If you are a Brit you cannot hide - scary !!

[JoePai]

http://www.telegraph.co.uk/tax/return/taxman-unleashes-snooper-computer-information-does-have/

[thai3]

UK and overseas bank accounts: From this year it receives information from banks in more than 60 countries.

 

I wonder if that includes Thailand? 

[userabcd]

I dont think Thailand is yet part of this initial reporting/sharing tax and finance info with the UK authorities. But give it time and they will be pressured by this oecd group into sharing, providing/ linking/reporting bank and tax information on foreign nationals.

[chiang mai]

For anyone who is concerned about this issue, the bigger worry perhaps is that your UK bank is reporting overseas transfers you have made to Thailand.

[alfieconn]

7 minutes ago, chiang mai said:

For anyone who is concerned about this issue, the bigger worry perhaps is that your UK bank is reporting overseas transfers you have made to Thailand.

 

Well the HMRC will know already just by looking at all your bank statements.

[Jip99]

1 minute ago, alfieconn said:

 

Well the HMRC will know already just by looking at all your bank statements.

 

They cannot look at your bank statements.

 

(unless YOU have supplied them or, they have obtained a court order)

 

 

If anyone was worried I would be more concerned about postings on Facebook - many people leave a deep and detailed 'digital footprint' on there!

[alfieconn]

1 minute ago, Jip99 said:

 

They cannot look at your bank statements.

 

(unless YOU have supplied them or, they have obtained a court order)

 

 

If anyone was worried I would be more concerned about postings on Facebook - many people leave a deep and detailed 'digital footprint' on there!

 

So they can look at them then 

[Jip99]

1 minute ago, alfieconn said:

 

So they can look at them then 

 

 

 

Not without your approval - or court order.

[chiang mai]

Here's a clue - SWIFT is a Belgian company.

[alfieconn]

17 minutes ago, Jip99 said:

 

 

 

Not without your approval - or court order.

 

Ok so they will get a court order to look at them then 

[i claudius]

On 1/9/2017 at 6:51 PM, alfieconn said:

 

Well the HMRC will know already just by looking at all your bank statements.

 

If i remember right its anything over 10k that is looked at , money laundering

[salavan]

as far as income 

[salavan]

as far as i know interest on savings from a foreign bank for non resident british subjects is not taxable anyway

[topt]

34 minutes ago, salavan said:

as far as i know interest on savings from a foreign bank for non resident british subjects is not taxable anyway

If you are officially non resident for tax with HMRC then you are not liable for tax (to HMRC) on anything that you earn outside of the UK.

If you are legal why would you care if they knew you were sending money to Thailand. If you are evading tax.........different story.

 

 

 

 

[elliss]

On 1/9/2017 at 6:42 PM, chiang mai said:

For anyone who is concerned about this issue, the bigger worry perhaps is that your UK bank is reporting overseas transfers you have made to Thailand.

 

      Spot on ,  

I  have  this  mounth ,  been requested  by Nationwide ,

           to provide evidence of my UK , residential address .

        If evidence is not presented , your account is closed ,  I know . 

 

      It pays to be on the electoral register and pay community tax .

      The  belt is tightening , Big  brother is  watching us .

 

             

Edited January 11, 2017 by elliss

[evadgib]

Of interest to any that may need to push back:

 

Welcome to the Investigatory Powers Tribunal website.

The Tribunal is a court which investigates and determines complaints which allege that public authorities or law enforcement agencies have unlawfully used covert techniques and infringed our right to privacy, as well as claims against the security and intelligence agencies for conduct which breaches a wider range of our human rights.

 

http://www.ipt-uk.com/

Edited January 11, 2017 by evadgib

[Savilesghost]

On 09/01/2017 at 2:48 PM, thai3 said:

UK and overseas bank accounts: From this year it receives information from banks in more than 60 countries.

 

I wonder if that includes Thailand? 

No it doesnt, they never signed up and this is old news 

[Savilesghost]

On 09/01/2017 at 6:42 PM, chiang mai said:

For anyone who is concerned about this issue, the bigger worry perhaps is that your UK bank is reporting overseas transfers you have made to Thailand.

The bigger concern is those UK pensioners who maintain a UK address to afford themselves the pension increases and things like winter fuel payments while living in Thailand, they will start going after these people for fraud 

[Savilesghost]

If as a British Citizen, you have no bank accounts, property, income and spend less than the specified days in the UK, you are non resident and HMRC can do nothing to you

 

[Savilesghost]

19 hours ago, i claudius said:

 

If i remember right its anything over 10k that is looked at , money laundering

No anything over 10k USD is flagged, doesnt mean every transaction is looked at 

[Ricardo]

On 09/01/2017 at 6:42 PM, chiang mai said:

For anyone who is concerned about this issue, the bigger worry perhaps is that your UK bank is reporting overseas transfers you have made to Thailand.

 

I don't see why that might be any great worry, so long as you have an acceptable explanation, for any larger transfers you make ?

 

For example, living-costs or money to invest in a property, or transfers to pay for your children's study/living-costs while at uni ?

 

When making Swift-transfers online, I usually have to add the reson-for-transfer, as part of the process  ...  and have no great problem with that, as part of a general anti-money-laundering process internationally. 

