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Life assurance bond declaration


JohnRoss

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Further to my previous post on this subject I had contact today from a friend who has a couple of bonds, Norwich Union Portfolio step down option and Axa Investment bond both with a 5% p.a. withdrawal tax free option in the UK which has been held for the last 6 years that she has been in France. She has made regular withdrawals and now wonders if this should have been declared here, which I think it should have been as I assume the French would not recognise the UK tax free option, and has asked me what she should do about it. 

There would appear to be several options including: 1/To withdraw the money and reinvest in an offshore account declaring future interests to the French tax authority. 2/To declare interests for 2009 under TS on the forms. 3/To go to the tax office and let them sort it out and prepare to be in trouble. I understand that no information about interest has ever been provided by the people the bonds were obtained from unlike my Siddalls arranged CMI bond, only the bond value and the money withdrawn. What would I best advise her to do?.....................JR

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[quote user="JohnRoss"]

Further to my previous post on this subject I had contact today from a friend who has a couple of bonds, Norwich Union Portfolio step down option and Axa Investment bond both with a 5% p.a. withdrawal tax free option in the UK which has been held for the last 6 years that she has been in France. She has made regular withdrawals and now wonders if this should have been declared here, which I think it should have been as I assume the French would not recognise the UK tax free option, and has asked me what she should do about it. 

There would appear to be several options including: 1/To withdraw the money and reinvest in an offshore account declaring future interests to the French tax authority. 2/To declare interests for 2009 under TS on the forms. 3/To go to the tax office and let them sort it out and prepare to be in trouble. I understand that no information about interest has ever been provided by the people the bonds were obtained from unlike my Siddalls arranged CMI bond, only the bond value and the money withdrawn. What would I best advise her to do?.....................JR

[/quote]

Hi,

     See my reply in" another place".

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