Post by YellowPost by tim...Post by YellowPost by tim...Post by YellowPost by tim...Post by Yellowand I have never been accused of money
laundering.
but you would never know - until it was too late, that's how it works
you could be one transaction short of being investigated
I am confused, why would I be investigated just for moving money from
one account to another to get a better rate?
I can see that new money might be of interest, but not transfers.
because all the system sees is the money going in
it all looks like new money
OK but your argument fails down because it is not new money so something
extra-ordinary would be required to trigger suspicion.
it doesn't matter that it's not new money
AIUI the ML trigger is the number/size of payments that you make into
accounts
No doubt, if it got onto the desk of an official tasked with deciding of you
are a criminal, (s)he would take into account the fact that it was just you
shuffling investments between accounts and take no further action
but the problem is, it doesn't always get there, it ends up on the desk of
some numpty at the bank who sees the flag that you are a ML "risk" and
simply writes to you telling you that they are closing your account, with no
discussion. And once you have had one account "refused" you are on the
slippery slope to no bank wanting to deal with you
I am not going to try to argue that things do not sometimes go wrong,
but I think you would be daft if you allow this sort of (paranoid) logic
to stop you from chasing the best interest rates.
I'm not
I am using it as an argument that the Banks shouldn't force you to have to
chase those rates.
Post by YellowAnd I say it is daft because they are looking for is new money, paid in
without obvious explanation. It might be from a house sale or an
inheritance
but that's (usually) a single transaction.
Post by Yellowor of course, from criminal activities. What they are not
interested in is money being transferred *between* banks and building
societies with a clear paper/computer trail.
Due to transfer "limits" I am having to make multiple transfers to move my
money
Post by YellowPost by tim...Post by YellowBut even if it was, whatever the situation was before (and I don't know)
it is very obvious now that our savings are no longer taxed at source,
that "they" know exactly where we have cash accounts and how much
interest is generated and probably how much we have in them too.
Oh I do hope so
They could add up all my interest and put it on my Self assessment form for
me.
That comment suggests you are now unaware that we now *all* pay tax on
savings via our tax codings,
only if someone adds up what that interest is, and I am saying that someone
is you
your coding does not magically change without that (if indeed it is done
that way, I haven't experienced it)
Post by Yellownot at source like we used to. And that
includes those of us who do not do tax returns.
Those of us who do tax returns will have to add up our investment returns to
see if we have to pay any tax at all
that is what I am referring to
Post by Yellow'They' therefore know what interest we have earned without us having to
tell them.
Do they? They may do, but I have seen no evidence that they use that fact
to automatically collect tax.
As I am currently visiting all my internet bank accounts, I'm currently
collecting the information for working out what my income is for 2017-18,
which solely consists of a couple of share dividends (taxed at source, IIRC
not reclaimable) some bank/BS interest and a pension encashment which was
partially taxed at source.
I believe that tax on the pension (some or all of it) can be reclaimed if my
total income is less than 11K.
I don't have a feel for which side of the line I will be yet.
I don't expect to be far enough over to have to pay extra tax, but if I
under calculate my interest I will be claiming a refund that I am not
entitled to. I know that my chances of being caught with the wrong
declaration are less than my winning the lottery, but I like to do things
right.
Post by YellowThat of course does not mean they do not still ask you on your tax
return in the same way that for years, when I did my Mum's, they would
ask her what her state pension was, when of course they already knew.
initially there was no linkage between "other" records and Tax returns.
But they are now moving towards linking them and pre-filling boxes
last year my earned income was already filled in. But that's the final year
that I expect to use that box
they may be moving towards pre-filling other boxes
Post by YellowWe
stopped having to do returns when they did away with the OAP extra tax
allowance, but it was only in the last couple of years that the state
pension box started to be automatically filled in.
Post by tim...Post by YellowSo it would have to get through all that before the old bill came
knocking at the door.
As above, a knock on the door from plod, isn't the end result that's the
problem here.
There is no problem. :-p
tell that to the people who have received such letters from their bank
tim