Investboy
Member of DD Central
Trying to recover from P2P revolution
Posts: 564 
Likes: 201
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Post by Investboy on Oct 18, 2016 14:36:29 GMT
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Post by wiseclerk on Oct 18, 2016 14:46:22 GMT
I would assume it to be no prob on AB, MT and SS as I already invest on them from abroad
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Post by andrewholgate on Oct 18, 2016 16:24:49 GMT
As long as we can identify the person and understand where the funds are coming from to satisfy UK AML laws, then yes you can invest. It is your responsibility to inform HMRC of your UK based income, we will comply with any request from HMRC about users and income earned on the platform.
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Post by Collateral Rep on Oct 19, 2016 7:27:57 GMT
ID would need to be updated along with new bank details.
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james
Posts: 2,205
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Post by james on Oct 19, 2016 9:07:01 GMT
Can a person still use your platform after they leave the UK and stop being resident for tax purpose? Your new country may also matter. Some may recoil in horror at the idea of a US person as a customer, while accepting any other country not subject to a boycott or sanction of some sort. That may change once the new interest reporting systems are in place that should, hopefully, treat the US as just one of many countries that gets the necessary reporting to it done after completing the UK processes. Ablrate is one that last I knew would not accept a US person as a customer even though non-UK is usually OK there.
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Investboy
Member of DD Central
Trying to recover from P2P revolution
Posts: 564
Likes: 201
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Post by Investboy on Oct 19, 2016 9:22:53 GMT
No, not US! The new residency will be in EU and the same UK bank account used as originally registered.
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Post by dualinvestor on Oct 19, 2016 9:26:14 GMT
Can a person still use your platform after they leave the UK and stop being resident for tax purpose? Your new country may also matter. Some may recoil in horror at the idea of a US person as a customer, while accepting any other country not subject to a boycott or sanction of some sort. That may change once the new interest reporting systems are in place that should, hopefully, treat the US as just one of many countries that gets the necessary reporting to it done after completing the UK processes.Ablrate is one that last I knew would not accept a US person as a customer even though non-UK is usually OK there. UK and USA have had FACTA reporting for a couple of years now, the new CRS (Common Reporting Standard) will not add anything to that so the same restrictions are likely to apply as now.
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james
Posts: 2,205
Likes: 955
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Post by james on Oct 19, 2016 10:25:57 GMT
UK and USA have had FACTA reporting for a couple of years now, the new CRS (Common Reporting Standard) will not add anything to that so the same restrictions are likely to apply as now. My understanding was that as CRS and the Automatic Exchange of Information processes are worked through they would eventually eliminate the need for FATCA-specific reporting, which would be done via the single collection of information then distributed to each country as needed. But maybe I'm too optimistic, I suppose we'll see what shows up in due time. Interesting that both ISAs and pensions are not reportable accounts, so maybe non-UK people could use P2P with existing money in those even if in the US.
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Post by dualinvestor on Oct 19, 2016 11:58:11 GMT
UK and USA have had FACTA reporting for a couple of years now, the new CRS (Common Reporting Standard) will not add anything to that so the same restrictions are likely to apply as now. My understanding was that as CRS and the Automatic Exchange of Information processes are worked through they would eventually eliminate the need for FATCA-specific reporting, which would be done via the single collection of information then distributed to each country as needed. But maybe I'm too optimistic, I suppose we'll see what shows up in due time. Interesting that both ISAs and pensions are not reportable accounts, so maybe non-UK people could use P2P with existing money in those even if in the US. The first part is correct CRS obviates the need for FACTA reporting but the relevant regulations still exist, my point however was that US residents, particularly US citizens, remain toxic to many account providers because of particular difficulties with regard to US tax legislation and the implementation of the two agreements has not so far, and is unlikely in the future, to change that situation. Pensions are exempt until in drawdown or payment because in nearly all jurisdictions income within a pension (i.e. that which accumulates on the assets/investments that form the scheme) are not deemed to belong to the pension holder but the pension trustees and are tax exempt. Once a pension is in drawdown or payment HMRC automatically report (i.e. not the financial institution that manages the pension) reports the income to the country of residence along with any other UK income from other sources eg employment, at least within the EU, under bi-lateral agreements, not FACTA or CRS, agreed in 2012 and that came into effect on 1 January 2014. ISAs are exempt (although I did not know this) probably on the basis that they are supposed to be for UK tax residents.
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james
Posts: 2,205
Likes: 955
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Post by james on Oct 19, 2016 21:57:14 GMT
my point however was that US residents, particularly US citizens, remain toxic to many account providers because of particular difficulties with regard to US tax legislation and the implementation of the two agreements has not so far, and is unlikely in the future, to change that situation. Yes, the US has done a good job of making US people toxic. I prefer to be optimistic and hope that the simplified common reporting will help to cause some places to change their minds once it's all being done, at least for existing customers who move to the US. But that toxicity will undoubtedly be hard to overcome. Pensions are exempt until in drawdown or payment because in nearly all jurisdictions income within a pension (i.e. that which accumulates on the assets/investments that form the scheme) are not deemed to belong to the pension holder but the pension trustees and are tax exempt. Once a pension is in drawdown or payment HMRC automatically report (i.e. not the financial institution that manages the pension) reports the income to the country of residence along with any other UK income from other sources eg employment, at least within the EU, under bi-lateral agreements, not FACTA or CRS, agreed in 2012 and that came into effect on 1 January 2014. Well, even in decumulation pensions are exempt from reporting but of course that wouldn't include the income as it's taken. ISAs are exempt (although I did not know this) probably on the basis that they are supposed to be for UK tax residents. Generically it's expressed as low risk due to the regulatory regime that applies so yes, that looks like part of it at least. Anyway, not a lot more to say to this and particularly not for me since this is an area much more in your scope of actual knowledge than mine. I'll just default to trying to be optimistic because I usually do try that...  But with what the US gets up to, it's tough.
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Post by stevefindlay on Oct 25, 2016 9:39:36 GMT
Yes - you can invest through BondMason (https://www.bondmason.com) if you are outside the UK. We already have a number of clients from the EU.
We don't currently accept US citizens or taxpayers though for FATCA reasons.
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gibmike
Member of DD Central
What is a cynic? A man who knows the price of everything and the value of nothing.
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Post by gibmike on Oct 25, 2016 19:44:44 GMT
I live in Gibraltar and can confirm it is possible as I have a few. I can confirm that LI are not accepting applications from June 30th this year.
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But with what the US gets up to, it's tough.
