Common Reporting Standard - UK accounts

[beneix]

I moved to France last year and am about to embark on a French tax return for the first time. Since I have a few bank accounts in a couple of different countries, I am trying to understand how I can minimise the hassle of having to specify every single account to the French authorities, regardless of the fact that many of them have not generated any interest to speak of.

As I understand it, if a UK bank determines that you are a Reportable Person, they are obliged to report your bank account to HMRC, with the balance and any income during the year. This leads me to two questions:

1. If you retain a UK address with the bank, does that mean they do not report anything to the HMRC? I seem to recall that nowadays even normal UK residents get their accounts reported to the HMRC.
2. If the bank does report your account to the HMRC, how do they determine which foreign authority to pass this information on to? Let's say I give the bank a UK address, but I have told the HMRC that I live in France. Or, let's say I tell the bank that I live in Norway but the HMRC that I live in France. What will the HMRC do?

 

[Sols]

1. If you retain a UK address with the bank, does that mean they do not report anything to the HMRC? I seem to recall that nowadays even normal UK residents get their accounts reported to the HMRC.

They might report to HMRC for other reasons, but you wouldn't be in scope for CRS/AEOI.

2. If the bank does report your account to the HMRC, how do they determine which foreign authority to pass this information on to? Let's say I give the bank a UK address, but I have told the HMRC that I live in France. Or, let's say I tell the bank that I live in Norway but the HMRC that I live in France. What will the HMRC do?

UK has agreements with France and Norway, in which it is stipulated who the competent authority in each jurisdiction in. In cases of doubt, multi-jurisdictional reporting is permitted. So in your example, your data could end up going to both France and Norway.

 

[fshore]

I don't know French tax returns but how much trouble can it be to add a bank account with its balance and earned interest? Say it takes you 3 minutes then 20 accounts would take you 1 hour.

 

[beneix]

I don't know French tax returns but how much trouble can it be to add a bank account with its balance and earned interest? Say it takes you 3 minutes then 20 accounts would take you 1 hour.

You have to enter the account number, bank's address, date when account was opened, etc. so it's also a matter of rafting through documents to find the information. But sure, it's doable.