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TRNC Bank Accounts and UK Taxes

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denali2007


Joined: 04/01/2008
Posts: 36


Message Posted:
24/04/2008 12:51
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Message 1 of 3 in Discussion

I am hoping to open a bank account in TRNC and take advantage of the high rate of interest. I contacted a Bank and they explained in great detail how to do this and also explained the 8% rate of tax I will pay on the interest. What I don't know is how the UK taxman will look at this interest. Will I have to pay tax in the UK on this income? The Turkish Bank assures me that they won't tell the UK Taxman about the money but I don't want to end up in jail for fiddling my UK taxes.

Anyone help please?

Alison



wynyardman



Joined: 15/12/2007
Posts: 1313


Message Posted:
24/04/2008 12:54
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Message 2 of 3 in Discussion

Alison,



You should declare it in the UK, if that is where you live.



I would take advice from a UK Accountant.



denali2007


Joined: 04/01/2008
Posts: 36


Message Posted:
24/04/2008 12:58
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Message 3 of 3 in Discussion

Thought so wynyardman - I was just hoping I would be wrong!! Still sounds a good proposition with the high rate in TRNC and it would pay more than all our expenses over there if we can get it sorted.

Thank you.



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