@!#!x! Banks

[Jaylen Brit 0]

Well I just got off the phone with NatWest about getting an e-savings account and they inform me that if i move abroad I can't have ANY kind of savings account - and that if I use my old UK addy to open one and then move abroad that's tax evasion! I'm not liable for UK tax right now but they say that changes once I leave the UK.. Obviously I don't want to defraud anyone, or get in problems with the tax man..

Now..correct me if I'm wrong but aren't some of you in possession of a UK savings account? Did your banks tell you anything like this?

[Lou Lou 1]

I called my bank, First Direct, told them up front, and they said it wasn't a problem. They even send all my statements to me for free, plus they gave me a new number to call so I wouldn't be in a long queue when calling from overseas.

I still pay tax as I still hold property in the UK, but First Direct don't even know that about me as I use a different account for all that business.

Maybe those tax laws have changed since then, who knows? I guess the best thing to double check would be to call the tax office. I know that may fill you with dread, but whenever I deal with them on the phone they've always been very efficient and helpful. I know, strange, but true!

Good luck

[Jaylen Brit 0]

I just rang the non-resident tax inquiry line at the Inland Revenue (a guy called John who was really friendly and helpful) and they told me its not tax evasion OR illegal to hold a UK savings account as a non-resident - they said I would be liable for tax on interest, but that if it was under my personal allowance it would be refunded - and anyways they have an arrangement with the IRS so you won't be taxed in both countries - and unless I have 100's of 1000s of pounds I was likely to get it all back either way.

http://www.hmrc.gov.uk/pdfs/ir20.htm#investment is the relevant link - so I have no clue why the bank 'helpline' told me it would be 'illegal' when the IR say its no such thing.

[munchkins 0]

Jay we have found that the Nat West sucks and just before we go we are moving all our money and closing the account for good.

i have used them for business and Alan still has all his accounts with them but they really are a pain in the backside, so when we go, it will be thanks but no thanks

[Jaylen Brit 0]

lol yeah..I can see why he said that

I just got BACK to the NatWest savings helpline and another guy told me the previous guy was basically talking out of his ####### - which was what the IR inferred, lol. This other guy says its neither illegal nor against their own banking rules to have an account, savings or otherwise, with them if you are a non-UK resident..god what palaver

[Lou Lou 1]

Time to change banks? I agree I've had nothing but trouble with Nat West in the past. Come to think of it, I've trouble with all of 'em - NW, BOS, Barclays, Abby, Woolwich. The only ones who have been sweetie pies are FD!

[Wrenly 0]

[snip]and unless I have 100's of 1000s of pounds I was likely to get it all back either way.

Wouldn't that be a nice problem to have???

[cheeky^Wolf 0]

I have a Nat West ISA, Savings and Current account.

You can put money into an account if you are living in the UK and are a UK taxpayer, but as soon as you move overseas, you cannot add to it. I would think the same goes for a savings account.

I've kept all 3 at a UK address

[Linababe 0]

lol yeah..I can see why he said that

I just got BACK to the NatWest savings helpline and another guy told me the previous guy was basically talking out of his ####### - which was what the IR inferred, lol. This other guy says its neither illegal nor against their own banking rules to have an account, savings or otherwise, with them if you are a non-UK resident..god what palaver

I will be watching this space.. keep me informed please I have a nat west chequing account and when I sell my house i was gonna leave some money in the account - I thought of putting it in a savings account so it can gain interest but also found out that I have to pay tax on it - but this is then returned if I dont have any other income which I wont if I move to the states. I believe we have to fill in a form to claim that tax back every year, umm dont know if this is possible online or not, this is something I need to find out more about the taxes etc. I may not be working in the states either for a while so I wont be claiming any taxes there. OHH I get confused with taxes... any advice information is appreciated

Lina (UKC)

[perfect 39]

I've banked with Nat West since 1991 and have actually found them to be very helpful.

I told them I was moving to America permanently and keeping both my checking and savings account was not a problem at all. They offered internet and telephone banking, knowing that I wouldn't be able to visit a branch, and they have been very efficient in sending monthly statements to my home address in California.

No major dramas at all.

[Jaylen Brit 0]

Lina - the Inland revenue helpline have always been REALLY good; informative, helpful, friendly..the link I posted above for the IR20 tells you about how tax for non-residents (ex UKC) works and what forms you need to get from your bank (form R105). The guy also told me I'd need form R43 for the IRS so I didn't get taxed in both countries..

So give em a bell

As for the bank..as the 2nd guy was more helpful, and a bit surprised at the advice I got in the FIRST phone call, I'm gonna stay with em as they are STILL better than the Halifax as far as me being able to USE the damn account

[Jo1973 0]

I still have a UK bank account, currently with Lloyds TSB (been with them for many years) they have been brilliant, they even wired over all my savings after I sent them a fax and they rang me (in the US) to confirm that I had sent the fax. (There was a fee of 15 quid for all my savings though)

I use my mums address for mailing, plus I use internet banking which helps me check out my account.

[Toledospod 0]

I still have a UK bank account, currently with Lloyds TSB (been with them for many years) they have been brilliant, they even wired over all my savings after I sent them a fax and they rang me (in the US) to confirm that I had sent the fax. (There was a fee of 15 quid for all my savings though)

I use my mums address for mailing, plus I use internet banking which helps me check out my account.

Jo, did you know that you can change your address with LloydsTSB to your US one? I asked Lloyds this and they said I could, which I have done(doesn't really matter to them as I have paperless statements and I do all my banking online too)

Jaylen, I read your posts on this thread about not being taxed. This is something I hadn't really thought about yet. Are you saying that if you leave the UK you can use the form R105 to claim tax relief from interest earned on any UK bank/building society account you have? The only form I have seen at the moment, which I thought would do all of this was the P85. Someone mentioned about that on here(might have been you actually!). Do you think I should get my bank to give me the R105 form and I should fill in the R43 off of the HMRC website?

Just after some advice here really. Don't wanna bombard you with questions You seem to be very good at this Jaylen!

[Jaylen Brit 0]

hehe.

Ok - the minute you leave the UK you lose any non-taxpayer statuts you have as a permanent resident and the Inland Revnue can tax any interest on savings in UK accounts.

If your bak offers gross interest they will begin to take tax, but you will need the form R105 which you get from the bank/building society - this will let IR know you are not resident; they will (come the tax year end) offset your UK personal allowance against any tax taken - if your interst for taxable puropses was MORE than our personal allowance, the taxman takes the balance and there's no refund ..if it was less than your personal allowance they'd refund your tax.

You also need a form R43 to give to the IRS come tax time

But the helpline for non-residents was excellent - Id give you the number but the IR website is down right now, and taht explains it pretty well but the helpline were really precise and clear..grr website 404

[Jaylen Brit 0]

Ok site is back up now

Good links for info: http://www.hmrc.gov.uk/nonresidents/tmaapp...residents.shtml

http://www.hmrc.gov.uk/cnr/r43-2006-notes.pdf

Tells you how to claim back taxes and avoid being taxed by both IR and IRS - yo can apply for an exemption from one of them under the 'doubletax treaty' the UK and USA run.