Thread: Barclays Bank UK

Originally Posted by mrvgs

And how about Americans who go to the CI, Iom, Jersey, Monaco, Gibralter,Switzerland. Do we get the US government snooping into our bank accounts over there? Do these places have agreements with the UK?

They probably share information about terrorism and organised crime, but I’m not sure about taxes.

Originally Posted by Phil S

Hi Seaview, are you sure about the Isle of Man and the Channel Islands?

I know the government can force banks based in the UK to hand over details of offshore accounts (Barclays is a recent example).

What would happen if you moved to the IoM or CI and opened an account with a bank based there?

Since the IoM and CI are not part of the UK why would a bank based in one of these islands hand over customers details to Gordon Brown?

If you move to the IoM or CI you should be paying taxes to their governments and not the UK so it shouldn’t be considered tax evasion.

Just keep this in mind, the maximum rate of Capital Gains Tax in the UK is 40%, but the IoM and CI don’t have CGT.

IoM and Channel Islands are part of the British Isles. If you open a private bank account it should still be declared. You would then have to pay tax on money you bring in. Also the British Tax Departments can and are allowed to enquire of those banks anything regarding your account. I would need to go back and recheck if they can then tax you on it while it is still in there - I can't remember - I didn't end up opening a bank account there. However, they will still know how much money you have if they choose to check through your bank accounts even if you can only be taxed on what you bring in. Yikes!

PS - I know they have the power to go through accounts in Gibralter as well.

Originally Posted by mrvgs

And how about Americans who go to the CI, Iom, Jersey, Monaco, Gibralter,Switzerland. Do we get the US government snooping into our bank accounts over there? Do these places have agreements with the UK?

I honestly don't know. I would doubt it.

From what I have read so far it seems that you can legally open an offshore account and you only pay tax of 15% on the INTEREST, not the CAPITAL. (There are also 2 ways of paying this tax, Exchange of Information or Withholding Tax, you can read about it in the links below) BUT, once you bring any monies over to the UK you will pay the extra taxes in whatever bracket you are in.You only pay 40% on any income over £33,300 and the first £8.800 of CG is exempt.(Those are the amounts for this year, should go up next year possibly).

Note that Jersey and The Isle of Man are NOT part of the EU:

Question:How does the European Union Savings Tax Directive affect Jersey and the Isle of Man?
Answer:Both Jersey and the Isle of Man have voluntarily opted to implement local legislation that supports the Directive. The Islands have agreed to implement a 'Withholding Tax' option. This is referred to as the 'Retention Tax' option to distinguish the Islands from the EU Member States and reflect that the Islands are not part of the EU and therefore not directly subject to the Directive.

Check these links, there is some good info:

http://www.gov.im/lib/docs/iomfinanc...axdirectiv.pdf

The EU Savings Tax Directive - One Year On

How to Open an Offshore Bank Account

HM Revenue and Customs: Rates and Allowances - Capital gains tax

If anyone has any more info or if you think I'm incorrect in my thinking please feel free to put me right. I'm not trying to avoid paying any tax, just want to limit the liability, if at all possible.

If we get a reval soon we need to be ready! Bottom line, get yourself a good accountant or tax advisor.

Megansgirl

ps Re: The Halifax, I was also told that we can only exchange what is bought from them.

Originally Posted by megansgirl

From what I have read so far it seems that you can legally open an offshore account and you only pay tax of 15% on the INTEREST, not the CAPITAL. (There are also 2 ways of paying this tax, Exchange of Information or Withholding Tax, you can read about it in the links below) BUT, once you bring any monies over to the UK you will pay the extra taxes in whatever bracket you are in.You only pay 40% on any income over £33,300 and the first £8.800 of CG is exempt.(Those are the amounts for this year, should go up next year possibly).

Note that Jersey and The Isle of Man are NOT part of the EU:

Question:How does the European Union Savings Tax Directive affect Jersey and the Isle of Man?
Answer:Both Jersey and the Isle of Man have voluntarily opted to implement local legislation that supports the Directive. The Islands have agreed to implement a 'Withholding Tax' option. This is referred to as the 'Retention Tax' option to distinguish the Islands from the EU Member States and reflect that the Islands are not part of the EU and therefore not directly subject to the Directive.

Check these links, there is some good info:

http://www.gov.im/lib/docs/iomfinanc...axdirectiv.pdf

The EU Savings Tax Directive - One Year On

How to Open an Offshore Bank Account

HM Revenue and Customs: Rates and Allowances - Capital gains tax

If anyone has any more info or if you think I'm incorrect in my thinking please feel free to put me right. I'm not trying to avoid paying any tax, just want to limit the liability, if at all possible.

If we get a reval soon we need to be ready! Bottom line, get yourself a good accountant or tax advisor.

Megansgirl

ps Re: The Halifax, I was also told that we can only exchange what is bought from them.

Hello Megansgirl.

Well that pretty much sums up what I just said. Go further afield than Europe. Then you pay tax only on what you bring in! -

Alright, thanks for the information Seaview and MegansGirl, now I'm starting to understand.