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Old 29th September 2017, 20:29   #61 (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?
Yes it did in comment #54
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Old 29th September 2017, 20:29   #62 (permalink)
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Re: Tax on Foreign Bank Accounts

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Originally Posted by enoch View Post
It all depends on what tax bracket you are in.
Agreed but then again the next tax bracket from 20% is 40% isn't it? So the difference there would be 25%. Still unclear where 7% fits in?
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Old 29th September 2017, 20:42   #63 (permalink)
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Re: Tax on Foreign Bank Accounts

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Originally Posted by oldfogy View Post
Yes it did in comment #54
OF I saw that but my point is as you admit, 7% was obviously wrong. So what is the CORRECT amount and as UK tax seems to be either basic rate 20% or higher rate 40% my assumption is the tax difference for turkey is either 5% (20-15) or25% (40-15)
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Old 29th September 2017, 20:52   #64 (permalink)
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Re: Tax on Foreign Bank Accounts

Quote:
Originally Posted by gally View Post
OF I saw that but my point is as you admit, 7% was obviously wrong. So what is the CORRECT amount and as UK tax seems to be either basic rate 20% or higher rate 40% my assumption is the tax difference for turkey is either 5% (20-15) or25% (40-15)
Not that simple Gally, fill in a self assessment it works it out for you.

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Old 29th September 2017, 20:57   #65 (permalink)
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Re: Tax on Foreign Bank Accounts

Is the tax rate the same for pensioners or is the difference just in the PAs (personal allowances)?
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Old 1st October 2017, 15:23   #66 (permalink)
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tax question ( again) sorry

has anyone contacted the hmrc concerning the letter received and filled in a self assessment form yet, just wondering how they got on as many of us are worried about how we stand on tax on interest from bank accounts,
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Old 1st October 2017, 15:35   #67 (permalink)
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Re: Tax on Foreign Bank Accounts

Susi, whats to worry about, just contact them, I think I registered online with the government gateway and just filled the self assessment in but that was some years ago, you will only pay tax on the difference between that you paid in Turkey and that you would pay here, taking into account your allowances, if it goes back a few years then jot down the interest received for each year, convert it to using the average rate for that year, also calculate the tax paid in Turkey and convert that to in the same way, give them a call and they will tell you what to do, got to be better than just waiting for a brown envelope falling through the door. They are not ogres they are very helpful I have found.

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