Published 6th November 2020
Tens of thousands of UK bank accounts and credit cards, held by individuals living in Europe, are set to close by 31st December 2020, as a result of Brexit.
The current rules for banks and financial services companies, called the “EU Passport”, are set to end by the end of the year. As a result, some UK banks have decided to close the bank accounts of some non-residents rather than apply for a new licence in each country.
If you have received a notification from your bank in which they have told you that they are closing your account, then there are a few alternatives:
Banking arrangements are personal and so we cannot say whether any of these banks will suit your needs.
The information contained in this newsletter is believed to be correct at the time of publication. The content of this newsletter is intended to be a brief summary of the principal points of the legislation or proposed legislation only, and it is provided for general guidance only. It may not take into account subsequent changes in the law and of necessity it omits much detail. Taxation is a complicated subject and is subject to change. You should only rely on advice prepared specifically for you. Neither the writer nor Landlords Tax Services Ltd can be held liable for any loss arising from any act or omission by you as a result of your understanding of this article. If the subject matter is of interest you should contact us to see if there is a relevant update, and to take professional advice which takes into account your circumstances.
Landlords Tax Services Ltd, specialises in the taxation of residential property income and gains and more than half its clients are resident outside the UK. If you would like specialist help contact Maurice Patry F.C.A .at firstname.lastname@example.org or for more information visit our website at Landlords Tax Services Ltd.
© Landlords Tax Services Ltd
. All Rights Reserved - In an article such as the one on this page we can only give brief general guidance and cannot cover all situations. This guidance may not cover all your personal circumstances and so you should not rely on it. Before taking action or not, always do your own specific research and seek appropriate professional advice which takes into account your personal circumstances, with the full facts of the case and all documents to hand. Neither Maurice Patry F.C.A. nor Landlords Tax Services Ltd can be held responsible for the consequences of any action or the consequences of deciding not to act.