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Tony Tax
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 14088
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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Do you have expertise regarding tax laws in the UK.

Resolved Question:

Do you have expertise regarding tax laws in the UK.
Submitted: 10 months ago.
Category: UK Tax
Expert:  Tony Tax replied 10 months ago.
Hi.

This is a UK tax question site so we may be able to help. Please ask your question. If I'm unable to answer it, there are other UK tax experts here who may be able to.
Customer: replied 10 months ago.

I am working with Lloyds bank in London about opening a sizable account that will be used as a funding source for investments in various countries, including the UK and US. What are the UK tax requirements regarding an initial deposit, as well as after the account is open, earning interest?

Expert:  Tony Tax replied 10 months ago.
Are you a UK resident and/or a British national?
Customer: replied 10 months ago.

I am a US citizen and resident

Expert:  Tony Tax replied 10 months ago.

Thanks.

You don't need to inform the UK tax authorities about a deposit of funds into a UK bank account unless you are asked directly. The banks have money laundering procedures to follow so you should make sure that the bank you use is aware that you will be depositing a large sum before it happens to avoid delays in accessing it. I'm not an expert in anti money laundering procedures so you should discuss that with the bank.

Interest earned on accounts in the UK will have 20% tax deducted at source. As a non-UK resident, you can apply for exemption from this deduction by completing a Form R105 for each UK bank you have dealings with though not all banks will accept the form. If Lloyds doesn't accept the R105, then you would need to make a tax repayment claim at the end of the tax year which runs from 6 April to 5 April using a form R40.

I hope this helps but let me know if you have any further questions.

Customer: replied 10 months ago.

That is very helpful.You do not know of any advance deposit needed for purposes of a potential Escrow type arrangement for potential tax payments?


 


Related question-do you do research on legitimacy of financial institutions?

Expert:  Tony Tax replied 10 months ago.
I'm not aware that you need to open an Escow account for potential UK tax payments.

I cannot help you with research on financial institutions I'm afraid.
Customer: replied 10 months ago.

Very satisfied for now If I want to log back on, I simply use this website?

Expert:  Tony Tax replied 10 months ago.
That's correct. You can ask for me by mentioning my name in your question.
Tony Tax, Tax Consultant
Category: UK Tax
Satisfied Customers: 14088
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
Tony Tax and other UK Tax Specialists are ready to help you

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