tax in uk

[harry94]

I use my daughters address in Thailand for my bank accounts , never had a problem until today .

The letters explains new rules require me to fill in a form , with my main address and also

Tax payers id number ? if you have one ? This letter is all about interest i have earned on my

accounts , i do not reside in the Uk and now feel it a problem to give my daughters address ,

has any one come across this with their bank accounts .i have had the accounts for a few years

.i could get her to fill out the forms and declare i do not have a Tax id number but if checks are

made it could turn out rather a head ache .

[BritManToo]

Chuck it in the bin with all the other rubbish.

Edited July 24, 2019 by BritManToo

[harry94]

My daughter said she will fill it in and send it off but if checks are made i have been here nine years it

could open a can of worms . I was just wanting to know has any one else had this problem .It is a new

development as this is the first time i have been asked .

[partington]

This is for tax exchange information between countries, as agreed by an international agreement to which more and more countries are signing up, called the CRS:

 

The Common Reporting Standard (CRS), developed in response to the G20 request and approved by the OECD Council on 15 July 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.

https://www.oecd.org/tax/automatic-exchange/common-reporting-standard/

 

 

What the purpose of this is, is to find out if you have a tax residence in another country, and then to pass information about your accounts to that country.  This is to try to avoid tax evasion.  

 

For example if you live in the US but have a UK bank account, the US want to know about it. So your UK bank send you this form, you tell them that you live in the US and give them your US tax ID, and then your UK bank sends that information to the US, via HMRC.

 

It is NOT about UK tax or your UK tax liability.

 

What you do depends on your situation. If you want to say you are a UK resident, because you fear your UK bank may close your account if you reveal you live abroad, then I would simply fill it out with your UK information, giving your UK NI number as your tax ID.  However if your bank already knows you live abroad this is unwise.

 

If you don't mind letting them know you live in Thailand you can fill in this information. You can even get a Thai tax number by visiting a Thai tax office and asking for one. Mine in Bangkok took 30min to give me one on the spot, after I explained I don't work in Thailand, but needed a tax number "to reclaim Thai bank interest". (This wasn't true but I needed a Thai tax ID to fill in this form from my Jersey bank).

 

If you throw the form in the bin, it lays you open to possible suspension of your UK account, or even its termination, as it is a legal requirement on your UK bank to gather, store and share this information, and they don't want to be seen to flout this regulation.

 

 So don't follow advice to bin it!

 

EDit: for sticklers: I am aware that the US is not a signatory to the CRS and has their own system, imposed on other countries, called FATCA. I was just using the US  as an example country, and probably should have chosen another on reflection. 

 

Edited July 24, 2019 by partington

[KittenKong]

15 minutes ago, harry94 said:

My daughter said she will fill it in and send it off but if checks are made i have been here nine years it

could open a can of worms .

I dont see why it should be a problem. I have been filling those in for several years.