kit kat

Our financial advisor has asked us to give her our bank details of monies banked in the UK(ie savings account and current accounts) apparently under new french tax laws!anyone else heard of this??????

jvc

Well, we are using a Financial Advisor to do our tax form again this year, and we had to declare our funds in the UK as well yes, but then we had to last year as well, but we get taxed in France as we are living and working here.

Garonne

You've been required to provide this information forever - well at least the past 12 years I've lived here. There's a box to tick for bank accounts abroad, then on a separate sheet you're obliged to state the name of the account holders, the name of the bank and the deposts therein.

How long have you lived here??

jvc

I agree with Garonne, there has been no change, although this is only our second tax year in France.

grannybunz

You are all correct - you have to declare any monies banked or invested anywhere.

We had a few problems initially (I am talking many years) because one of our UK savings accounts accepted that we were no longer UK tax liable and the other didn't so we had to pay tax in France on both and then chase the UK tax authorities for tax refunds.

We ended up simply closing the problematic account.

balding_potter

Well, almost. You are obliged to state the name of the bank, and the account holder details. You are not expected or obliged to provide details of the deposits therein, unless directed by separate proceedings. Of course, income from those accounts has to be declared, elsewhere.

jvc

We have an issue with a bank in the UK, and the whole issue of net or gross interest! They were being a real pain about it, and proves tricky every year, as the tax year runs different to France, and also this whole net/gross tax issue makes it tricky working things out when it comes to filling out your estimate for your French tax on your UK bank accounts etc. We have to submit a form to the tax office, purely because the bank is awkward with the whole net and gross interest on our account. The tax office in the UK say it should be straight forward, but there are banks out there who aren't quite so straight forward....or lets say are bloomin awkward!

DomTom

do you happen to have to hand the names of those two forms?

cyrian

Have a look at this thread from 2010
http://britishexpats.com/forum/showthread.php?t=653883

jvc

Don't hold me to it but think they are an R105?

nicktonight

FYI I had my savings account interest deducted by my bank (Halifax) even though I reside outside the UK but then the inland revenue refunded me the money automatically after I made my self assessment declaration

Jon-Bxl

I agree that this is not new at all, and understandable that you declare revenues w.wide when living in France (and most countries.) It should not be a surprise.

Under the 'EU tax directive ' any savings in another EU country are automatically taxed/withheld and you have to declare both. You shouldn't pay twice as there should be tax treaties to let you claim both in your tax return.

Just today the EU announced that there was 1 TRILLlON in unclaimed taxes each YEAR !!! the leaders are meeting YET AGAIN today in Brussels to discuss this. Apparently this trillion is in illegally EVADED taxes. more than the combined budget defecits of all EU countries in 2012!!!

More road chaos for us who live there . Well they will have the best food and drink (wines at around €130 a bottle) and feel like kings, and get additional NON TAXED expenses (and low taxed salaries) How nice for them.

http://ec.europa.eu/taxation_customs...x/savings_tax/

However that trillion would make a huge difference, if we had politicians who know how to spend it properly.... That's the hard part! Also eg Apple and Amazon in the news for aggressive avoidance, though completely legal.

Can't blame them as they are profit/shareholder driven... It's the laws that must change... They are LEGAL after all.

Even if we could trust these politicians, it's a tough nut to crack, harmonizing tax policies across countries is a nightmare... And has all sorts of issues, like eg countries sovereignty being lost.... Very hard debate. Apple alone has 140 BILLION is cash squirreled away in foreign accounts. Wow.

Kill the illegal evasion and stop the aggressive (legal) avoidance.. And that would make a HUGE difference. Well worth going for.


Jon