Do UK banks report under AEOI only active accounts or closed accounts?

[Educate]

Is UK banks bound under CRS of AEOI reporting only balances of accounts that are active or closed accounts?

Do they report closed accounts? Do they report ending balances or turnover?

Because if they report closed accounts then it would be smart closing accounts such as EMIs who use UK bank accounts before end of year.

 

[GrumpyMess]

boko said:
Under CRS, the UK reports closed account and report reason of closure. In general, the balance at end of calendar year is reported; 31 december.
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Is it only once for the past year or it will be reported each subsequent year with closed status?

 

[Martin Everson]

Educate said:
Do they report closed accounts? Do they report ending balances or turnover?

Because if they report closed accounts then it would be smart closing accounts such as EMIs who use UK bank accounts before end of year.
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You asked the same question back in Jan 2 2018 and it was answered then (see below link). Why you think the answer would be any different a year later if you ask the question again?

Why not get a bank account, transfer money and then close it before end of year to avoid reporting?

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Educate]

If only balance was reported, everyone would escape reporting by clearing out account and having $0 balance. I read something about balance or VALUE being reported. VALUE being key word which makes up total turnover or something of that sort. Can anyone clarify?

 

[Educate]

You asked the same question back in Jan 2 2018 and it was answered then (see below link). Why you think the answer would be any different a year later if you ask the question again?
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Clearly because we have more information right now than we had back then.

 

[Martin Everson]

Educate said:
Clearly because we have more information right now than we had back then.
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Nothing has changed since then. Neither CRS has changed or UK reporting process. Discussed in other threads.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Educate]

Martin Everson said:
Nothing has changed since then. Neither CRS has changed or UK reporting process. Discussed in other threads.
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No, we have more information now. Simple google would reveal that. Banks have posted detailed info how it will be done and what will be reported. Previously it was vague and nobody knew anything.

Link to the other thread you mentioned?

 

[Martin Everson]

Educate said:
Link to the other thread you mentioned?
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UK reporting process discussed here.

TransferWise and CRS

Just search the forum it has a lot of information. All I wanted to point out is don't ask the same question twice or dig up your old question and ask for an update. You post the same question now in 3 threads 🙁.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.