Retaining an English bank account
#1
Just Joined
Thread Starter
Joined: Jul 2012
Posts: 1
Retaining an English bank account
I had an account with Lloyds tsb before moving to Spain and I transferred my address to that of my daughter who lived nearby in England. My daughter is about to move to Switzerland and I wondered if I could keep the account but change my address to my Spanish one. It would be convenient to keep the account as my company pension is paid into it. Will there be problems and is it legal?
#2
BE Enthusiast
Joined: Aug 2008
Posts: 506
Re: Retaining an English bank account
We have NatWest and HSBC accounts with Spanish addresses, credit and debit cards too so I would think so.
#3
BE Forum Addict
Joined: Aug 2006
Location: Velez-Malaga
Posts: 4,915
Re: Retaining an English bank account
I had an account with Lloyds tsb before moving to Spain and I transferred my address to that of my daughter who lived nearby in England. My daughter is about to move to Switzerland and I wondered if I could keep the account but change my address to my Spanish one. It would be convenient to keep the account as my company pension is paid into it. Will there be problems and is it legal?
#4
BE Forum Addict
Joined: Aug 2009
Location: Costa Blanca
Posts: 3,142
Re: Retaining an English bank account
100% legal I have had a Lloyds TSB UK account for the 12 years I have lived here registered with my Spanish address.
I would strongly recommend people do not close their UK accounts as re-opening is very difficult (impossible?) and you may need it for pension payments etc. if you are relocating to Spain.
I would strongly recommend people do not close their UK accounts as re-opening is very difficult (impossible?) and you may need it for pension payments etc. if you are relocating to Spain.
#5
Lost in BE Cyberspace
Joined: Apr 2009
Posts: 7,749
Re: Retaining an English bank account
The HMRC often use the existance of the UK current account as proof that you should be paying taxes in the UK
So OK if you already pay taxes in the UK or are under the threshold, but not good otherwise
#6
BE Forum Addict
Joined: Aug 2009
Location: Costa Blanca
Posts: 3,142
Re: Retaining an English bank account
If you go through the FD9 process and qualify then not paying taxes in the UK is no problem.
#7
Joined: Jan 2010
Posts: 1,590
Re: Retaining an English bank account
Just tell them your Spanish address, no problems and you can get a form Think its 85b or summat and claim ya tax back
#9
Joined: Jun 2011
Location: In the middle of 10million Olive Trees
Posts: 12,053
Re: Retaining an English bank account
they only take an interest when you receive interest payments on your squillions as they want their cut - but many banks actually take the tax off before paying you.
#10
Joined: Jun 2011
Location: In the middle of 10million Olive Trees
Posts: 12,053
Re: Retaining an English bank account
I had an account with Lloyds tsb before moving to Spain and I transferred my address to that of my daughter who lived nearby in England. My daughter is about to move to Switzerland and I wondered if I could keep the account but change my address to my Spanish one. It would be convenient to keep the account as my company pension is paid into it. Will there be problems and is it legal?
Do you remember how hard it is to open an account = it has got worse because of terrorists under the bed, so keep the account open, but be honest with the bank. Should be no problem.
#11
Lost in BE Cyberspace
Joined: May 2009
Location: Alicante province
Posts: 5,753
Re: Retaining an English bank account
When I banked with Abbey, they wouldn't let me use a Spanish address. When Santander took them over, they did; well, they could hardly refuse, could they?
I still consider it an English account and I'm happy to keep it.
I still consider it an English account and I'm happy to keep it.
#12
Re: Retaining an English bank account
Firstly, I also have UK bank accounts.
BUT, just remember that it is one more piece of information to show that you are still domiciled in UK and may, therefore, have to pay IHT when the time comes.
If you really want to try and avoid the dreaded IHT, do NOT have UK accounts.
BUT, just remember that it is one more piece of information to show that you are still domiciled in UK and may, therefore, have to pay IHT when the time comes.
If you really want to try and avoid the dreaded IHT, do NOT have UK accounts.
#13
Forum Regular
Joined: Mar 2006
Posts: 288
Re: Retaining an English bank account
From a UK non-residence point of view it is much better to have the address in your country of residence rather than the UK for UK bank.