious or don't notice the theft because it is covert.
    Originally posted by JohnRo
    Absolutely. And when you consider the pound has lost about 20% of its value against the Euro since the Euro was introduced, and that Cypus has been paying 5.5% interest on Euros, whilst Britain has been paying 2% interest on pounds, you find the British saver has already been fleeced by about 4 times as much as that proposed for Cypriots
    I wish I had kept my savings in Cyprus instead of Britain.
    It is difficult to get a man to understand something, when his salary depends on his not understanding it. --Upton Sinclair
    • Glen Clark
    • By Glen Clark 19th Mar 13, 6:20 AM
    • 4,306 Posts
    • 3,329 Thanks
    Glen Clark
    Haven't heard the definition of who can be ROBBED - but I know its absolutely outrageous to raid law abiding peoples bank accounts.
    It wont be Cyprus citizens as a definition because this is couched in taking a slice of 'Russian dirty money' - and, as you say, they wont be Cypriot citizens. 'Residents' I'd heard but that wouldn't get the Russians either.
    I know we get raided by taxes, but that's tax on GAINS - not deposits which already been taxed. Inexcusable, illegal, reprehensible. And broken the mould for rules.

    Plus UK will reimburse public sector employees there? I'm not objecting - but that means the UK tax payer is in effect bailing out Cyprus, in addition to what ever we're putting up through EU.
    Originally posted by soulsaver
    I still cannot see any difference between taxation and theft or ROBBED as you put it.
    The fact that the money has already been taxed doesn't stop the Government taxing it again.
    If money could only be taxed once the Government's source of income would have dried up thousands of years ago.
    It is difficult to get a man to understand something, when his salary depends on his not understanding it. --Upton Sinclair
    • roddydogs
    • By roddydogs 19th Mar 13, 6:42 AM
    • 6,214 Posts
    • 2,641 Thanks
    roddydogs
    Savers have been robbed for the last few years , by the low interest rate not matching inflation.
    • John_Pierpoint
    • By John_Pierpoint 19th Mar 13, 7:32 AM
    • 8,248 Posts
    • 7,388 Thanks
    John_Pierpoint
    Ah but who did it:
    Is it the government who are desperate to get their hands on half of the county's income?
    [There is a massive social security and health bill to pay, damn it I've had a free eye test a couple of years ago a flue jab just before Xmas and a few free rides on a bus pass not to forget a dental inspection and tooth scrub that was only 40]

    Could it be those hard working Chinese, who can now afford a bit more than a bowl of rice a day?
    Perhaps they are forcing up the price of oil, gas, coal, minerals, and everything grown including food?

    In Victoria times we would have cured that nonsense by sending in shiploads of drugs with a gun boat escort.

    Perhaps the message is "get real". The budget will be interesting.
    Last edited by John_Pierpoint; 19-03-2013 at 7:40 AM.
  • richardofengland
    Spain and Cyprus
    After what has happened in Cyprus, I have heard from families in Spain that they have written to and asked expats to confirm how much they have in savings in Spain. Failure to reply will bring a large fine.

    Seems that perhaps behind the scene the Spanish are asking some questions which make you wonder why ?
    • JohnRo
    • By JohnRo 19th Mar 13, 12:53 PM
    • 2,721 Posts
    • 2,552 Thanks
    JohnRo
    They? Do you mean Spanish families writing to expat families living in Spain, asking how much they've got in Spanish savings? What fine? Sorry, can't work that one out. Unless it's a new scam on the back of news reports from Cyprus intended to separate expat fools from their Spanish savings.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
    • typistretired
    • By typistretired 19th Mar 13, 1:31 PM
    • 1,354 Posts
    • 972 Thanks
    typistretired
    He is a newbie so don't be too hard on him. I think he is saying that the Spanish government have written to British expats asking them to declare their savings or be fined. They could be doing the check for the British tax man.
    "Look after your pennies and your pounds will look after themselves"
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