Tax Residency (bank requirements)

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Dannie Boy
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Tax Residency (bank requirements)

Post by Dannie Boy » Wed Nov 15, 2017 2:08 pm

I don’t know if anybody else has received the same as I have, as explained below.

About 2 months ago I received correspondence from my UK bank (HSBC) asking me to complete a form declaring my tax residency - claiming this was part of a global reporting requirements known as the Common Reporting Standard (the CRS). It then says that they are required to determine where I am tax resident. On the basis I have no earned income in Thailand I said that I was not classified as tax resident in Thailand, but on the basis of UK retirement pensions I am liable for UK tax and declared my tax-residency accordingly. HSBC have now written back saying that my residence address and tax residency do not match.

To complete the form, you are required to provide what they call a Taxpayer Identification Number (TIN).

Has anybody else received a similar request from their bank?

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Re: Tax Residency

Post by HHTel » Wed Nov 15, 2017 2:40 pm

I had a similar request from my pension trustees a year or more ago, same reason given. I completely ignored it and I've never heard anything since.

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Re: Tax Residency

Post by hhinner » Wed Nov 15, 2017 2:50 pm

I had one a few months ago from HSBC. Gave my TIN to them by email. I have nothing going into the account anyway.

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Re: Tax Residency

Post by caller » Wed Nov 15, 2017 3:01 pm

Yes, received one from Lloyds and to be honest I didn't really understand the forms to well, so just added a note that I paid tax in the UK on my pension and other income.
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Re: Tax Residency

Post by Dannie Boy » Wed Nov 15, 2017 3:48 pm

Thanks for the replies. In the end I decided to call HSBC as I also had a query from their “Safeguard” team. Turns out that I had completed the tax residency form incorrectly, but they dealt with the issue over the phone.........hopefully.

The other issue they say is for my protection, I suspect it is more to do with big brother, but they explained what I needed to do so it was a good investment of 15 minutes of a Skype phone call so less than £1.

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Re: Tax Residency

Post by johnjar » Wed Nov 15, 2017 3:49 pm

About 9 months ago I received form c/w prepaid return envelope from my overseas bank asking me to complete a form and sign declaring my tax residency.I gave my residency as Thailand and earn no income there, and not heard anything back since then. Some info on this subject.

http://www.oecd.org/tax/automatic-excha ... n-numbers/

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Re: Tax Residency

Post by Big Boy » Wed Nov 15, 2017 4:37 pm

All of my bank correspondence goes to my brother. He received a similar request and just binned it on my behalf. However, he told me about it when he received a hastener. I bollocked him for the first action, and asked him to get me replacement form for completion. He contacted the bank, and they said a replacement letter would be sent immediately - that was 6 months ago, and I'm still waiting.
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Re: Tax Residency

Post by johnjar » Wed Nov 15, 2017 4:49 pm

Big Boy wrote:
Wed Nov 15, 2017 4:37 pm
All of my bank correspondence goes to my brother. He received a similar request and just binned it on my behalf. However, he told me about it when he received a hastener. I bollocked him for the first action, and asked him to get me replacement form for completion. He contacted the bank, and they said a replacement letter would be sent immediately - that was 6 months ago, and I'm still waiting.
BB ....When I received this form I called the bank, they said " it's very important and it is world wide, and everyone especially expats with bank accounts world wide must sign this declaration that goes into a data base" :)

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Big Boy
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Re: Tax Residency

Post by Big Boy » Wed Nov 15, 2017 4:57 pm

If it's that important, they'll ask/send it again.
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Re: Tax Residency

Post by caller » Wed Nov 15, 2017 5:35 pm

Big Boy wrote:
Wed Nov 15, 2017 4:57 pm
If it's that important, they'll ask/send it again.
They did for me! I ignored the first one and then got a reminder with a deadline of 5th December, after which my whole World would collapse if I didn't reply in time! :D
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Re: Tax Residency

Post by StevePIraq » Wed Nov 15, 2017 5:47 pm

I had similar from UK and elsewhere, each one I stated non resident for taxation purposes, as this is my formal status in Oz. Had nothing back so I assume they accept.

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Re: Tax Residency

Post by Big Boy » Wed Nov 15, 2017 7:50 pm

caller wrote:
Wed Nov 15, 2017 5:35 pm
Big Boy wrote:
Wed Nov 15, 2017 4:57 pm
If it's that important, they'll ask/send it again.
They did for me! I ignored the first one and then got a reminder with a deadline of 5th December, after which my whole World would collapse if I didn't reply in time! :D
Yes, the reminder was what prompted me to get my brother to ask for a replacement form - I think I had 3 weeks to respond. My world hasn't collapsed yet.
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Re: Tax Residency

Post by 404cameljockey » Wed Nov 15, 2017 9:27 pm

I would say that even if you pay no tax in Thailand you are resident here for taxation purposes. You maybe still be domiciled in the UK (that's a technicality which changes over time and also depends on many of your personal circumstances), but UK tax residency depends on things like how long you spend in the UK as much as your income there. Domicile and residency are different things. I don't claim to be an expert, I only checked my own circumstances in the past.

https://www.gov.uk/tax-foreign-income/residence

There are also dual taxation agreement between the UK and many other countries, so you don't pay tax twice on overseas earnings, but if your only income is a UK pension I guess that's not a concern anyway.

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Re: Tax Residency

Post by JohnD » Thu Nov 16, 2017 8:55 am

A Singapore bank recently asked where I was resident for tax purposes, when opening a second account.
As my main account was at another local branch and I was a long term customer, I bluffed my way out of the question.
Looks like this was new requirement for new customers.

A few years ago, I worked in India and they would not pay me (tax free) until I produced a document stating that I had paid tax in the previous year. Basically, I had to prove I was resident elsewhere for tax purposes.

My point is that soon a document will be required to show that you paid tax (or nil tax) recently, before you can access banking services, etc. This is based in escalating international agreements for such, to combat tax evasion.
Can such document be obtained in Thailand for those here on long term stay visas, with no income here (or anywhere)?

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Re: Tax Residency

Post by johnjar » Thu Nov 16, 2017 9:19 am

JohnD Your spot on "This is based in escalating international agreements for such, to combat tax evasion"

My bank explained this to me when I called them about this [CRS/ TIN Form] that all the major banks are tightening up the world wide regulations.

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