UK Banks move to clarify International Tax Legislation

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siteadmin
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UK Banks move to clarify International Tax Legislation

Post by siteadmin » Thu Oct 19, 2017 5:40 pm

If you have a bank account in the UK but live abroad, you may have already received a letter from you bank announcing changes to the “International Tax Legislation”

Customers accounts information in relation to their tax residence, to the tax authorities local to where customers financial accounts are held are been reported on by Comon Reporting Stardards (CRS)

Customers with a UK Bank account would of start seeing these letters arriving on their door steps since the last week of September (27th September 2017)

Banks and Financial intitutions like Lloyds Banking Group, Royal Bank of Scotland and the Halifax we now know have started to send these letters

Here is a snippet of the content:

“Confirm where you are resident fir tax purposes

Dear ..........

There has been a change in international tax legislation which has introduced the Common Reporting Standard (CRS). It means financial institutions are required to report customers’ account information based on their tax residence, to the tax authorities local to where their financial accounts are held.”

The 10 page letters includes a “Tax Residency Self-certification for individuals” form to be filled in and sent back to the bank with postage paid envelope.

siteadmin
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Re: UK Banks move to clarify International Tax Legislation

Post by siteadmin » Thu Oct 19, 2017 5:55 pm

Have you had similar letter requesting that you fill in a “Tax Residency Self-certification for individuals” ?

If so, let us know your thoughts and share your experiences.

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