Im_and_Er

Yes, I did misread you.

I can see where having say a business A/C in a company name rather than your own might very easily confuse them !

I think the safest course has to be to declare everything on a piece of paper and let them pick the bones out of it.

TinaBee

For declaration on a piece of paper I use the following headings:
INTITULÉ DU COMPTE (name of account holder)
NUMÉRO DE COMPTE/ CARACTÉRISTIQUES (Account number/type of account - e.g. Compte ordinaire/épargne, simple/joint)
DÉSIGNATION DE L'ÉTABLISSEMENT (Sort code / bank name)
ADRESSE
DATE D'OUVERTURE/CLOTURE


Hope this helps

Soulman61

Sorry for the late post but I only just became aware of your forum.
I have been living in France for some years but only Tax resident for the last 3 years. I have never declared my UK bank accounts, or the interest as it was taxed at source.
If I now declare the accounts and the interest for 2012, am I likely to have problems?
I already had an audit back to 2009/10 as I put my UK income in the wrong box, on the foreign income form. Should have been 8TK, not 8TI seemingly.

Another question: how do I classify Premium Bonds?
Thanks

Brian

Chatter Static

Welcome to the Forum Cant personally help with the questions but we have lots of folk in this section that are clued up

Tweedpipe

I would say that as Premium Bonds pay no interest there is nothing to declare.
An interesting question would be, if you have a Premium Bond win, should the winnings be declared in France. I'm not sure of the answer to that, but someone more astute may be able to clarify.

Soulman61

It was the winnings I was more concerned with. I get regular winnings which is basically in lieu of interest. No tax at source. Maybe the French would regard it a a government bond?

EuroTrash

I have read somewhere that you are supposed to declare Premium Bonds wins. After all why would you not, they are income from savings.

If you aren't a UK taxpayer your savings shouldn't still be being taxed at source by the UK.

Personally I would declare the accounts as the penalties for not doing are large. It isn't as if you have been avoiding paying tax, you have just been paying it to the wrong country and if they are bothered enough I guess they can reclaim it.

cjm

ET looks to be correct. Found this: ... any winnings could be considered as interest and would be declarable on your French tax return. The winnings would be liable to income tax (at your marginal rate) and would also be subject to social contributions (at 15.5%) in addition to the income tax...

Im_and_Er

The potential penalty for not declaring foreign accounts, taken from form 3916 itself:

Toute omission ou inexactitude dans l’accomplissement de vos obligations vous expose à deux types de sanction :
• d’une part une amende de 1 500 €par compte non déclaré, portée à 10 000 €lorsque l’obligation déclarative concerne un Etat ou un territoire qui n’a pas conclu avec la France une convention d’assistance administrative en vue de lutter contre la fraude et l’évasion fiscales permettant l’accès aux renseignements bancaires ;
• d’autre part, la possibilité de taxation des sommes, titres ou valeurs transférés par l’intermédiaire de comptes non déclarés.

Along with other UK income which is received tax free, such as that from PEP's and ISA's etc. Premium Bond winnings are taxable in France and should be entered in box GO on form 2047 and 2GO on form 2042. Income entered here is automatically increased by 25%.

dennerlymum

I was pulled up on this by my new tax office after moving last year...before that no-one had ever mentioned declaring a bank account....a colleague at work who has lived in France over 10 years also didnt know until then!

This year, whilst filling in my declaration I noticed that at the bottom of the last page, there is a box to tick if you have a uk bank account... never noticed it before....beside it they mention the form or a list...I just photcopy one of my statements and send it off... they':re welcome to the overdraft!!

cardi

There was a poster on another forum who said his Premium Bond winnings and his ISA interests had been sent to the French tax office from UK. He only avoided a fine as the amounts were small.

Soulman61

Thanks everyone.
I guess I had better get on and fill in my tax declaration, now

Soulman61

OK I understand.
Looking at 2047, I assume that I should put net bank interest received, in 2B and apply the 17.7% uplift for UK. (tax was already deducted at source, as I am still waiting for HMRC, to process my Double Taxation exemption).
Where on 2042 should I report this?
Thanks

brioche

The UK–France double taxation treaty states that bank interest is taxable only in the country of residence, so it's the gross interest (i.e. the income) that goes in column 5 of section 2B of form 2047, with no tax credit. I've seen unofficial guides suggesting that you put the nett income in this box, but that's contrary to point 8 in the accompanying notes (referred to from the interest column of the table on page 3 of that form).

If your bank hasn't (yet) accepted an R105 declaration, you can claim back any UK tax deducted at source. See my previous post.

Just work through the bits at the bottom of section 2B. The last line on that page says where in section 2 of form 2042 the figures should go. In the case of bank interest, it's box 2TS.