euro account opened in UK, but is it still overseas?

[FlyFree]

Hello,

- Six months ago I moved to UK where I work with a full-time permanent contract, so my new fiscal residence is in UK.
- all my euro financial assets are remained in a overseas bank account in my country of domicile (Bank A)
- I recently opened a bank account in UK (Bank B) with a multicurrency account where I have both a sterling account (iban starting with GB for my local income) and a second euro account with an iban starting with IT (Italy) where I was planning to move my financial assets from bank A.
- the bank B is domiciled in italy, however this type of account is reserved only for UK resident

if I move my euro financial assests to bank B, will this transfer be considered

1. a remittance in UK and so my assets are not anymore overseas
or
2. my assets are still overseas because the Iban is with IT?

I thought the answer was 1 but the fact that the iban of bank B begins with 'IT' made me some doubts.
In case the answer is 2, I suppose the bank B should also provide the CRS to italian taxman

Please let me know what you think I don't know whether the euro bank account of bank B must still be considered oversear or not

thanks!

[bd6759]

If the account is maintained in the UK, it is a UK account.

[FlyFree]

based on the infornation I gave, is the account maintained in UK?

[maths]

It depends upon the tax issue under consideration.

It seems that the issue here is whether or not a remittance occurs for income tax/CGT by a non-domiciled but resident individual.

Euros are a foreign currency. A foreign currency bank account of a resident but non-domiciled individual is located in the UK only if the account is maintained at a UK branch.

Prima facie, as you opened the euro account with a UK based bank here in the UK this would suggest the account is maintained at the UK branch.

[FlyFree]

thanks for the response

but I am not sure about your statement: "as you opened the euro account with a UK based bank here in the UK ..."

What says the bank is based in UK?

I try to add other details:
- the bank does not have any physical office in UK, only in Italy
- I opened the account through an online procedure
- I don't find any UK address in the terms and condition, however it is reserved for UK resident

[FlyFree]

I add a correction on my first post: even the GPB account begins with 'IT',
the first two letters in the IBAN are the country code but I have no idea if that means my account is maintained in Italy. if so it would mean that my salary payed in the account would be remitted in italy (not set yet this account for my salary but I was planning to do it)

[maths]

I read (perhaps incorrectly) your original post.

It seems following your latest comments that the account is not maintained in the UK.

[FlyFree]

yesterday I made my first bank transfer from the GBP account of this bank towards a standard UK bank and it is not payed immediately as happens usually between UK banks but it takes 2 working days (the same time as bank transfer in Italy).

So that makes me think further the bank is not fully established in UK

Next week I will ask the bank:

1. is my bank account maitened in the UK?
2. are money/assets moved into this account remitted in the UK or still in Italy?

I expect the 2 responses to be the same, either Yes/Yes or Not/Not

Thanks for your answers, I will report what the bank says.

[FlyFree]

The ISA provider refused the transfer from this bank account because italian, so at the end the account is not maintained in UK. Tha is confirmed also by the back office of the bank even though I had to outline this point that they seem to understimate.