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Old 16th September 2017, 13:46   #1 (permalink)
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Tax on Foreign Bank Accounts

I have just received a letter from HSBC in Istanbul explaining that since last year they are sharing my/everyone's account information with HMRC, so if I hadn't declared any interest on my annual return, for past years HMRC will know about it and act accordingly.
So if you haven't been declaring it you might find a brown envelope with a large bill dropping through your letterbox.

Foreign Account Tax Compliance Act (FATCA) | HSBC

Common Reporting Standard (CRS) | HSBC

https://www.gov.uk/guidance/worldwid...e-a-disclosure

We are fully paid up and declared both here and there so no hassle for us.

Martin
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Old 16th September 2017, 17:12   #2 (permalink)
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Re: Tax on Foreign Accounts

I started to inform the HMRC in 2006,on my accountants advice.
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Old 16th September 2017, 18:16   #3 (permalink)
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Re: Tax on Foreign Accounts

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 16th September 2017, 19:43   #4 (permalink)
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Re: Tax on Foreign Accounts

Once resident in the UK you are taxable on your world income where ever that income arises.
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Old 16th September 2017, 20:43   #5 (permalink)
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Re: Tax on Foreign Accounts

A number of years ago we, with the help of a Turkish retired Tax inspector we told the UK Tax that we were no longer Residents. Not easy and you need help from someone in the know.After much toing and going we got it. Now we pay only Turkish Tax on Bank Savings and no UK Tax.You must live in Turkey for eight years and have had a Residence Permit for the same. Then ( with help ) you send off your application to Ankara and in two weeks it arrives back and you send it to UK. Tax in the UK is finished. I helped a friend who was paying a lot of Tax ( Huge pension ) and now he pays nothing to the UK.

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Old 16th September 2017, 21:47   #6 (permalink)
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Re: Tax on Foreign Accounts

Quote:
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?

.
Old Fogey.Not trying to have a go but would you be entitled to any benefits of UK if required ie NHS
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Old 16th September 2017, 22:08   #7 (permalink)
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Re: Tax on Foreign Accounts

Quote:
Originally Posted by trevoro View Post
Old Fogey.Not trying to have a go but would you be entitled to any benefits of UK if required ie NHS
Not a problem but yes, NHS benefits are available to me at the moment, for what we always say 'for what I also contributed into for the last 40+ years'.

It's just that it annoys me when this government are happy enough to spend Billions of pounds on migrants who have never contributed anything into the system and probably never will. but then want to take a cut of our hard earned income.
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Old 16th September 2017, 22:56   #8 (permalink)
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Re: Tax on Foreign Accounts

Quote:
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?

.
Aren't you a uk resident?
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Old 16th September 2017, 23:10   #9 (permalink)
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Re: Tax on Foreign Accounts

Quote:
Originally Posted by michaelm View Post
Once resident in the UK you are taxable on your world income where ever that income arises.
Spain is the same.
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Old 16th September 2017, 23:18   #10 (permalink)
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Re: Tax on Foreign Accounts

Quote:
Originally Posted by enoch View Post
Aren't you a uk resident?
I'm going to say with what I have already stated then you know damn well I am so STOP 'trying' to be so facetious,when my point is why should I give a % of the interest I earned from a foreign investment, which was invested there simply because interest in the UK establishments is next-to-nothing.
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