Declaring income from UK Nationwide Building Society account

[Weedon]

I retained my Barclays bank account when I moved here as it is more convenient to use that when purchasing anything in the UK.  They are also one of the institutions that can't be bothered to pay interest without deducting the tax.

So what I do, which I think is what others do that have posted, is to declare the interest as income one year and the next year show the tax refund as income.

The first year we did this the Inland Revenue wrote to say that it wasn't neccesary in the future to fill in a form but just to write in enclosing the Tax Deduction Certificate.  This I have done in subsequent years and it seems to work quite easily.

The point made about "knowing people" that do not declare certain income and feel smug about how it beats the system will continue to happen.  I don't let it get to me, nor do I let it get to me about "benefit scroungers" whenever the postings crop up.  I just do what I think is right, knowing that my concience is clear and that I pay my way.  If in the future I need to claim any sort of benefit, I know in my own mind I put in my fair share.  And yes I did look into whether I qualified for the winter fuel allowance.

[cooperlola]

I also filled in a form when I came here, declaring all my bank accounts (!! - well 2) in the UK which was submitted with my first tax return, so now it's pretty easy, IMO, for the French tax man to check if he wants to.  Anyway, as I said above, we live here, we use the services and infrastructure here, so why not pay the tax?  Seems pretty fair to me.

 

[Sprogster]

Weedon,

Barclays should have offered to transfer your account to their expatriate centres in the Channel Islands or the Isle of Man, when you advised them you were becoming non UK resident. In fact most UK banks insist on this if you have a non UK mailing address. These expatriate accounts operate on exactly the same basis as the UK domestic current accounts with the same cheque, debit card and standing order facilities, but with the added advantage that you get interest gross and the offshore branches are better geared to dealing with forex and opening accounts in other curriencies than a UK domestic branch.

 

 

[Liane]

The tax office are really helpful and don't bite, it's better to be safe than sorry with the information. Regards, Liane.

[Weedon]

[quote user="Sprogster"]

Weedon,

Barclays should have offered to transfer your account to their expatriate centres in the Channel Islands or the Isle of Man, when you advised them you were becoming non UK resident. In fact most UK banks insist on this if you have a non UK mailing address. These expatriate accounts operate on exactly the same basis as the UK domestic current accounts with the same cheque, debit card and standing order facilities, but with the added advantage that you get interest gross and the offshore branches are better geared to dealing with forex and opening accounts in other curriencies than a UK domestic branch.[/quote]

Sprog..I have found that Barclays (certainly in my dealings with them) operate in a different way to others,so I am not surprised to find this was an option they might have suggested.  I seem to recall they have a slogan that goes "The answers's NO, now what is the question".

Had this been suggested I might well have gone down that route, now that I am a few years down the line I am quite happy with my system.

Thanks anyway.

 

[chris]

Hi,

We moved to France last September and put remains of UK house sale into Nationwide E Bond. The transaction was carried out in a Nationwide office with a financial adviser. She also filled in R105 with us.

Result is we get interest paid gross.

Maybe you should try applying again or is the refusal a recent Nationwide decision.

Chris

[sugarfree]

Hello, Chris

I think Nationwide's refusal to allow non-residents to open an E-bond is a fairly recent development.  I am non-resident in the UK and have managed to keep my FlexAccount and e-savings account but when I tried to open an E-bond online last week, I was asked to tick a box confirming that I am a UK resident, so obviously I wasn't able to proceed.

 

 

 

[AnOther]

Elsewhere someone else had the same problem but if you log in to your A/C first then go for the E-Bond the question is not posed [;-)]

[gosub]

I should have added to my previous post that if you have a joint account and claim the tax refund via the R43 form then you both need to fill in a form, each claiming half the tax refund.