international tax legislation?

[RobH]

The Foreign Account Tax Compliance Act (FATCA) is United States legislation passed in March 2010. It requires non-US financial institutions to provide reports to the US regarding their customers who are ‘US persons’ for US tax purposes and who hold accounts with the financial institution. US financial institutions will also have separate reporting obligations.

Please note

The UK and US Governments have entered into a reciprocal agreement, under which NatWest will report US customers to their local tax authority and not directly to the US IRS. The local tax authority is responsible for sharing this information with the IRS and the bank will play no part in this process.

This was sent to me by my UK bank. I pay income tax on my UK private pensions to the UK tax authorities. I don't pay any Philippine income tax, and I don't have a TIN. I am going to tell the bank that I  am UK based for tax purposes. The bank has in the past threatened to close my account because I live in the Philippines.

I live on my UK Government pension paid direct into the wife's bank, I don't have a Philippine bank. the question is do I ned to register here for tax or stay as I am?

[Gutenberg]

No.

Check for who's required to file for tax (you are an Alien with receiving funds from outside the Philippines): https://www.bir.gov.ph/index.php/tax-information/income-tax.html

Also, since you paid taxes on your pension it would be usually covered by a Double Taxation Agreement. But wanting to have funds treated according to a DTA would mean to be registered for tax and file it. In your case it's not needed, though.

It seems it is also possible to apply to be regarded as a non-resident in the UK and receive the UK pension without applying UK taxes on it. And since you are not required to file an income tax in the Phillipines whenever resident or non-resident there, you would receive the pension tax free, without paying UK taxes (excluding maybe withholding tax).

Probably the best would be to talk to an accountant as most people are just paying the UK taxes on their pensions even if it seems to be not required living in the Phillipines.

[scott h]

2 hours ago, RobH said:

stay as I am?

I wouldnt worry about it. For years the US has required us to report the highest balance our Phil accounts reached during the past year on our USA tax filings. My stateside tax lady says it is anti money laundering/tax evasion measures. 

If the Phil banks actually comply with this request (doubtful) it seems to me it is just a way for our home governments to see if we have been telling the truth. 

[OnMyWay]

2 hours ago, RobH said:

The UK and US Governments have entered into a reciprocal agreement, under which NatWest will report US customers to their local tax authority and not directly to the US IRS. The local tax authority is responsible for sharing this information with the IRS and the bank will play no part in this process.

I'm not really understanding what "local tax authority" means here???

Regardless, you have nothing to worry about with the U.S.  You are not a U.S. person for tax purposes.

For Philippines, you only pay Philippine income taxes if you have income from Philippine sources.  E.g., you earn from a Philippine investment or business.

47 minutes ago, scott h said:

If the Phil banks actually comply with this request (doubtful) it seems to me it is just a way for our home governments to see if we have been telling the truth.

I think the big banks comply.  When FATCA was rolled out, the U.S. threatened countries with big sanctions if they did not comply.  BPI had all U.S. customers fill out a IRS form.

[hk blues]

7 hours ago, RobH said:

The Foreign Account Tax Compliance Act (FATCA) is United States legislation passed in March 2010. It requires non-US financial institutions to provide reports to the US regarding their customers who are ‘US persons’ for US tax purposes and who hold accounts with the financial institution. US financial institutions will also have separate reporting obligations.

Please note

The UK and US Governments have entered into a reciprocal agreement, under which NatWest will report US customers to their local tax authority and not directly to the US IRS. The local tax authority is responsible for sharing this information with the IRS and the bank will play no part in this process.

This was sent to me by my UK bank. I pay income tax on my UK private pensions to the UK tax authorities. I don't pay any Philippine income tax, and I don't have a TIN. I am going to tell the bank that I  am UK based for tax purposes. The bank has in the past threatened to close my account because I live in the Philippines.

I live on my UK Government pension paid direct into the wife's bank, I don't have a Philippine bank. the question is do I ned to register here for tax or stay as I am?

As far as I'm aware you can't really designate a tax jurisdiction for UK - you either meet the residency requirements and thus become liable for UK tax or you don't and aren't.