Jessel

I have had a letter from Barclays who I bank with in the UK asking where I pay tax and my tax ID or NI number. Are banks now required to disclose banking transactions to tax authorities?

Loafing Along

This is all to do with what is known as "Common Reporting Standards" ( CRS ) designed to help the fight against tax evasion and fraud. A process begun several years ago and gradually being implemented in a lot of countries .Typically a UK resident in the UK will not be bothered but a non-resident UK citizen with bank accounts or investments in the UK ("Reportable People " ) will need to demonstrate country of residence and local status , tax number and probably date of birth, which the UK bank can pass on to the Inland Revenue. The Inland Revenue can , in turn, pass the information on to the tax authorities where you live.
To quote from the Inland Revenue : "This measure is not expected to impact upon tax compliant individuals, households, or family formation or stability."

That's it in a nutsheel - if you are good don't worry !
Several banks began the process last year and you may well have been asked for a "Self-certification certificate" - a form to return.
There has been a similar arrangement in place with the USA for some time.

Dug around and came across this good summary of what it is all about : https://www.nsandi.com/common-reporting-standard#02

EMR

This has been around for some time, we had to do the same with Santander two years ago.

Jessel

Thanks guys, Existing on a UK state pension shouldn't ring any alarm bells with the tax authorities!

barlaventoexpert

It's actually now an EU Banking reg as well now to stop financing of terror-related issues.