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Do I need to declare my UK bank accounts?

By Amanda Johnson - Topics: France, UK bank accounts
This article is published on: 10th March 2020

Yes, you do. In a drive to reduce tax evasion and ensure transparency as to where money comes from, banks are now required to share details of overseas accounts, if asked by another country’s tax authorities.

All UK bank and savings accounts need to be declared on your French Tax return. You also need to declare if you have opened or closed any accounts during the last tax year.

Any interest that you have received on these accounts must also be declared. The penalties if you are found to have not declared accounts are very stiff, at up to €1500 per account.

In France, there are tax efficient savings accounts called Livret A and you can save up to €22,950 per person. The interest is not subject to French income tax or social charges and it is a perfect account for an emergency fund because you have access to this savings account without a notice period. For money that you can put aside for a longer period, it is worth getting in touch with me to discuss whether an Assurance Vie would be suitable for your needs.

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Article by Amanda Johnson

Amanda JohnsonIf you are based in the Pays de la Loire & Centre area you can contact Amanda at: amanda.johnson@spectrum-ifa.com for more information. If you are based in another area within Europe, please complete the form below and we will put a local adviser in touch with you.

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