Since filling in the last tax return, where I entered our company pensions as usual, we have both become UK state pensioners. Does the pension income go in the same box on the online form? Do I use box 1AS, 1AT or 1A0?
Interest earned on our French bank accounts goes in 2EE. I have previously put UK bank interest in 2TR (as advised years ago by the lady in our local tax office), but if anyone has been advised differently I'd love to know.
It is a bit hit and miss - my original advice from a close French friend who had just retired as a Chartered Accountant was overturned by the tax office, but I'm still not sure who's right!
These pensions and bank interest are, fortunately, our only sources of income so our return isn't too challenging, and luckily we can afford to pay tax twice on the interest (deducted at source by Santander) while we wait for HMRC to make refunds.
Looking forward to possibly conflicting advice from even older hands than me! Btw, our local tax office displays a poster showing all exchange rates, but confirmed if we regularly get a different one we can use the average or final rate, which is nicely flexible of them.
Peter, this article in the latest Connexion answers the question about where to declare interest on bank accounts and a number of other questions. For info, UK tax is deducted at source on the interest paid on my UK accounts, so check you are in fact getting gross interest.
I've always found French tax inspectors extremely helpful both when we were living elsewhere and had to deal with a special tax office in Paris and now at our local tax office. As one said to me, "we're not interested in minor errors so don't worry about getting the figures a bit wrong".
I have some questions and wonder if anyone can help me.
I have always declared interest on my UK bank deposits, gross as part of my income.
Should I be using a separate form and if so can you tell me what number it is, please?
I have never declared ny UK bank accounts and will do so this year but how far back do I have to (or should) I go?
In the UK if you meet a Tax Inspector to sort out historical oversights, they are usually quite relaxed but any experience of French tax officials.
Under the new EU wide declaration and disclosure of income, the HMRC will be sending your bank interest and etc payments to the French tax officials. Do we get a copy of that document? Anyone know?
Has anyone had the dubious pleasure of trying to list multiple non-French assurances vie (i.e. investment bonds) on line? What I meanis the on-line version of form 3916. Last year the details I entered came out all jumbled up. Is the on-line data entry any better this year? You can't just jot them down on a piece of paper - or can you?
Our local tax inspector said we could declare our sterling pension incomes in euros, at a sterling/euro rate of either a) the average of the 12 monthly rates/12 or at b) the December 31st rate, whichever is the most advantageous to us. Nice guy!
Our pensions are transferred to our bank in France so I just total everything up from our bank statements.The totals vary each year, not only because of increases in pension rates but also the fluctuating exchange rates but nobody ever queries anything. Some years have actually worked out less than a previous year.
Thanks, Doreen. Yes, clearly if you have documents showing the actual rates used then that's the way to go. But in my case, and that of a lot of others, the sterling pension and other revenues stay I the UK and are not converted. But good to know the HMRC rate is fair.
OK. But then you leave them to use the rate they want to convert to Euros which will not necessarily be the most favourable one from your point of view.
Hi, I always write the amount as received and annotate to let them know this is English pounds. done this ever since I was told UK is not in EU because we don’t use Euro.