Will I have any problems keeping my money in a UK bank, even though I am out of the country?
I was working in the UK for 2 years. I had opened an account with one of the banks in the UK where my salary used to be credited. Now, I am away from the UK for over a year, however I do have a significant amount of my money in the same account.
I do intend to come back to UK in the near future. Will I run into any problems in keeping my money in a UK bank while I do not live there? Do I get paid interest on the amount that I have in the account? Would it cause problems in context of income tax? Do you forsee any banking related problems from the bank itself.
PS: I am contacting the bank to verify this as well. I will post the response shortly.
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There may be issue if you need a replacement card, as the bank may not be willing to post the card to you outside of the UK.
I would not expect any problems. Your interest will have tax deducted at 20% which I don't think you would be entitled to reclaim because you don't get a personal allowance if you aren't resident in the UK, and unless you have a huge amount of UK earnings you would not be legally liable to any higher rates of tax so there would be no issues there.
If you were liable to more tax you would be obliged to inform the Inland Revenue.
No you will have no problems. It's been fourteen years since I've lived in the UK and I've had no trouble with my UK bank accounts in that time. They have happily mailed me statements and new cards abroad for all that time, and I've deposited cheques by mailing them to the branch. Online banking takes care of almost everything else.
The only thing I wasn't able to do from abroad was open a new account, because of anti money-laundering regulations. Even that may be possible if you presented the right kind of ID when you opened the original account - mine predated the regulations.
Most UK banks will also offer 'offshore' banking for non-residents in which interest is not deducted at source.
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