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Banks reporting to Inland Revenue



 
 
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  #1  
Old August 10th 04, 01:38 PM posted to uk.finance
BankingQuestion
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Posts: 2
Default Banks reporting to Inland Revenue

Are UK banks obliged to report large deposits into a customer's personal
account to the Revenue, as they report interest payments etc, and if so what is
the threshold?

Thanks.
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  #2  
Old August 10th 04, 02:25 PM posted to uk.finance
Peter Crosland
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Posts: 102
Default Banks reporting to Inland Revenue

BankingQuestion wrote:
Are UK banks obliged to report large deposits into a customer's
personal account to the Revenue, as they report interest payments
etc, and if so what is the threshold?


Start here

http://www.hm-treasury.gov.uk/Docume...oney_index.cfm

Google is your friend!


  #3  
Old August 10th 04, 02:43 PM posted to uk.finance
BankingQuestion
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Posts: 2
Default Banks reporting to Inland Revenue

Start here


http://www.hm-treasury.gov.uk/Docume...money/fin_mone

y_index.cfm

Google is your friend!


Thanks. That covers reporting "suspicious transactions" to the NCIS, but I'm
having difficulty establishing for certain if banks automatically report
deposits/balances held above a certain amount to the IR, and what this figure
is. Finding specific info on this is proving difficult.

  #4  
Old August 10th 04, 02:53 PM posted to uk.finance
Peter Crosland
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Posts: 102
Default Banks reporting to Inland Revenue

Thanks. That covers reporting "suspicious transactions" to the NCIS,
but I'm having difficulty establishing for certain if banks
automatically report deposits/balances held above a certain amount to
the IR, and what this figure is. Finding specific info on this is
proving difficult.


I am not sure if there is a fixed level but I noticed that my local Ford
dealer will no longer accept cash amounts of 5,000 or more so maybe that is
the ballpark figure.


  #5  
Old August 10th 04, 10:16 PM posted to uk.finance
external usenet poster
 
Posts: 67
Default Banks reporting to Inland Revenue

(BankingQuestion) wrote:

Start here


http://www.hm-treasury.gov.uk/Docume...money/fin_mone
y_index.cfm

Google is your friend!


Thanks. That covers reporting "suspicious transactions" to the NCIS, but I'm
having difficulty establishing for certain if banks automatically report
deposits/balances held above a certain amount to the IR, and what this figure
is. Finding specific info on this is proving difficult.


As I understand it (but I am not an expert) it is unusual transactions that
trigger the alarm. i.e. someone on a average salary suddenly banking 100K
would raise some eyebrows.

That is how my accountant explained it to me.
  #6  
Old August 11th 04, 10:57 AM posted to uk.finance
carman
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Posts: 1
Default Banks reporting to Inland Revenue

"Peter Crosland" wrote in message
...
Thanks. That covers reporting "suspicious transactions" to the NCIS,
but I'm having difficulty establishing for certain if banks
automatically report deposits/balances held above a certain amount to
the IR, and what this figure is. Finding specific info on this is
proving difficult.


I am not sure if there is a fixed level but I noticed that my local Ford
dealer will no longer accept cash amounts of 5,000 or more so maybe that

is
the ballpark figure.


AFAIK any business accepting cash over 10,000 has to obtain (purchase) a
licence. They then have to obtain and record proof of ID, address, etc from
the customer.

M
Buying or selling a Jaguar - go to www.Jaguars4sale.com


  #7  
Old August 13th 04, 03:52 PM posted to uk.finance
external usenet poster
 
Posts: 67
Default Banks reporting to Inland Revenue

"carman" wrote:

"Peter Crosland" wrote in message
...
Thanks. That covers reporting "suspicious transactions" to the NCIS,
but I'm having difficulty establishing for certain if banks
automatically report deposits/balances held above a certain amount to
the IR, and what this figure is. Finding specific info on this is
proving difficult.


I am not sure if there is a fixed level but I noticed that my local Ford
dealer will no longer accept cash amounts of 5,000 or more so maybe that

is
the ballpark figure.


AFAIK any business accepting cash over 10,000 has to obtain (purchase) a
licence. They then have to obtain and record proof of ID, address, etc from
the customer.


Cash is different, yes you are correct if you regularly handle large
amounts of cash i.e. car sales, real estate etc. Normal business does not
need a license to accept one or two cash payments but you certainly need to
be able to identify the customer who gives you the cash with say passport
copy etc.

Basically Blair and Brown do not want us ordinary people using cash as it
makes us independent and they cannot tax it as easily. (Allright they used
the excuse of terrorism to push the latest laws through)

As a business you are asking for inspections from the IR or others if you
suddenly start putting thousands of pounds in cash in your bank accounts.

Mind you I was always under the assumption that people who took cash did
not put it in to banks as it then left a trail.

Andy
  #8  
Old August 13th 04, 04:57 PM posted to uk.finance
Marcus Collie
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Posts: 96
Default Banks reporting to Inland Revenue



A bank is in no position to refuse a cash deposit from a known client.


True

But they are in a position to report it to their Money Laundering Reporting
Officer (MLRO) if it appears to be inconsistent with their account and/or
normal business activities.

The MLRO will liase with the NCIS, and potentially the IR. Further, if an
investigation is undertaken, they will cooperate fully.

M Collie


  #9  
Old August 16th 04, 05:31 PM posted to uk.finance
tim
external usenet poster
 
Posts: 111
Default Banks reporting to Inland Revenue


"Marcus Collie" wrote in message
...


A bank is in no position to refuse a cash deposit from a known client.


True

But they are in a position to report it to their Money Laundering

Reporting
Officer (MLRO) if it appears to be inconsistent with their account and/or
normal business activities.


The average SE person who 'deals' in cash knows full well to be
completely honest with the money that he pays into his bank account
and this rule will make no difference to this whatsoever. It is the cash
that (sometimes) doesn't go into his bank account that is the problem.

tim


 




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