Tax penalties Daily mail on line

Woodspeckie


Joined: 25/01/2009
Posts: 2263

Message Posted:
16/08/2009 19:23

dailymail.co.uk/money/article-1206767.

Holiday home owners face tax penalties over foreign bank accounts.

Anyone heeard of this, on Saturdays dailymail on line.

Arthur


Joined: 04/11/2008
Posts: 687

Message Posted:
16/08/2009 20:06

If you are a UK resident, you have to declare overseas income, it's as simple as that. You will get a credit for tax deducted, so if you earn the equivalent of £1000 [gross] interest in TRNC with [I believe] 8% tax deducted, you will owe £120 UK tax if you're a basic rate taxpayer, or £320 if you're a higher rate tax payer

Dusterbruce


Joined: 03/08/2007
Posts: 1125

Message Posted:
16/08/2009 22:02

But the UK doesn't recognise the TRNC?

How can HMRC expect tax to be paid on interest earned in a country that does not exist?

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
16/08/2009 22:24

The house might be in acountrythat doesnot exist ,but the person who owns it lives in a country that exist(UK) or do you think they should be exempt from paying tax on un earned income.If they live here they have to pay like everybody else...

Harold2555



Joined: 19/04/2008
Posts: 1139

Message Posted:
16/08/2009 22:27

Dusterbruce



I suspect that the arguement could run like this, (not that the tax statutes distinguish about the source of Worldwide income)



The UK government don't recognise a legitimate legislation in Northern cyprus. De facto then the area is part of the ROC, a recognised government! Quod erat demonstrandum Pay up!



Or more plainly the British government can have YOUR cake and eat it!





Harold

Dusterbruce


Joined: 03/08/2007
Posts: 1125

Message Posted:
16/08/2009 22:30

Thanks for the information.

My wrist is well and truly smacked!

Pipie


Joined: 05/01/2008
Posts: 5499

Message Posted:
16/08/2009 22:47

The Uk needs to top up the pot for benefit clamers to keep o drawing from , hence the seeking for new channels to top up the money pot !!!!!

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
16/08/2009 22:57

Hi all,



I already pay 10% tax on this rental income and then the Uk want to tax me as well. They then want to tax any money I have transferred to the TRNC which I have already paid tax on in the UK. As there is no double taxation system with the TRNC because the Uk doesn't recognise it, why should they expect me to pay tax on this money?



The butlers wife

Turtle


Joined: 28/05/2007
Posts: 2669

Message Posted:
16/08/2009 23:07

Here here the Butler,



When the UK respects and recognises the TRNC then it can have its slice of cake.



Labour = spend = tax = failure

Lilli



Joined: 21/07/2008
Posts: 13081

Message Posted:
16/08/2009 23:17

woodspick only just seen the article. got no money so no prob. only wanted to wish you belated birthday greetings. had power cuts yesterday so couuldnt xx

Woodspeckie


Joined: 25/01/2009
Posts: 2263

Message Posted:
17/08/2009 00:22

Thanks Lilli. Will be over in September hopefully, booked on CTA, will try to find you and introduce myself.

cyprusairsoft



Joined: 22/06/2009
Posts: 2066

Message Posted:
17/08/2009 11:34

become a resident here and then stick your finger up to uk

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
17/08/2009 18:20

Hi Cyprusairsoft,



Oh! how I wish I could do just that but hubby hasn't retired yet and at this rate he never will be able to.





The butlers wife

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
18/08/2009 01:37

Pipie



"The Uk needs to top up the pot for benefit clamers to keep o drawing from "



How about to top up the bankers bonuses in banks owned by the taxpayer or the £400 a week food allowance for MP's



Hope you werent meaning the 3 million and rising unemployed,a good percentage of who dont/cant claim anything.Those that do claim the £58 a week (a meal for 2 at The Archway!!),would probably tell us where to shove our moans about how tough life is ,having to pay income tax on our villa rentals and foreign bank accounts.



I declare any rental income and interest from bank account and count myself lucky that I earn that money in the first place.

Any of you that dont, please dont mention benifit cheats in the future,because what you are doing is exactly the same.Cheating the exchequer.

keithr


Joined: 20/08/2008
Posts: 720

Message Posted:
18/08/2009 06:27

I presume that if your TRNC bank has no UK presence,you have nothing to fear ???

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
18/08/2009 11:58

Message 15



Bit like saying I would have nothing to fear because there is no extradition. I am still breaking the law of the country,the UK, that I have my main residency in.



I heard ages ago that there was an agreement between TRNC and UK authorities where trnc banks would inform ,if requested ,of details of UK bank account holders. This was to enable TRNC to get off the list of unfavoured banking systems due to money laundering etc,as in the case of Lichtenstein.



Whether its true or not ,if you are in the HSBC for example ,you are in a turkish bank and not TRNC. Therefore the reciprocal agreements between EU/UK and Turkey would apply as far as tax evasion cooperation was concerned.

MarkVPiazza


Joined: 14/08/2008
Posts: 530

Message Posted:
18/08/2009 12:46

Everyone has an excuse for why they're a tax cheat !



If you are not tax domiciled in another country, you are eligable to pay UK tax on foreign earnings.



Simples



Mark

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
18/08/2009 16:38

I see there are more scroungers in the welloff than the less welloff.Damn thats not British Sir,Get your taxes paid this instant how else am I going to get my pension and free NHS in the future if you lot dont pay up..Its obvious that being a so called scrounger or lay about or what ever does not just apply to the "lower" classes then,good old tory doctrine,make as much as you can before you are rumbled and sod the rest...If you do not want to pay tax on your property abroad go and live in it..problem solved...