Hi I must declare to my local tax authorities each year all my accounts held outside of my home country, France. This is obviously for anti laundering policy.
Up to now I declared in France my GB account operated by Revolut in the UK.
My understanding of the changes is that I keep my GB account, the only thing changing is that the entity operating my account is now Revolut Payments UAB, Konstitucijos pr. 21B, LT-08130, Vilnius, Lithuania.
So the only thing I need to change in my account declaration is the name and address of the entity operating my account.
After being transferred to the Lithuanian entity, my IBAN changed from GB** to LT**.
If I know correctly, in France you need to declare the Bank, IBAN, opening date and the closing date if the account was closed during current year.
I believe you also need to declare the new IBAN.
How should the opening and closing dates be handled?
For instance, I have no idea when this switch happened. I simply happened to see that I have a new IBAN. I received no email about it. Also, there’s no info about this in the account details.
The actual date is less significant than the notification of it happening in the year for which you are reporting (Jan to Dec) so either leave it blank or enter the date on which you noticed the change. As an example, I declared a UK account opened over 40 years ago and I had no idea of the actual date after all that time so I left that bit blank and have not been challenged by the fisc but I’m satisfied that I have complied with the requirement.
The account itself is still operated by the same company in essence so I’d probably put down the opening date of your Revolut account or ask support if they could provide you said information
Reading more carefully the communication from Revolut:
Having a new IBAN in LT***, and your money move to a Lithuanian back, means that you will be obliged to do a new declaration to the French tax authorities. Opening date should be the date where you notice the switch over in the application.
So there will be 2 accounts to declare for 2020: the GB one with closing date in 2020 and the LT one with opening date in 2020.
The fact that you can receive payments to your GB account for 2 months probably means that it actually closes 2 months after the Lithuanian account is created.
In the case of Irish customers, the client money bank account used to be with Lloyds in the UK and Revolut, in theory, has no access to this money.
Going forward, the client money bank account or holding account is said to be JP Morgan.
So, IBAN will be moved from Brittany (GB) to Lithuania (LT). Revolut seems to do nothing about updating your active SEPA mandates with new IBAN : do you confirm ?
Furthermore, they are not able to give you the full list of actives SEPA mandates. How to do such modification easier for customers as it’s meaning than you have to redo by yourself all the automatic inbound and outbound transfers with all the companies your account is connected to ?
Hi @Xhjsudfdkdmd this is a question on Revolut’s support ability to respond quickly. This is a long debated topic and should be posted somewhere else as it is not linked to this thread. Actually getting an answer from support in 40 minutes is quite speedy to my opinion. I remember times where I did not get any response from support for days (even when I used to be a Premium user).
Could anyone tell me if all accounts held by European based account holders are being moved to Lithuania?
For instance will the GBP accounts remain in UK with the EUR accounts being moved?
It does not depend on currency but your residency. The UK and it’s companies loose the right to offer financial services within the EU with the hard Brexit and need to move the customers to an EU entity to keep on serving these customers.
Good evening, I received an Email about the new European License in Lithuania. I’m an Italian citizen and I created a Revolut account because I’m moving in the United Kingdom before the end of October. So my plan was to use my Revolut account for my salary and daily expenses. For now my IBAN is still a GB one and I hope the transfering will not happen once I moved in there. Like, changing my residency to my next British one and using my British phone number will allow me to keep the GB IBAN?
Thank you in advance
Like I just said, you will still have a local UK account and you can receive your salary in that account. The IBAN is totally irrelevant for payments within UK.
So for us who live outside of the UK, having no intention to move to the UK, if we keep a local UK account and a sort code in addition to the Lithuanian account, then we must declare the 2 foreign (non French) accounts?? This is getting complicated.
How can Revolut lose the right to offer financial services within the EU and still keep your local UK account and sort code? Is a local UK account not offering financial services ?
I still don’t understand how Revolut can lose the right to offer financial services within the EU and still keep your local UK account and sort code? Is a local UK account not offering financial services ?