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TaxVince, Accountant
Category: UK Tax
Satisfied Customers: 965
Experience:  Chartered Accountant >20 years + Qualified IFA
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OK, this is the UK and I wondering whether I have to report

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OK, this is the UK and I wondering whether I have to report income made through an HYIP and if so to whom. I am retired and besides a pension fund there would be no other form of income. Incidentally, I know banks are obliged to report any amount of $10,000 (approx. £6250) deposited in one day. I am wondering what the implications would be if you had over a million to deposit, would it be best to distribute this among several banks.
Nice to hear from you soon,
Roger Willis

TaxVince :

Hello, my name is XXXXX XXXXX it is my pleasure to assist you with your question today.

TaxVince :

Could you please clarify the following:
1. Do you live in UK?
2. Could you clarify what HYIP mean- is this income from high yield investments you have?

TaxVince :

With regards XXXXX XXXXX money into a bank, yes the banks do have their own anti-money laundering flags. If you the bank accounts are not used to large deposits the bank will need to know more about the deposits. Its always advisable to advice the bank first, if you expecting a large deposit, and they wont need to question the deposit.


Hallo and thanks for replying. OK, here is the position. I currently use a local UK bank (HSBC) for normal current account activities, and yes, I did join an HYIP, in fact 2, which I "test drove" and found to be reliable through the Perfect Money programme.I have now accumulated substantial sums in both HYIPs (High Yield Investment Plans) which can be deposited to any bank by bank wire or direct deposit. I am targeting a purchase of some French property worth 2.5 million Euros, would I advise my local HSBC branch that is about to be deposited and that I would like to transfer this money to a French branch near to where the property is, or deal directly with the agency concerned. And of course what would be the tax implications on both sides of the water?

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