Sunday, July 09, 2006

Homes Abroad?

A number of people in Thanet seem to have holiday homes abroad; it's a popular here as anywhere else as a way of escaping the winter weather.

Be warned however. That serious and very organised gang of criminals, otherwise known as HM Revenue & Customs wants their "cut" and if you have an overseas holiday home or second property that you rent out, the taxman could soon be turning his attention to your affairs.

An investigation by Revenue & Customs into Britons with bank accounts abroad has been launched as part of a wider drive against tax evasion and money laundering. Anyone with a separate overseas account linked to one in the UK is likely to have the details passed on to the taxman by the host British bank.

In May this year, the Revenue won a key ruling that forced Barclays to reveal the identities of all its UK customers with accounts abroad, to see if they have been complying with UK tax regulations.

It estimates that many have not.

The Revenue's best guess is that as many as a fifth of Barclays customers with offshore accounts may not be complying, and it expects to recoup up to £1.5bn as a result of the probe.

Ed: To help Customs officers combat money laundering they have trained sniffer dogs to sniff out cash! They are, apparently, operating at major railway stations and on the London underground. If the dogs sniff out some money the person carrying it is pulled in and asked to explain why he is carrying so much cash around with him.

If you regularly move large sums of cash around in the UK don’t be surprised if you are pulled over and asked to explain why you are carrying large sums of cash. You should carry proof of identity and be able to give an explanation of why you are carrying cash to prevent the inconvenience of a trip to the police station.


Nethercourt said...

Speaking of the Observer... notice the article on ex-patriot complaints about healthcare?
It seems that there is a terrible shortage of english speaking madico's in Spain and that in spite of having opted out of the UK health scheme/tax system, many retiree's to the Costa find they have to pay they're dues when the inevitable occurs!!

Anonymous said...

No one honestly thought that making us all give up smoking and cutting personal import levels of cigarettes would not have a knock on effect? For years I've been told by my betters I'm killing myself. (Thanks I know, prefer to smell of smoke than reach 90 and smell like a tom cat...thanks). The point is, smoke sales have gone down alot due to health warnings and increased personal importation allowances. The Government still want that missing income. Us smokers told society time and again that our taxes from cigarette sales propped up the exchequer. They didn't believe us so I for one have no symphathy that the short fall now falls elsewhere.

Anonymous said...

anon again!

I kicked the habit over 2 years ago with the help of patches. Fags cost around a fiver per pack here. In France about £4, and in Belgium around £3,50.
Some of the tobacco tax here is designated for the NHS, so, anyone bringing in ciggy's from abroad is missing paying toward their lung treatments and hospices due to the intake of foreign fag's later on. (We all know what sort of state the NHS is in at the moment- but, it will improve). It doesn't matter though, if we can take in Foreigners, we can treat British people who have smoked their lungs on foreign fags.
Myself, well I'm glad I quit the weed... never felt better!

Anonymous said...

If you live in this society and therefore receive all of the benefits that this entails, such as free education, health care, protection and so on then you must also expect to pay taxes to support these benefits. Those who "tax evade" by moving money abroad are robbing YOU and I - please don't feel any sympathy for these selfish people.

DrMoores said...

Where people become resentful is when the society in question offers very little in return for relatively high taxation. As a consequence, they try harder to protect their dwindling assets from a voracious and wasteful government that now has more front line tax inspectors than front line troops. It may not be lawful but its understandable and in other EU countries, tax evasion as opposed to tax avoidance, is a national sport!