Evil Goblin Posted March 7, 2010 Share Posted March 7, 2010 Sorry, but I have rarely heard such a stupid comment before! The banker concerned shouldn't have said what he did - he could easily have said the same thing but in acceptable language i.e. "it is your responsibility to return all income you earn on a deposit on the Isle of Man to HMRC and pay tax accordingly. However, this is YOUR responsibility and the Bank will not be reporting the interest paid to you itself." Link to comment Share on other sites More sharing options...
manshimajin Posted March 7, 2010 Author Share Posted March 7, 2010 Sorry, but I have rarely heard such a stupid comment before! The banker concerned shouldn't have said what he did - he could easily have said the same thing but in acceptable language i.e. "it is your responsibility to return all income you earn on a deposit on the Isle of Man to HMRC and pay tax accordingly. However, this is YOUR responsibility and the Bank will not be reporting the interest paid to you itself." It is not just their responsibility EG - it is also the banks responsibility under the EU Saving Directive and the IOM Government's adherence to it. It is also the bank's repsonsibility to ensure that their officers understand the law. They cannot use your last sentence and be legal unless they say they are deducting witholding tax which is then paid to HMRC. I think he actually has to say - "you are required, and we are obliged to ask you, to complete this form which relates to the EU Savings Directive. The Isle of Man has decided to apply the withholding tax option which means that tax is automatically deducted at source from interest earned on savings at a current rate of 20% rising to 35% in July 2011. As EU residents you will be included in the Directive but alternatively you may choose to opt for disclosure of your interest payments and not have the withholding tax applied." IMO it is absloutely appalling and I am surprised that nothing has been said by the Treasurer about this case. Link to comment Share on other sites More sharing options...
Langweilig Posted October 8, 2010 Share Posted October 8, 2010 An update on that story. http://www.u.tv/News/Tax-fraud-couple-court-challenge-dismissed/5b49c403-4d35-4e66-b3d7-ac3354901e2e It's odd that they can stuff a lot of money into a Manx bank account but if you or I tried to pay an hotel bill with a credit card, it's treated like a symbol of witchcraft. Link to comment Share on other sites More sharing options...
manshimajin Posted October 8, 2010 Author Share Posted October 8, 2010 An update on that story. http://www.u.tv/News/Tax-fraud-couple-court-challenge-dismissed/5b49c403-4d35-4e66-b3d7-ac3354901e2e It's odd that they can stuff a lot of money into a Manx bank account but if you or I tried to pay an hotel bill with a credit card, it's treated like a symbol of witchcraft. Link to comment Share on other sites More sharing options...
manshimajin Posted October 8, 2010 Author Share Posted October 8, 2010 Thanks for the update. I still wonder what happened to the advisor from the bank on the IOM. Mr Bell wrote to me to say that the man had left the Island. I just hope that he is not still an advisor elsewhere. There was no indication from Me Bell that any action had been taken by the regulatory authorities here to prevent this. Link to comment Share on other sites More sharing options...
bellyup Posted October 9, 2010 Share Posted October 9, 2010 Thanks for the update. I still wonder what happened to the advisor from the bank on the IOM. Mr Bell wrote to me to say that the man had left the Island. I just hope that he is not still an advisor elsewhere. There was no indication from Me Bell that any action had been taken by the regulatory authorities here to prevent this. I do too. But hey surely its all the falut of the uneducated investors for taking his advice? Link to comment Share on other sites More sharing options...
manxy Posted October 11, 2010 Share Posted October 11, 2010 Thanks for the update. I still wonder what happened to the advisor from the bank on the IOM. Mr Bell wrote to me to say that the man had left the Island. I just hope that he is not still an advisor elsewhere. There was no indication from Me Bell that any action had been taken by the regulatory authorities here to prevent this. I do too. But hey surely its all the falut of the uneducated investors for taking his advice? Maybe I'm seeing it differently BU, but if he was the advisor, surely he should be giving the correct advice to uneducated investors in the first place? Link to comment Share on other sites More sharing options...
manshimajin Posted October 11, 2010 Author Share Posted October 11, 2010 I do too. But hey surely its all the falut of the uneducated investors for taking his advice? Bellyup just watch the video of the meeting...he is reinforcing and supporting what they have already told him - i.e. that they have not told the UK authorities about the undeclared dosh they had kept in the safe under the floor... Clearly these uneducated investors were uneducated enough to build a floor safe into their home to hide cash in. They must have hated people who paid by cheque... Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.