off shore account


D

Dave

A new client spends approx 5 months a year working abroad in France,
being self employed within the IT industry.
He supplied detail of his UK business bank account, UK current
account and UK savings account
I have accounted for all his income and his paperwork seems complete.
However, he is married to a French national and rents a house for his
wife in France.

He stays in UK rented property for the seven months when he works in
the UK whilst she remains in France. Strange set up maybe, but that's
how it is.
..
Obviously he provides for his wife so transfers sums into a joint
French current account each month. The account does not build up but
used for what appears to be normal living expenses, except for the
balance of approx £1200 a month which gets transferred into a French
savings account.

What is the situation regarding interest received from the French
current and the French savings account? He is a higher rate tax payer
and HMRC would need to be informed. However, does the fact that the
account is in joint names with someone who has French nationality, and
permanently lives in France change the rules? .
 

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