IMF calls for a tax on household savings


#41

Deposit holders under 100k? If the bonds* are held by Irish residents then they can be haircut one way or another, e.g. a levy, without disturbing foreign bondholders.

I reckon they’re in the same safety-ballpark as (say) BOI deposits under 100k.

  • which they’re not AFAIK since they’re not tradeable and don’t pay a coupon, but I defer to your expertise on that

#42

I recall a couple of years ago some people in UK were reported as pre paying and overpaying tax to HMRC and collecting interest on it
not sure what the interest rate is in Ireland


#43

www.revenue.ie/en/about/foi/s16/…tax. … -11.pdf?...‎

If that doesn’t work, try this 2nd one
google.ie/#q=revenue%20overpaid%20tax

I make that 5.8765% per annum


#44

^^ I don’t think so.

revenue.ie/en/tax/vat/guide/ … l#section4

“Revenue may pay interest on refunds of VAT to a claimant in two circumstances i.e. where there is a mistaken assumption in the operation of the tax made by Revenue or where there is a delay of more than 93 days in processing a fully completed claim. Simple interest is calculated from the date on which the amount becomes payable and is chargeable at a rate of 0.011% per day, or part of a day, during which the amount remains unpaid. Interest will not be paid where it amounts to less than €10 or where any interest is paid due to the provisions of other legislation.”

You won’t earn interest just by chucking loads of money at them.

Besides which, throwing money at the State because you don’t trust them to honour a guarantee is a bit bonkers.


#45

Hmm…a sort of, because-we’ve-all-been-f**kwits tax ?

Call it the Universal Stupidity Charge or USC…er…hey! hang on…


#46

Hi -

I wish to move savings out of reach of the possible bank levy in 2014.
I contacted HSBC premier and I would have to make way up to a branch in the North to open an account with them. Also they want me to have my salary going into a HSBC account.

Is there a slightly easier alternative??? Are there banks that allow one to open an account without visiting a branch??

Cheers


#47

nationwide uk offer accounts also online without this much hassle I believe


#48

That would be Nationwide UK (Ireland) presumably. An Irish subsidiary, so your money is in Ireland for all intents an purposes.


#49

HSBC Offshore — you can open it through the post. Excellent too. And outside the Eurozone . . . . . obviously key.


#50

is HSBC Offshore the same as HSBC Expat?

expat.hsbc.com/1/2/hsbc-expa … expat/faqs

from the faq above the deposit guarantee is 50k and total compensation is limited to 100m over a 5yr period. The uk guarantee doesn’t apply


#51

Yeah they rebranded, it was HSBC Offshore for years . . . expat is probably a bit more “pc”.

Yes, upsides and downsides to being offshore; I rather the upsides.


#52

IMF study urges rapid expropriation of savers in Europe - -> qoogle translate] - deutsche-wirtschafts-nachrichten … in-europa/

WP/13/266
Financial and Sovereign Debt Crises: Some Lessons Learned and Those Forgotten - Carmen M. Reinhart and Kenneth S. Rogoff ->
imf.org/external/pubs/ft/wp/2013/wp13266.pdf