UK bank account, UK taxation on Winnings

[mark01]

The other point about tax on gambling has been posted many times. But once again for those that dont know, there is no tax in the UK on winnings from gambling. No ifs, buts or maybe"s, NO TAX IS PAYABLE.

Under the tag "taxation"... this is the only post you will find under it .. lol .. I could not find any other threads about this subject .. I'll search some more.

don't think it's fair or reasonable for your to expect people to know the ins and outs of transferring presummably quite large amounts of money between UK banks and banks in ........

I'm sorry if my questions sound this way, I only intended to ask about UK banking, please disregard the UK bank to outside bank transactions.

My intention was to ask about keeping money in UK and transfering from MOneybookers to UK only, and keeping the UK bank as a base, nothing else.

You may have misunderstood the intention of my question, that's okay.

The part about transferring money between Moneybookers and UK and keeping a balance in UK bank account is of most interest, not only to me, but to many players here. I think although this may not be the favorite subject of all, it can benefit many people who have no clue about UK banking, etc.

Yes, you may be right also, by saying that members here are no banking experts, and a solution for these kind of questions should reside in the hands of experts, I agree.

My questions should have been asked in a informational way, and not in a forceful way, I apologize in advance for people who might have felt slightly irritated

[horsekeeper]

It has been a while since I opened a current account in the UK but when I first came to the UK as a student, I found it difficult to get a current account since I was not a UK resident.

A lot of banks require proof of address and possibly proof of earnings, so unless you have an actual address in the UK, you may have problems in getting a current account.

Moneybookers might work with a savings account but I haven't tried. A savings account should be easier to open since no credit check is done.

[Digi]

We need to know where your current official domicile is to be able to help you. Like horsekeep says their are dual taxation laws, so you need to know the agreements between the two countries (the EU is working on having the same laws between the EU countries).

Also see the EU Savings Directive, banks from the EU must report income obtained from investments in countries other than the country where you habitually reside. (except for Austria and Luxemburg but this is going to change)

[mark01]

We need to know where your current official domicile is to be able to help you. Like horsekeep says their are dual taxation laws, so you need to know the agreements between the two countries (the EU is working on having the same laws between the EU countries).

Also see the EU Savings Directive, banks from the EU must report income obtained from investments in countries other than the country where you habitually reside. (except for Austria and Luxemburg but this is going to change)

Thanks.. income on savings is really not an issue... like Fender mentioned above. tax on savings is only minimal.

After some thought to it, it seems to me okay to keep money in a UK bank and do transfers to Moneybookers back and forth. As Horsekeeper pointed out, it's the "opening a UK bank" which may be more of an issue, if you are not a resident of the UK territory.
However, the UK does have a good relationship with Canadian residents..

To answer your question, I am a Canadian.

It is quite clear to me now that gambling winnings in the UK, are NOT taxable. Thanks for the confirmation folks.

A simple search in wikipedia proved to show the same is applicable in Canada.

"Income not taxed
The following types of income are not taxed in Canada (this list is not exhaustive):
gifts and inheritances;
lottery winnings;
winnings from betting or gambling for simple recreation or enjoyment;
strike pay;"

So transferring winnings from UK to Canada should not be a problem then.

[cleaner]

As Horsekeeper pointed out, it's the "opening a UK bank" which may be more of an issue, if you are not a resident of the UK territory.
However, the UK does have a good relationship with Canadian residents..

you may be disappointed because it could be a real hurdle but good luck

and why not go for Ireland and bank account in €? you will have more options to spend your money accross Europe without paying any exchange fees

as for your triple citizenship, it really doesn't matter as usually you pay your taxes where you live (doesn't matter who you are or where you come from)

[mark01]

thanks about ireland, yes that's an option i haven't looked at.
yes, it may be an option to have it in euros , will check that...
but from what I know, a transfer from UK bank to Moneybookers = zero fee.

is that an IBAN transfer?

[brillo]

is that an IBAN transfer?

Not if your bank account is in the same country as you have registered on your Moneybookers account.

I suggest you ask your Moneybookers VIP Manager what applies in your case because none of us here has all your details, and even if we did, we probably could not answer your question because none of us is likely to have practical experience with your circumstances.

[mark01]

Global Tax Navigator: HSBC Bank International Ltd

This basically answered many of my questions.
I recommend this tool. It includes many countries, UK, Canada, US, etc.

Main taxation issues are tackled for people doing offshore banking or leaving/going to a specified country.

Prepared by the Deloitte auditing company, great work.