Question About Uk Bank Accounts And Expats

[chiang mai]

The answer to this should be simple but I can't find the definitive answer, I'm sure one of you knows:

I'm resident in Thailand and non-resident in the UK for tax purposes - I no longer complete UK tax returns and I do not own real estate in the UK. Basically the UK tax man has said goodbye and good riddance to me and that's fine by me.

But I do still have a UK passport, a UK drivers license, two UK credit cards and two UK bank accounts, albeit the cards and the accounts are very rarely used. They do however provide me with statements that are sent to my sisters address in the UK.

I now find myself wanting to open onshore UK bank accounts for investment purposes, the spread of products and the rates are much better than offshore. My questions therefore are:

1) If I walk into bank X in the UK, say I want to open a term deposit of similar, will my existing documentation allow me to do that?

2) If the previous step is successful I do not want to pay tax hence I would complete an IR85 stating I am not a tax payer - except that I don't have a tax number any longer thus I'm not sure if I can do that?

3) If step 2 is not successful it means I have to file a tax return to claim back the tax paid - in doing that does the UK Government consider me to have broken the law by claiming to be a UK resident when I am not?

Any tips or pointers please?

[madmitch]

3) If step 2 is not successful it means I have to file a tax return to claim back the tax paid - in doing that does the UK Government consider me to have broken the law by claiming to be a UK resident when I am not?

I can only answer question 3.

There's a tax return specifically available for non-residents so no problem there.

Ironically, the non-residents' tax return is not available online, it's only a paper document, unless it has changed this year. I'm sure there's a very good reason for this (lack of) logic!

You shouldn't have a problem with the I85. You'll need your NHS number but not being employed in the UK, you wouldn't have a tax number anyway.

[Chaimai]

I will have a go at No 1:-

Because you have existing bank accounts/cards (and therefore a credit history) AND a UK address for which you can supply "address verification" you should be OK.

If you go into one of your existing banks it should be easy. If you choose another one I suggest you take in UK passport, UK driving licence (make sure the adress has been changed to that of your sister, otherwise you are breaking Road Traffic Act regulations and the bank will/may spot the difference) and paper copy of a bank statement les than 3 months old.

That should get you through the Money Laundering Rules barriers.

You may wish to consider applying via Internet and you will then be guided on what documentation to take/send where.

[alantheembalmer]

That leaves me with point 2. When you fill out the R85 you need your National Insurance number, which was given to you when you left school, and which you have for the rest of your life. If you can't find it, contact the NI office. Mine is in Newcastle. Good luck.

[chiang mai]

The answers are stacking up the way I thought they might but thanks for making the effort to confirm this. The wild card however is, does all of this work in practice, I've read on some financial services web sites where they play down the need for identification because they use there own means of checking who you are and whether the details you have provided are bona fide or not. It all smacks a bit of big brother and can only imagine they refer to credit checking agencies and electoral role checks.

[pontious]

When you read the Terms and Conditions for these accounts you will see ''for residents of the United Kingdom only''

Having a UK address does not make you a resident. I doubt any bank would check but you would have to lie on the application form.

P

[chiang mai]

When you read the Terms and Conditions for these accounts you will see ''for residents of the United Kingdom only''

Having a UK address does not make you a resident. I doubt any bank would check but you would have to lie on the application form.

P

Point taken, but it's surely not a hanging offense to change your mind. I used to live overseas and now I'm moving back, and later, no I'm not - if only I were a female that scenario would have perfect credibility. Seriously though, I have a couple of UK accounts that are pretty much dormant albeit I push something through each of them every few months so that there is at least some activity. I opened both accounts when I lived onshore and later I moved offshore - the two accounts work just fine and having just checked with HSBC UK my MasterCard is still live with a substantial credit balance despite not being used for several years. I can't believe the UK banks really care about this aspect at all unless you were to tell them exactly what you were trying to do.

Edited September 14, 2008 by chiang mai