CRS AND FATCA INDIVIDUAL form
#1
Thread Starter
BE Forum Addict







Joined: Dec 2009
Posts: 2,921











I have been asked by my UK bank to fill in a CRS and FATCA individual form. Has anyone had to fill in such a form? I only have a UK bank account. My NHS pension is taxed in UK. I'm soon to be a "resident" of Hungary.
#2
Yup I did in 2017! Filled it in, sent it back to the UK bank and have never heard a word about it since!
https://www.oecd.org/tax/automatic-e...ting-standard/
#3
Account Closed
Joined: Mar 2017
Posts: 0











If these are what I think they are, then yes, I did one a couple of years ago - like you, my pension is taxed in the UK.
#4
Forum Regular


Joined: Jan 2019
Posts: 72











Sorry to jump in, after Brexit will there be dual taxation on pensions or as is now?
#6
BE Forum Addict







Joined: Nov 2012
Posts: 2,203











The agreement is that
Pensions are taxed in the country in which they are received (Except UK state work related pensions which are taxed in the UK but note that the UK OAP is subject to Hungarian tax rules.)
Property is taxed in the country where the property is located - So if you have a house in the UK that you let then this is subject to UK tax rules (income tax and CGT)
Any income taxed in the UK is subject to the UK tax bands and the tax payer also gets any personal allowance available.
Before Hungary joined the EU the UK OAP was not uprated annually but thanks to the EU rules in the first instance and then the Brexit exit deal the OAP will continue to be uprated as today but only for those resident in Hungary before Dec. 31st this year
#7
BE Enthusiast




Joined: Nov 2015
Posts: 458











Correct ! There is taxation agreement between Hungary and the UK that predates Hungary joining the EU and will survive Brexit.
The agreement is that
Pensions are taxed in the country in which they are received (Except UK state work related pensions which are taxed in the UK but note that the UK OAP is subject to Hungarian tax rules.)
Property is taxed in the country where the property is located - So if you have a house in the UK that you let then this is subject to UK tax rules (income tax and CGT)
Any income taxed in the UK is subject to the UK tax bands and the tax payer also gets any personal allowance available.
Before Hungary joined the EU the UK OAP was not uprated annually but thanks to the EU rules in the first instance and then the Brexit exit deal the OAP will continue to be uprated as today but only for those resident in Hungary before Dec. 31st this year
The agreement is that
Pensions are taxed in the country in which they are received (Except UK state work related pensions which are taxed in the UK but note that the UK OAP is subject to Hungarian tax rules.)
Property is taxed in the country where the property is located - So if you have a house in the UK that you let then this is subject to UK tax rules (income tax and CGT)
Any income taxed in the UK is subject to the UK tax bands and the tax payer also gets any personal allowance available.
Before Hungary joined the EU the UK OAP was not uprated annually but thanks to the EU rules in the first instance and then the Brexit exit deal the OAP will continue to be uprated as today but only for those resident in Hungary before Dec. 31st this year
#8
#10
BE Forum Addict







Joined: Nov 2012
Posts: 2,203











The UK pensions office will pay your OAP into a foreign bank without additional charges so if you designate a Hungarian bank account then that is where the pension goes and if it is a HUF account the bank will convert it at their daily rate. If the Hungarian account is in GBP then it sits there in Stirling.
Pensions in Hungary are zero rated for income tax and have been for as long as I can remember. There was a time when pensions were added into your income but zero rated which had the effect of pushing up the marginal tax rate but at the moment all pensions are outside any tax calculations.
#11
BE Enthusiast




Joined: Nov 2015
Posts: 458











Ours is paid into a UK bank. Any money we need I transfer wise it to Hu Bank
#12
Thread Starter
BE Forum Addict







Joined: Dec 2009
Posts: 2,921











I have until 25th September to fill in the form. To be honest my first thought on receiving the form was is this a tax grab by UK government because I'm no longer resident in UK. But I've yet to register as a resident in Hungary. That will be next Monday because that's the earliest appointment we can get after being freed from self isolation on Wednesday @ 23:40 .
#13
I have until 25th September to fill in the form. To be honest my first thought on receiving the form was is this a tax grab by UK government because I'm no longer resident in UK. But I've yet to register as a resident in Hungary. That will be next Monday because that's the earliest appointment we can get after being freed from self isolation on Wednesday @ 23:40 .
https://www.ingbank.hu/en/useful/crs...rting-standard
CRS-Common Reporting Standard
#14
Thread Starter
BE Forum Addict







Joined: Dec 2009
Posts: 2,921











It's not just a UK "thing" it's international and basically is to prevent or cut down on money laundering!
https://www.ingbank.hu/en/useful/crs...rting-standard
https://www.ingbank.hu/en/useful/crs...rting-standard
CRS-Common Reporting Standard



