Letter from Bank re article 1649 AC

Banking & Financial
,
1

Has anyone received a letter from their bank saying that they will be sending deposit details to the UK tax authorities?

I understand that this may be standard cross-border anti-money laundering proceedure. I’m not unduly worried, but more intrigued. I have a non-resident account with Credit Ag. and use the account for local expenses.

The content of the letter is as follows:

“Ces diligences nous ont amené à considérer que vous aviez la qualité de résident fiscal d’au moins un des États signataires de ces accords. En application de cette réglementation, nous allons déclarer à l’administration fiscale française, à compter du31.07.2017, les données concernant vos comptes détenus dans nos livres (hors épargne réglementée) en date du 31.12.2016. Ces informations seront transmises par l’administration française aux services fiscaux de votre État de résidence fiscale (ou de vos États de résidence fiscale).”

Gerry

2

I guess it’s exactly the same procedure that obliges UK banks to report to the French tax office all UK bank accounts held by people who have moved to France. The twist being that French taxpayers have for a long time had the obligation to declare all overseas accounts to the French tax authorities with surreal penalties if they don’t, and AFAIK there is no similar obligation for UK taxpayers so I don’t suppose HMRC will even bother looking at the list since they have nothing to cross reference it with.
They don’t share info on actual transactions or the amounts in the account, just the fact that it exists.