Nationwide Expat Rules?

[davelec]

Have lived in Thailand for a few years now but always kept an address in the UK (not my own home) for bank usage etc. Now I am considering informing the Bank, nationwide where I have bonds and flex account that I have not been resident so that that I can request they no longer stop tax on interest. Their rules seem to say though that you cannot open a flex account if you are non resident, but I cannot see anything about having one if you then become a non resident of the UK. if I go ahead trying to claim tax back for 2008-2009 paid on savings and to claim non resident status what is likely to be nationwide's response? I am a bit worried they could then close the flex account and bonds as I am non resident. Any ideas?

Edited February 22, 2010 by davelec

[neil324]

At a guess yes. Why don't you just submit a R85 form, no good for 2008-2009, but depending on how much money you would lose for those years you can weigh up the pro's an con's

Edited February 22, 2010 by neil324

[davelec]

At a guess yes. Why don't you just submit a R85 form, no good for 2008-2009, but depending on how much money you would lose for those years you can weigh up the pro's an con's

The form I have is R105, I think that is the one if non resident

[chiang mai]

R85/R105 is a good start and if they don't like it, tell them that you want to move your funds to Nationwide International in the Isle of Man, I have large sums with NW IOM and they currently pay 2.60% instant access which is not a bad rate to park money whilst you're looking for other things - have been with them for seven years and their service is truly excellent.

Edited February 22, 2010 by chiang mai

[Chaimai]

I had a similar experience acting on behalf of a friend. Nationwide pushed quite hard towards their Nationwide International accounts.

In the end I resisted because of the benefits of the Flexaccount (not so good now but still better than other UK providers) and then opened an offshore investment account with NI (and others) online.

[davelec]

R85/R105 is a good start and if they don't like it, tell them that you want to move your funds to Nationwide International in the Isle of Man, I have large sums with NW IOM and they currently pay 2.60% instant access which is not a bad rate to park money whilst you're looking for other things - have been with them for seven years and their service is truly excellent.

Not a bad idea but all my cash is in NW bonds which pay a bit more the 2.60% so there would not be much advantage, I see A&L offshore pay 3% on two year bonds, so I might stick some in there. I will have a go at claiming tax paid back on NW bonds for 2008-9 form R43 and see what happens.

[chiang mai]

R85/R105 is a good start and if they don't like it, tell them that you want to move your funds to Nationwide International in the Isle of Man, I have large sums with NW IOM and they currently pay 2.60% instant access which is not a bad rate to park money whilst you're looking for other things - have been with them for seven years and their service is truly excellent.

Not a bad idea but all my cash is in NW bonds which pay a bit more the 2.60% so there would not be much advantage, I see A&L offshore pay 3% on two year bonds, so I might stick some in there. I will have a go at claiming tax paid back on NW bonds for 2008-9 form R43 and see what happens.

Ah, in that case R85 or R whatsit will do nicely and they shouldn't have a problem. I've done similar in the past with one and two years bonds by telling the BS I had moved overseas.

[neil324]

R85/R105 is a good start and if they don't like it, tell them that you want to move your funds to Nationwide International in the Isle of Man, I have large sums with NW IOM and they currently pay 2.60% instant access which is not a bad rate to park money whilst you're looking for other things - have been with them for seven years and their service is truly excellent.

Yes but he's a UK resident at the moment, unless he tells Nationwide otherwise.

Also worth bearing in mind, although Nationwide are probally one of the safest UK banks, Nationwide IOM is not covered by the FSA only the IOM scheme which only covers the loss of the first £15 or £25 thousand not sure which.

Edited February 22, 2010 by neil324

[Chaimai]

Also worth bearing in mind, although Nationwide are probally one of the safest UK banks, Nationwide IOM is not covered by the FSA only the IOM scheme which only covers the loss of the first £15 or £25 thousand not sure which.

It is actually £50,000 and Nationwide promote the following:-

How safe is my deposit?Nationwide International is the wholly owned subsidiary of Nationwide Building Society. As well as the statutory protection provided by the Isle of Man Depositors' Compensation Scheme, Nationwide Building Society guarantees the liabilities of its subsidiary. We believe this ‘double protection’ provides peace of mind for even the most cautious investor.

[chiang mai]

R85/R105 is a good start and if they don't like it, tell them that you want to move your funds to Nationwide International in the Isle of Man, I have large sums with NW IOM and they currently pay 2.60% instant access which is not a bad rate to park money whilst you're looking for other things - have been with them for seven years and their service is truly excellent.

Yes but he's a UK resident at the moment, unless he tells Nationwide otherwise.

Also worth bearing in mind, although Nationwide are probally one of the safest UK banks, Nationwide IOM is not covered by the FSA only the IOM scheme which only covers the loss of the first £15 or £25 thousand not sure which.

Neil, stop it.

[neil324]

R85/R105 is a good start and if they don't like it, tell them that you want to move your funds to Nationwide International in the Isle of Man, I have large sums with NW IOM and they currently pay 2.60% instant access which is not a bad rate to park money whilst you're looking for other things - have been with them for seven years and their service is truly excellent.

Yes but he's a UK resident at the moment, unless he tells Nationwide otherwise.

Also worth bearing in mind, although Nationwide are probally one of the safest UK banks, Nationwide IOM is not covered by the FSA only the IOM scheme which only covers the loss of the first £15 or £25 thousand not sure which.

Neil, stop it.

Thats what i thought it was.

[davelec]

R85/R105 is a good start and if they don't like it, tell them that you want to move your funds to Nationwide International in the Isle of Man, I have large sums with NW IOM and they currently pay 2.60% instant access which is not a bad rate to park money whilst you're looking for other things - have been with them for seven years and their service is truly excellent.

Not a bad idea but all my cash is in NW bonds which pay a bit more the 2.60% so there would not be much advantage, I see A&L offshore pay 3% on two year bonds, so I might stick some in there. I will have a go at claiming tax paid back on NW bonds for 2008-9 form R43 and see what happens.

Ah, in that case R85 or R whatsit will do nicely and they shouldn't have a problem. I've done similar in the past with one and two years bonds by telling the BS I had moved overseas.

Before sending off any forms I thought it would be best to ask NW how being non resident would affect my accounts and bonds, would I still keep them, be able to take bonds out and could I keep the flex account with ATM card? Their response was just a set of links to other topics I had not asked about, while ignoring the questions asked, so I am no wiser now than before.

Edited February 24, 2010 by davelec

[phutoie2]

Good luck with the R43!, I sent off mine to Inspector of Taxes HMRC last July and still not had repayment of interest on my Nationwide Bonds/savings accounts. Last year only had to wait a few months. Time to give them a call but apparently HMRC are busy chasing footballers and off shore savers, plus Pompey FC.

HMRC are usually good, once they have all your details they post you next years R43 to your Thai address.

[davelec]

Good luck with the R43!, I sent off mine to Inspector of Taxes HMRC last July and still not had repayment of interest on my Nationwide Bonds/savings accounts. Last year only had to wait a few months. Time to give them a call but apparently HMRC are busy chasing footballers and off shore savers, plus Pompey FC.

HMRC are usually good, once they have all your details they post you next years R43 to your Thai address.

Their website says they are re organizing and aim to reply to emails within 15 working days, sent them one 14 days ago so expect a reply by tomorrow!!!!

[Denim]

I am also with the Nationwide and it took some time for them to process my tax refund. You just have to be persistant and if necessary get out of your pram to shake them up a bit. On a different note, they seem to be limiting cash withdrawals to 10,000 baht a day now which is not too convenient.