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Tax .

Discussion in 'Politics' started by Frontstep, Nov 7, 2017.

  1. Xtractorfan

    Xtractorfan Senior Member

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    The norm for drawing out large sums of cash is usually to forewarn the bank and they will usually have the funds ready next day or soon as.
    The questions regarding the reason for withdrawing these sums is usually for the benefit of the customer, as many have been conned into doing so by criminals and the likes... Better to ask and answer a few questions then to lose a few grand.
    If people are conned we tend to blame the banks for not being thorough enough.
    A guy I know breaks commercial vehicles and sells them as well.
    A client came in looked at a lorry he had for sale, took it for a drive and negotiated a price, The price was £15K.
    He landed next day asked the owner to run him down to the bank, which he duly did, waited outside and 15 mins later the guy appeared with a bag of money, they went back to the premises' the guy handed over the money and it was counted...
    Then drove off in the lorry. The seller then went to his bank and lodged the money... only to be called next day by the Bank to be told that the money was all Fake. Bank cctv was checked and the buyer had never even been in the bank. To date the lorry has never been found.
     
  2. OP
    Frontstep

    Frontstep Senior Member

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    I don't mind a few questions its just that they now take place in the open plan bank foyer and seem to go on for an excessive time.
    Still next time I go in I shall with the straightest face possible say I am using the money for a penis enlargement as my new girlfriend was a he and they made too large an opening when changing him from "left to right hand drive"
     
  3. Yugguy

    Yugguy Senior Member

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    I work in the financial industry. We are REQUIRED by law to ask questions against large or unusual transaction patterns. If we didn't, we could be taken to court for money laundering alongside the criminal doing the laundering.
     
  4. curious

    curious Senior Member

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    Asking what already cleared funds are for has nothing to do with money laundering.
    If I was paying in a large sum of cash then the bank has the obligation to be satisfied of the source of the funds.
    If I'm taking it out, it's none of their business.
     
    Big Cheese likes this.
  5. towat

    towat Senior Member

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    I'm sure you did, no doubt taking advantage of double tax agreements, any foreign property or investment income would however be taxable as a UK Domicile, as I said this is a complicated area of taxation which even I as an accountant and tax adviser for over 35 years am not a specialist in, i do however have several weighty tomes on the subject.

    This is a brief extract from HMRC's internal manual:

    "Residents of the UK are liable to tax on their worldwide income and gains, subject to certain exceptions. Domicile can be regarded as a connecting factor for some individuals in respect of, for example, the taxation of foreign income and gains"
     
  6. PovertySpec

    PovertySpec Senior Member

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    It's quite straightforward when you look for examples.

    If you arrange your affairs like Lord Ashcroft (Tory party donor) Jonathan Harold Esmond Vere Harmsworth, 4th Viscount Rothermere (owns DMGT) or the Barclay Bothers (Own the Torygraph) you can legally evade millions in tax. Funny that the Guardian likes asking questions of others but arranged it's tax affairs in the same way and evades tax like the rest of them.
     
  7. Yugguy

    Yugguy Senior Member

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    Yes it is. It's not just money-laundering. You could be a vulnerable customer being forced to withdraw money by a relative or unscrupulous trader. This really happens, and more often than you think.
     
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  8. curious

    curious Senior Member

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    And if I'm insistent on drawing out MY money and giving it to a fraudster you CANNOT stop me. You can do your best to advise and that's as far as you can go. You have NO legal powers to withhold my money.
     
  9. Yugguy

    Yugguy Senior Member

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    It can and has been reported to the police as it is happening and vulnerable customers have been protected.

    The customer-facing staff are in a very difficult position, it is made very clear in training that if there is ANY kind of change from normal patterns, or if there is any kind of suspicion, and they do nothing, THEY could be charged with an offence. THEY could go to prison. So to protect themselves yes, they probably ask more questions than anyone normally would.

    I get asked the questions myself. My mum doesnt like electronic transfer so every 6 months or so she gives us a grand in notes. I pay it in to the bank straight off but I expect to be asked questions as it is an irregular pattern and normally there would not be such large cash transactions.

    It's not personal, it's just the way the law requires it to be.
     
  10. towat

    towat Senior Member

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    Agreed, the tabloid press that are full of righteous indignation are owned by people like Rupert Murdoch who changed his nationality for tax reasons and no doubt shelters his wealth in family trusts. Allegedly.
     

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