Thanks! I think this helps! It would be good to put it in the docs somewhere so that other people can find it, too.
Sorry for the late reply. I kept waiting for my tax authorities to confirm or deny how they handle my situation so that I could report back to you that I do, in fact, have certified advice on this, but they seem to be stumped by my situation and havenāt given me a useful answer yet
And I appreciate that you may be required to make the reminders that youāre not legal tax advisers, and I hope these reminders may help someone, but very frankly, they tend to feel like insults when theyāre repeated. For example, in my case, Iāve pored over the laws before coming here, and as mentioned, Iāve contacted my tax authorities to check how exactly they interpret the law but they havenāt been able to explain yet. I wasnāt even asking for advice hereājust for some data that only T212 has. (Not my real case, but it could even have been that my tax adviser told me to ask you for this data, or that I am one myselfā¦)
Not looking for legal advice, but in case anyoneās curious why specifically I may need this,
hereās my situation.
My residence country does provide tax relief for foreign tax of this kind, but it also has a treaty with the UK that mandates the UK to take no more than 10% tax in the first place. And yet, 20% is being taken, so I may need to request a refund in the UK or pay twice if I want to stay fully legal. And if I request a refund, the UKās HMRC wants me to specify how much tax has been paid on my name already, in sterling. (And theyāll refund me via sterling chequeā¦ marvellous. I may as well request a refund of all the tax, because the amount seems to fit in the UKās tax-free allowance and those papers seem easier to complete, but those papers do still require sterling amounts.)
Please do the needful and up the T212 interest rate. Robinhood U.K. are coming with 5% interest on uninvested cash:
Customer cash will be held in segregated accounts protected by U.S. Federal Deposit Insurance Commission insurance, Robinhood said, rather than the U.K. Financial Services Compensation Scheme. Robinhood users will be able to make a 5% annual yield on cash held in their accounts.
If you havenāt checked your inboxes already, we have some exciting news to share - from 11.01.2024, weāll increase the interest rates on uninvested cash. Here are two key points related to this change:
Weāll increase the number of eligible currencies
CFD accounts will also earn interest on the free funds in them
@Philby, those will be the rates in Invest and ISA accounts after 11.01.2024.
@Rishi, yes. Weāll continue paying interest daily, rounded to the nearest cent, with sub-cent/penny amounts carried forward. If the daily interest is less than a penny, itāll keep adding up until it hits a penny or more. Once it crosses that threshold, youāll receive a payment.
QMMFs are funds that are required to maintain a low-risk strategy, and they are subject to higher regulatory scrutiny. While the rates are subject to change and can be affected by different factors, such as changes in base interest, the announced rates in our email will be present on the app from January 11, 2024.
In case we have to lower the interest rates, weāll notify everyone with prior notice. Still, as QMMFs generally invest in shorter-term securities, the risk of this happening is much lower compared to long-term bond investments, for example.
Are you able to name the exact Money Market Funds (Tickers/ISINs) youāll be utilising? So we can research them ourselves. I was hoping theyād be named in the terms and conditions but they are not.
We hope you like it around!
