rafikiphoto

I reduced a bank account balance to zero in June 2017 transferring the money to another of my accounts. The account remained at zero until I asked the bank to close it in December. For 720 purposes do they consider 'balance at closure' to be the amount I transferred out in June or should I just declare the zero balance at the actual closure date?

snikpoh

I don't know the correct answer, but I would just do a new declaration.

When doing an 'update' is there anywhere on the form to say what happened to old accounts?

rafikiphoto

Has anyone any experience of this?

Fred James

You declare the value of the assets that you are holding on December 31st. My interpretation of that is that if you had it previously and disposed of it before 31st then you don’t declare it.