HI,
Just a little back ground. I was a member for years but cant find my original log in.
Have been in Australia for 10 years now so not a new migrant however my query my apply to others.
We keep a small UK bank account at Yorkshire bank, its useful for little gifts and if we do visit back to UK as Im sure many do.
We have received a form from the bank asking us to complete and send back. The bank say they are required by HMRC to collect this information
and that we are obliged to supply the information. They provice links about the automatic excahnge of information.
So our situaton is we live and work in australia and declare and pay tax here. There is no interest on the funds in the UK account which is minimal, but we prefer to keep the account open should we be lucky enough to receive funds in GBP in the future, we can hold the funds and exchange when it suits rather than at the time.
Does anyone know in laymans terms what this form means ? do we have to complete it and what are the implcations if we do or dont ?
Thanks in anticipation,
