Elizabeth Jackson

Thanks everyone for the advice. I called Lloyds bank who told me that all Lloyds customers have been sent the same letter and that it’s up to the customer to complete it or not - they recommend doing it but it’s not compulsory (although they’ll probably continue to send letters until you do). Also they allow overseas residents to hold accounts; you don’t have to be a UK resident to have or open an account. So as I don’t see what benefit it is to me to complete the form, I probably won’t.

Thanks all, she will use a transfer company. I meant to say $200k - it’s going onto the mortgage, so definitely coming out of UK.

My mother in UK wishes to gift me a fairly large amount of money (~200GBP) to Australia. If we wire the money to my Australian account, what will be the tax implications? I am resident in Aus.

I have been a citizen of Australia since 2007 and in Aus for 20 years. I opened a Lloyds bank account when I was a teenager in the 80’s, and still have it and regularly use it. I haven’t ever thought about informing the bank of any change of address as it’s been easier just to keep my mother’s address in UK on there. All has been fine until Lloyds sent me a letter saying I need to confirm my country of residence. The letter is very US-skewed, for some reason - I have no idea if they think I now live in US (I have no ties to US at all). If I confirm my country of residence as Australia, what tax implications does that have? Thanks