can the goverment know how much savings i have

pologirl

hi there
i have a few quid in my curent account (25k) and i wnat to move some of it out into a long term savings account where i will get more interest. my question is based around opening a new account, you know the way you have to provide your pps number well does this mean that any government dept can see how much savings you have?

any advice on this would be appreciated.

Paulw

No, the govt can't. It's covered under the Data Protection Act.

pologirl

thank you,
i wonder why then you need your pps number to open a new account? i thought i rread somewhere that the govenment know how much dirt tax you paid therefore can work out your savings?

MagicSean

Lodgements over a certain amount must be notified to the revenue by the bank.

juuge

MagicSean wrote: »

Lodgements over a certain amount must be notified to the revenue by the bank.

Do you know what the 'certain amount' is?

Victor

juuge wrote: »

Do you know what the 'certain amount' is?

There is no fixed amount. It is anything that could be considered suspicious.

godtabh

Victor wrote: »

There is no fixed amount. It is anything that could be considered suspicious.

I thought it was anything over €10k?

Victor

godtabh wrote: »

I thought it was anything over €10k?

I imagine you can be guaranteed that amount would be reported for ordinary individuals, however if I have an account that has a few hundred in it and suddenly I lodge several thousand in cash every month?

MagicSean

godtabh wrote: »

I thought it was anything over €10k?

Any suspicios activity is reported. So i person suddenly lodging €25k over a few weeks would also be reported.

juuge

MagicSean wrote: »

Any suspicios activity is reported. So i person suddenly lodging €25k over a few weeks would also be reported.

Does this apply to Credit Unions as well as banks?

MagicSean

juuge wrote: »

Does this apply to Credit Unions as well as banks?

Yes. If you want to launder money or evade tax you will have to go to another country to lodge your money.

juuge

MagicSean wrote: »

Yes. If you want to launder money or evade tax you will have to go to another country to lodge your money.

Thank you ! I'll get the next available flight.:)

MagicSean

juuge wrote: »

Thank you ! I'll get the next available flight.:)

Then you should also be aware that customs will likely question you and possibly seize any amount over 1 or 2 thousand.

coylemj

juuge wrote: »

Thank you ! I'll get the next available flight.:)

Travel out the week of Cheltenham races next March, nobody will stop you if you're flying to Birmingham or Bristol on the week of Cheltenham, even if your pockets are bulging with cash!

juuge

MagicSean wrote: »

Then you should also be aware that customs will likely question you and possibly seize any amount over 1 or 2 thousand.

Strange that! I’ve been going to Cheltenham every year for the last ten years with in excess of 2K cash and not once was I asked or questioned by customs as to what amount of cash I was carrying. Maybe I’ve got an honest face.;)

staker

MagicSean wrote: »

Lodgements over a certain amount must be notified to the revenue by the bank.

What about withdrawals do you know?

Predalien

Does the PPS number have any use when DIRT is deducted? If the government knows how much DIRT is paid on an account then they'd be able to make a fair calculation as to how much is in the account.

BrianD

MagicSean wrote: »

Then you should also be aware that customs will likely question you and possibly seize any amount over 1 or 2 thousand.

Technically, there's free movement of capital within the EU and you can carry any amount of money with you in cheques, bank drafts or notes intra-EU.

In Ireland, you have to declare anything over €6,348.69 to customs at the point of entry otherwise they can seize it on the basis that it's the proceeds of crime or for criminal use. Don't how you do this - if there's an official form you pick up or just rock up to them and show them the money.

barneystinson

This is an interesting thread - why do people have a problem with the Govt knowing how much money they have on deposit? As a tax compliant individual I have no problem with the Govt knowing this information, as it will help them to find others who aren't paying their share...

Our man in Havana

I pay taxes but I would still not want the government knowing what I have.

MagicSean

Melina Deafening Tear wrote: »

But you do not have to answer, and they have no power to seize anything under €6300ish, and declarations for €10,000 or more are only for outside the EU.

Anything over, have a receipt and be able to account for it.

That's only customs. The immigration Gardaí on duty have more powers.