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Capital gains tax and local tax return
Re: Capital gains tax and local tax return
by marcliff » Wed Jan 24, 2024 7:20 pm
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Last edited by marcliff on Fri Mar 08, 2024 8:14 am, edited 1 time in total.
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marcliff - Posts: 9694
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Re: Capital gains tax and local tax return
by Mart 63 » Wed Jan 24, 2024 7:31 pm
marcliff wrote:Mart 63 wrote:Who do you bank with in the UK. I'm with Halifax and I can't get any interest on my savings. Also I'm not allowed to buy premium bonds or isa's.
Natwest
No you can't buy premium bonds or ISAs from Spain or, should I say, you aren't supposed to but some do as long as the payments are from a UK bank account. If you have an ISA you can keep it but you can't add to it once you lose UK residency.
Most banks won't let you open a UK account if you are not a resident but if you had an account before you moved they will let you although some are closing them down.
But I can assure you that, if you have an account, they do pay interest on that account and, indeed, one of the questions on my tax return is how much interest do I get and what currency.
I need to have a word with my bank. I also asked other banks if I could open an account. I could being a Spanish resident, but wouldn't get interest paid on savings, if I was a Spanish tax resident.
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Re: Capital gains tax and local tax return
by marcliff » Wed Jan 24, 2024 7:46 pm
N
Last edited by marcliff on Fri Mar 08, 2024 8:14 am, edited 1 time in total.
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marcliff - Posts: 9694
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Re: Capital gains tax and local tax return
by Mart 63 » Thu Jan 25, 2024 9:51 am
I just phoned the Halifax about interest, mine is a current account. You don't get interest on a current account, only on a savings account. I've got to phone them back at 10 to see if I can get a savings account.
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Re: Capital gains tax and local tax return
by Philipb1407 » Thu Jan 25, 2024 10:44 am
marcliff wrote:Not many banks allow you to open an account if you are non resident. If you already have an account you can keep it with most banks but not the likes of Barclays, for example.
Natwest allows you to open an account as a non resident and so does Nationwide but you have to open the account in person and not online.
Not paying interest on a UK account is something I've never heard of unless it's an offshore account.
All UK accounts pay interest including British offshore, I’ve done the round's, they range from as little as 0.10% to 5.50%.
My Spanish account has no interest, yet I can open an interest account if I so wish, but it would be complicated in terms of tax on the interest!
Thank you for the earlier advise, it’s good to know I’m unaffected as a non resident. My tax affairs are complicated enough in the UK I’d hate to have to declare in Spain too.
I'm trying to get my head around if I need to tell HMRC that I own a 350k property in Spain. Or that I have a large balance in my Spanish bank!
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