Closed Internet Accounts

[potato26]

Hello

I had opened and closed about a dozen Internet Fixed-Rate Accounts with the Halifax during the last five years, no paper statements were ever sent to me from the Halifax regarding these accounts,so I've got no records whatsoever. Now the HMRC is asking these statements, but the Halifax told me that they don't hold information on closed accounts.

Am I in serious trouble?

[scottie2]

Hi potato

Not an uncommon issue-Firstly, ask Halifax to put their position in writing so you can show HMRC that you have tried to retrieve the information. Do you have details of the funds that were placed on deposit over the years? Were the funds rolled from one account to the other, or were fresh sums placed on deposit each time? If HMRC is asking for the statements are you able to demonstrate that the sums invested originated from either a taxed source or a non taxable source? Did you draw any sums from the accounts, and if so can you identify any of these sums. Were the accounts closed and the funds transferred back to a traditional type of account? If you have some of the above details, we might be able to estimate the interest that has been earned in the period the accounts were in existence. As you can see, we need more information. If you need further advice, get in touch. Regards. manoj.anand@wlhtax.co.uk

[potato26]

Thanks scottie2.

After many phone calls I've now received all the statements.

Kind Regards

Potato26

[wamstax]

I consider that the next step will be for HMRC asking you for a mandate to obtain the accounts from the bank. I will say that HMRC will also obtain these so that I consider that you should go back to the bank and firstly ask them to confirm that they do not hold details of your accounts held over the last 6 years. if they suggest that to be the case then say that they leave you with no alternative but to issue them with a request for all information they hold on you under the Data protection Act. The tell HMRC that this is what you have done and that you will have to await their full response.

I believe that thsi approach may in fact unearth the underlying accounts and save you a larger headache. you do not want to be in the position of providing HMRC with mandates which will allow them to go on a fishing exercise and get the information before you see it.

If you need assistance on any matter please feel free to contact me
bill@wamstaxltd.com
http://www.wamstaxltd.com