changnoi Posted March 31, 2006 Report Share Posted March 31, 2006 I_hear_Lee said:That guarantee looks quite reassuring....interesting that the base rate tracker fund gives a better return than even the 3 yr.bond.... The BRT is variable not fixed, rate can go up (and especially down). The guarantee... see Deposits with the company are not subject to deposit protection under UK law but are covered by the Isle of Man Depositor's Compensation Scheme. Under this scheme, claims will be met by the scheme manager and the amount of compensation payable is limited to 75% of an eligible protected deposit, subject to an overall maximum of £15,000 or the currency equivalent, in respect of each eligible depositor. In addition to this statutory protection, Nationwide Building Society guarantees to discharge any liabilities of the company as its wholly-owned subsidiary in so far as the company is unable to discharge those liabilities out of its own assets. By opening an account you will not obtain any rights in or against Nationwide Building Society, nor acquire any shareholder rights in the company. here I am not a lawyer... Link to comment Share on other sites More sharing options...
changnoi Posted March 31, 2006 Report Share Posted March 31, 2006 I_hear_Lee said:.also,noticed a statement that some individuals may have interest deducted as part of a new EU. directive ( clamp down on tax evasion maybe ).These o/s accounts used to be tax free ,but is tax now being deducted at source just like domestic UK. banks etc....I hope not. This EU STD looks like a particularly nasty one It appears that Isle of Man, Switzerland etc. have done a deal with the EU over tax evasion. If you live in SEA and are indeed non-resident for tax in the UK then it should be possible to avoid the crippling 'retention tax' now applied. However, as has been pointed out this will require proof and jumping through hoops. [NB even if non-resident you are liable for tax on any earnings within the EU - property rental being a common example] For an expat employed or perhaps (?) retired in SEA it shouldn't be too much of a problem, but for those of us who are self-employed picaroons who don't pay tax in SEA it could presumably present some difficulties. One of the pains is that while accounts can be managed via the internet, changes of residential address and EUSTD exemption claim forms have to be handled through the postal system .... And on the question of UK expat tax law, see here Part I Meaning of 'residence', 'ordinary residence' and 'domicile' for tax purposes 1 Residence and ordinary residence 1.1 The terms 'residence' and 'ordinary residence' are not defined in the Taxes Acts. The guidelines to their meaning in this Chapter and in Chapters 2 (residence status of those leaving the UK) and 3 (those coming to the UK) are largely based on rulings of the Courts. This booklet sets out the main factors that are taken into account, but we can only make a decision on your residence status on the facts in your particular case. The bastards (for indeed they are) will not even agree to legal definition of terms when assessing non-residence.... A case of 'Tell us your personal details and then we will tell you the rules'. Link to comment Share on other sites More sharing options...
wonderlust Posted March 31, 2006 Author Report Share Posted March 31, 2006 Mekong, it looks like a fixed fee for international transfers rather than a currency conversion fee. This is a very good deal. Compare this to my bank Halifax which charges a £15 transfer fee and a 2.75% currency conversion fee. So for £3500 you would be paying £96 on top of the £15. Thanks for the recommendation. As for Nationwide you have to remember it's the biggest building society in the UK, so the chances of it going belly up are as close to zero as you're going to get. Link to comment Share on other sites More sharing options...
Mekong Posted March 31, 2006 Report Share Posted March 31, 2006 In my case I am free of liabilities from EUSD, since proof of overseas residence was a requirement of opening the account and my home address with the bank is my Bangkok residence. Property in the UK / EU is not an issue the ex wife got that back in the late 80's and my only dealings there now are business trips relating to using EU based vendors not personal business. There is a parralel thread in this section "Expat and Taxation" (or similar) that has a lot of good input from various members so I wont repeat what has been posted their in here. Link to comment Share on other sites More sharing options...
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