If a U.S.-based bank were to open an account for me, does anyone know how the interest would be reported? Does some type of internationl law require the bank to report the income to U.K. tax authorities?
2007-06-19 00:04:34 · 3 answers · asked by lucky_lenny_1964 3 in Business & Finance ➔ Taxes ➔ United Kingdom
There's no automatic reporting. If the authorities of either state thought you were up to no good, they can ask the bank for details.
If you are a UK Resident, you are required by law to declare all of your income. If you don't, you could face a large fine (like Ken Dodd) or be sent to gaol (like Lester Piggott). Is the saving in tax worth the risk?
2007-06-19 00:09:41 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes, a tax treaty exists between the US and the UK. Even if you could prove some status in the US to allow you to open an account, you would have to provide your national insurance number (and proof thereof) for reporting to Inland Revenue.
2007-06-19 00:07:28 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No, you're actually not a citizen. in case you got here into america illegally, you're an unlawful alien and could pass back on your guy or woman country and persist with to return back to the States legally.
2016-10-18 00:22:35 · answer #3 · answered by ja 4 · 0⤊ 0⤋