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Old 29th September 2017, 09:56   #51 (permalink)
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Re: Tax on Foreign Bank Accounts

Where does this 7% figure come from?
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Old 29th September 2017, 10:30   #52 (permalink)
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Re: Tax on Foreign Bank Accounts

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Originally Posted by Realityguy View Post
Where does this 7% figure come from?
It would help if you quoted the actual post you ask about, but I think its the difference between the tax paid in Turkey and the tax to pay in the UK, I personally don't think its 7% nor will everyone be liable

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Old 29th September 2017, 12:24   #53 (permalink)
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Re: Tax on Foreign Accounts

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Originally Posted by oldfogy View Post
Is it just me or does anyone else feel the same.
Which is WHY should I pay HMRC 7% from the interest I receive from my savings in Turkey of which the money also stays in Turkey, and if any of it did arrive in the UK it would be used and relevant tax's paid on all and any purchases which would then benefit the UK.

Yes I am livid and makes me feel like wanting to uproot and leave the UK permanently, which then makes the UK the all round loser on everything I currently buy.

EDIT.
Maybe someone can explain WHY I have to pay the UK anything for money not used or kept in the UK?

.
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Old 29th September 2017, 12:32   #54 (permalink)
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Re: Tax on Foreign Bank Accounts

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Originally Posted by Realityguy View Post
Where does this 7% figure come from?
I said earlier that my know-all mate said the tax was 42% which if he had been correct would have left a balance of 7%
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Old 29th September 2017, 18:31   #55 (permalink)
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Re: Tax on Foreign Bank Accounts

Goodness, who wants to pay tax ?
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Old 29th September 2017, 18:48   #56 (permalink)
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Re: Tax on Foreign Bank Accounts

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Goodness, who wants to pay tax ?
Me but only Turkish tax.
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Old 29th September 2017, 19:33   #57 (permalink)
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Re: Tax on Foreign Bank Accounts

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Originally Posted by Yalides View Post
Goodness, who wants to pay tax ?
After all those undeletable threads and posts over the years telling us how much you were getting in interest and how you avoid tax like the plague, you might not want to but they might want you to.

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Old 29th September 2017, 19:56   #58 (permalink)
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Re: Tax on Foreign Bank Accounts

I paid the extra tax due in the uk. They will also be looking at how the money got there. If it was sent bank to bank or other means, Just a thought has any one got a letter about there accounts in Turkey if they have a visa.
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Old 29th September 2017, 20:11   #59 (permalink)
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Re: Tax on Foreign Bank Accounts

Regarding the 7% issue, which never really got answered. Surely this figure is 5% - the difference between UK tax of 20% and Turkish tax of 15%???
Or am I missing something?
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Old 29th September 2017, 20:14   #60 (permalink)
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Re: Tax on Foreign Bank Accounts

Quote:
Originally Posted by gally View Post
Regarding the 7% issue, which never really got answered. Surely this figure is 5% - the difference between UK tax of 20% and Turkish tax of 15%???
Or am I missing something?
It all depends on what tax bracket you are in.
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