 

I see it more as the banks' belated-attempts to cover their own backs, not  various tax-authorities prying into my affairs, which aren't their business now that I'm non-resident & offshore, and where I intend to remain !

[Aquaman2016]

UK and Thailand have a tax agreement so that we only pay once. Therefore there must be information sharing.


Sent from my iPhone using Thaivisa Connect

[lopburi3]

19 hours ago, Savilesghost said:

No anything over 10k USD is flagged, doesnt mean every transaction is looked at 

Actually in USA that can vary by state.  In Florida believe it was 2k during the 90's due drug money issues and may well still be (have not returned).  So really nothing new - just the technology is getting better and much more real time.

Edited January 13, 2017 by lopburi3

[KarenBravo]

On 1/11/2017 at 10:25 PM, elliss said:

 

      Spot on ,  

I  have  this  mounth ,  been requested  by Nationwide ,

           to provide evidence of my UK , residential address .

        If evidence is not presented , your account is closed ,  I know . 

 

      It pays to be on the electoral register and pay community tax .

      The  belt is tightening , Big  brother is  watching us .

 

             

 

Yes, exactly the same for me with Barclays.

[evadgib]

Quote

If evidence is not presented your account is closed!

 

Banks might appreciate the irony if their own Headded correspondence is tendered in return  :)

Edited January 13, 2017 by evadgib

[Savilesghost]

1 hour ago, Aquaman2016 said:

UK and Thailand have a tax agreement so that we only pay once. Therefore there must be information sharing.


Sent from my iPhone using Thaivisa Connect

 

And you misunderstand what a reciprocal tax agreement actually is then, 

Under the agreement in force Thailand is not a signatory to this agreement with the UK, this agreement will allow automatic data sharing between signatory countries, ie names, address' and account details and balances of said accounts

 

Eg

If British national who is resident in the UK for tax purposes has a undeclared account in say Singapore, Blighty tax man is going to know about, in a similar manner Singapore national holding undeclared account in the UK, Singapore tax man will know about it, whether they decide to investigate the account is up to them 

 

This has nothing to do with reciprocal tax agreements, all a reciprocal tax agreement does is stop you paying full tax on the same money 

 

Eg  Teacher works in Thailand and is resident for tax in the UK, said teacher pays 20% tax in thailand on his money, on his UK tax return he can offset this 20% tax paid under the reciprocal agreement after providing proof, however if in the eyes of the tax under UK tax, the same amount would meant you had to pay 30% tax to HMRC, they are within theirs rights to ask for the 10% different - this is a very simple example and would very rarely be implemented

 

But from what i understand under Aussie tax rules this scenario is in play quite a lot with aussies who work overseas but maintain residency in Aus

Edited January 13, 2017 by Savilesghost

[Oxx]

On 11/01/2017 at 10:25 PM, elliss said:

I  have  this  mounth ,  been requested  by Nationwide ,

           to provide evidence of my UK , residential address .

        If evidence is not presented , your account is closed ,  I know .              

 

Curious.  Can you think of any reason you've been singled out for special treatment?

 

There are lots of expat holders of Nationwide accounts (including myself), and this is the first time I've heard of anyone being asked for proof of their UK address.

 

I do wonder whether this is in any way connected to the closure of Nationwide International.

[impulse]

What I get a kick out of is how so many of the "you have no reason to complain if you're not doing anything wrong" guys change their tune when the privacy rights erode away closer and closer to home.

 

Slippery slope this business of trading away our rights and privacy in return for the illusion we're getting increasing security.  

 

Next they're going to count the smokes and beers you buy so they can charge you more for your contributions to NHS.  Only seems fair to me...  Not.

[Ricardo]

22 hours ago, evadgib said:

 

Banks might appreciate the irony if their own Headded correspondence is tendered in return  :)

 

I doubt it, the banks are totally shameless about these things, IME.

 

Last time I was asked to prove the source of my (offshore) funds, I was sending them papers (those which still survived in my records) which I'd already sent them when opening the offshore-accounts some 12/13-years-ago.  Including papers from their UK-branch where I'd banked for a decade before that, and had business-loans & mortgages, which presumably they don't just hand out to anyone, without first knowing their own customer ?

 

They then went on to query how my late father, dead some 30-years, had made his money.  I do know (approximately) how he made it, but as to being able to prove or document someone-else's affairs, from 40-50 years ago, well perhaps I should refer them to his bankers at that time, who are the same group once again, which was now asking me for paperwork !

 

Talk about running round in circles !

 

It's way beyond irony IMO !  Perhaps total-incompetence is the phrase I'm looking for ?

[chiang mai]

12 hours ago, Oxx said:

 

Curious.  Can you think of any reason you've been singled out for special treatment?

 

There are lots of expat holders of Nationwide accounts (including myself), and this is the first time I've heard of anyone being asked for proof of their UK address.

 

I do wonder whether this is in any way connected to the closure of Nationwide International.

 

This has been going on for at least three years with NWI, I was targeted in 2012 and they finally closed my last account (without any resistance from me at all I might add).  The issue is tax residency and money laundering, the same problems all the UK high street banks faced a few years ago, HSBC went through their evaluation of non-UK resident customers to see which ones they wanted to keep and that involved a two hour telephone interview with the bank, NWI apparently couldn't be bothered to do the same thing.

Edited January 14, 2017 by chiang mai