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Anonymous
Anonymous asked in Business & FinanceTaxesUnited Kingdom · 2 months ago

I live in the UK, if I open a bank account in Guernsey, is it impossible for the HMRC or any authorities to find out about it?

6 Answers

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  • Lili
    Lv 7
    4 weeks ago

    Simple answer: No.

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  • 2 months ago

    When you open an account anywhere; (Guernsey, Switzerland, Luxembourg etc) using a UK address and with a Great British passport, the existence of the account will be reported back to HMRC.  Nothing illegal about having an offshore account but if you are trying to hide money you earned, it won't work. 

    To avoid the account being disclosed to HMRC, you will need to first establish legal residency in the country of your account.  That will require you to become a tax paying resident there.  Switzerland has no capital gains tax and income taxes are 20% in some cantons but there is a wealth tax and you are required to pay health insurance premiums.

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  • Maxi
    Lv 7
    2 months ago

    In truth, there’s little point opening an offshore account in the hope of dodging tax because you are generally liable for tax on the interest you earn in the same way you would be in the UK.

    https://www.moneysupermarket.com/savings/offshore-...

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  • Bill
    Lv 6
    2 months ago

    Most, if not all, banks in Guernsey also operate in the U.K. so you won’t accomplish anything.  

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  • Tavy
    Lv 7
    2 months ago

    No chance. Unless you are a very rich businessman with millions, no Guernsey bank will deal with you.

    UK

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  • 2 months ago

    No it is not. Many tried it in Switzerland, but eventually got identified.

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