|
Post by rgs2001uk on Aug 25, 2017 21:33:25 GMT 7
In the post the other day from HSBC UK, important tax information required.
Aye sure thought I.
Common Reporting Standard, governments around the world are introducing it, yeah sure.
I quote,
Under the CRS we are required to determine where you are tax resident.
How the EFF can a bank determine where I am tax resident?
I tossed it in the bin, EFF EM, nothing more than an invasion of my privacy.
|
|
|
TIN
Aug 25, 2017 21:35:11 GMT 7
Post by rgs2001uk on Aug 25, 2017 21:35:11 GMT 7
^^^^ forgot to mention TIN, tax identification number.
What TIN?
Trying to take a template and superimpose it on countries worldwide.
Little Lek at counter #3 of my local tax office laughed, she had never heard of it.
|
|
chiangmai
Crazy Mango Extraordinaire
Posts: 6,482
Likes: 5,572
|
TIN
Aug 26, 2017 5:48:05 GMT 7
Post by chiangmai on Aug 26, 2017 5:48:05 GMT 7
In the post the other day from HSBC UK, important tax information required. Aye sure thought I. Common Reporting Standard, governments around the world are introducing it, yeah sure. I quote, Under the CRS we are required to determine where you are tax resident. How the EFF can a bank determine where I am tax resident? I tossed it in the bin, EFF EM, nothing more than an invasion of my privacy. TIN = Taxpayer Identification Number, per US IRS. There may be trouble ahead..... HSBC UK has a project called "safeguard" whereby they ask you all sorts of questions and demand lots of documents, fail/decline to answer/provide documents and your banking rights are restricted/suspended/canceled. I went through it four years ago and it involved a very detailed 90 minutes telephone interview, an assortment of documents were later certified and shipped, tax residency is one of the bigger issues they're concerned with. Just so you know. The easiest route is to get a Thai TIN and give it to them, HSBC will be happy and silent. An alternate approach is to claim residence in two, preferably three countries per tax year.
|
|
Deleted
Deleted Member
Posts: 0
Likes:
|
TIN
Aug 26, 2017 6:12:51 GMT 7
Post by Deleted on Aug 26, 2017 6:12:51 GMT 7
Could be a 419 scam
This is Nigeria, perhaps...you never know these days.
Try Santander instead
|
|
chiangmai
Crazy Mango Extraordinaire
Posts: 6,482
Likes: 5,572
|
TIN
Aug 26, 2017 6:33:43 GMT 7
Post by chiangmai on Aug 26, 2017 6:33:43 GMT 7
|
|
AyG
Crazy Mango Extraordinaire
Posts: 5,871
Likes: 4,555
|
TIN
Aug 26, 2017 7:22:14 GMT 7
Post by AyG on Aug 26, 2017 7:22:14 GMT 7
In the post the other day from HSBC UK, important tax information required. Aye sure thought I. Common Reporting Standard, governments around the world are introducing it, yeah sure. I quote, Under the CRS we are required to determine where you are tax resident. How the EFF can a bank determine where I am tax resident? I tossed it in the bin, EFF EM, nothing more than an invasion of my privacy. Got the same request from the UK brokerage this morning. Can't ignore it or they'll block your account until you provide the information requested. It's not the bank determining where you're tax resident. It's "self certification". And I expect if you're honest and state that you're not UK-resident they may close your account.
|
|
chiangmai
Crazy Mango Extraordinaire
Posts: 6,482
Likes: 5,572
|
TIN
Aug 26, 2017 8:05:01 GMT 7
Post by chiangmai on Aug 26, 2017 8:05:01 GMT 7
I was honest with them and as soon as they had understood my circumstances they were quite happy to let me remain as a customer, credit cards and all. From their questions, they seemed most concerned about two issues: tax residency and funds movements, once I explained that I was exchange rate dependent they understood why I had Pounds simply sat in my account - they also wanted to understand a net worth picture which presumably will limit the amount of money I can ever transfer back to HSBC UK. Interestingly, on the tax residency issue, they jumped to the conclusion that I was not tax resident anywhere by virtue of frequent travel and this was wrong, however, I did not correct them. FWIW I have no problems telling them whatever it is they want to know and as soon as we had the discussion up front about how the information was going to be used etc., I agreed to tell all.
|
|
|
TIN
Aug 26, 2017 13:20:30 GMT 7
Post by Fletchsmile on Aug 26, 2017 13:20:30 GMT 7
I got one a while back from my RM in Singapore. Filled it in as Thai resident and put my Thai TIN
|
|
|
TIN
Aug 27, 2017 15:16:04 GMT 7
Post by rgs2001uk on Aug 27, 2017 15:16:04 GMT 7
In the post the other day from HSBC UK, important tax information required. Aye sure thought I. Common Reporting Standard, governments around the world are introducing it, yeah sure. I quote, Under the CRS we are required to determine where you are tax resident. How the EFF can a bank determine where I am tax resident? I tossed it in the bin, EFF EM, nothing more than an invasion of my privacy. Got the same request from the UK brokerage this morning. Can't ignore it or they'll block your account until you provide the information requested.It's not the bank determining where you're tax resident. It's "self certification". And I expect if you're honest and state that you're not UK-resident they may close your account. From the same letter they sent me, I quote, If we dont receive a response, we'll use the information we already hold in our records to determine whether you may be tax resident outside the UK. I dont hold enough money in my UK bank account to pay any tax on the pittance of an interest rate they give me.
|
|
|
Post by Soutpeel on Sept 16, 2017 15:05:58 GMT 7
I got one a while back from my RM in Singapore. Filled it in as Thai resident and put my Thai TIN I got one from Singapore as well a month or two back, this is for the Singapore tax man, the upside of banking in Singapore is that they havent signed disclosure agreements with all countries involved in the CRS, they have only gone into agreement with about 20 countries and Thailand isnt one of them
|
|