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Where Taxpayers and Advisers Meet

Private bank statement help

Posts: 1
Joined: Wed Aug 06, 2008 3:17 pm

Postby swampy » Sat Feb 05, 2005 8:15 am

I too am in the same situation as the person who asked should I send my private bank statements.

I am under personal SA and also have been requested to provide my Intelligent Finance offset mortgage, current and savings account held jointly with my wife.

What are my legal obligations? Can I not send them and state that as this is a joint account I cannot legally provide them without my wifes consent?

If I reply to the IR with the above will I be deemed as not co-operating?

Also as it is an offset mortgage for the property I live in and the account is not interest bearing for the purposes of SA as advertised by IF ie there is no need to declare this account for SA as no interest has been recieved. Can I ask them what the relevance is to the enquiry or state that it is irrelevant? Will it do any good?

I read elsewhere that in theory they only need the tax deduction certifcate to ensure the accuracy of my return. Should I play this game with them?

I too have just moved house and as it is a joint account my wife has placed a number of cheques into the account that I cannot account for and am seriously worried about explaining all of this if at all.

Am I stalling the inevitable and should just send them what they have asked for?

Will they then ask for my wifes statements and if so should I provide them?



Posts: 1797
Joined: Wed Aug 06, 2008 3:15 pm

Postby Instinctive » Sat Feb 05, 2005 8:55 am

You know my views expressed in reply to the other query referred to by you. Why is it that only wives have unexplained deposits in their accounts?

I agree that you are only obliged to provide the interest certificates. However, they will follow up with the request for sight of actual statements if they have reason to believe that you have undeclared source of income or you have accumulated more capital in your savings than can be expected from your declared sources of income.

According to my understanding, they cannot legally demand to see the joint statements. However, they could start an enquiry into your wife's tax affairs or, most likely, draw adverse inference from your actions. They will then not only deem this as non-co-operation and try to twist your arms by threats of commissioners hearings and/or determining your assessments in excessive amounts.

In my experience, you are only proponging the inevitable. If this the first request, and there is no other indication of suspicions in your tax affairs, you could initially send in the interest certificates in respect of your personal and joint accounts, including the IF Account, and see what the response is.


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