Your Questions About Uk Banks By Assets


George asks…

Is the uk owned by banks?

If national debt is 4 trillion pounds and there is no sure way of paying it all back in the next 50 years, are we essentially owned by banks. If all major assets such as buildings and houses and cars for example were all sold off at their real market value I doubt we would be able to clear the debt. So if all the banks we have leant this money from called in the loans for immediate payment wouldn’t we lose everything? Why isn’t our country accounted for in the same way as business are?


Pip answers:

Check out these links:

Britain has consistently been one of the most open economies in the world and a preferred location for foreign investors, second only to the United States globally. The country has an accumulated stock of foreign direct investment of over $1.3 trillion, nearly a tenth of the world total. There has also been a rise in both the proportion of listed companies owned by foreign shareholders (now over 43 per cent) and the number of British firms acquired by foreign companies.


Reality check: how much did the banking crisis cost taxpayers?


Sandy asks…

Can a US resident be ordered by US courts to pay interest above Usury limits on a loan made from a UK bank??

Would a UK Consumer credit company be able to collect in the US or get a charging order against assets in the US for a loan contract made on the internet on a UK web site, by a US consumer living in a state with strict Usury laws, if the interest agreed upon would be illegal if it had been made by a US bank, allthough legal in the UK?

Assume that part of the loan agreement is that the contract will be governed by UK law. The UK has no usury law and much more lenient consumer credit laws.

Would a charging order be necessary and would it have to be obtained in english courts or in US courts?

Would a voluntary wage attachment agreement be legally binding for such a loan?


Pip answers:

Yes. The place the loan is originated is the place whose laws govern the loan. Your loan is governed by the UK.

Could I take out a loan in Michigan for 25% and then move to alaska and only be expected to pay 8.5%??????


John asks…

Why should Bank of England pick up tab for the banks greed? Did government encourage mad lending by banks?

I reckon they should have controlled the amount of lending banks could do against their balance sheet assets.


Pip answers:

It’s not the Back of England that’ll be picking up the tab, it’s the tax payer! And it is open to any bank register in the UK. Where are the people that applauded the obscene profits of last year.


Nancy asks…

UK wills- overseas assets/retirement accounts?

Would a traditional IRA account (type of US retirement account funded with pre-tax funds, taxed upon withdrawal ) held in the US be subject to UK inheritance tax of someone who is a resident of the UK?

(i was told by the US bank that an IRA is not considered part of the estate, i think because the money becomes taxed when removed from the account, not while it is still in it, it just transfers owners, however i am unclear if an IRA account is taxed by estate taxes in the US either, I have received one NO answer and one YES answer, if anyone knows this could you clear this up?)

Also, when someone dies with assets (eg jewelery or retirement account) in the US but is permanent resident of UK, does this jewelery and/or account get valued and taxed at US or UK inheritance rates? or both?
I am a UK resident and am domiciled here (I have dual US/UK citizenship), i live here permanently (rarely go back). the IRA goes to individuals which i have nominated. tax is removed by the US government when funds are withdrawn (since no taxes were made when deposited) so are they subject to their own taxes? the bank said it was not considered part of my estate though i do not know if that includes taxes, or just that it is not distributed by the will, it would be distributed to individuals you have nominated. so you are saying that things like jewlery will be taxed at UK value and the US will not tax them upon my death even though they are physically located there? thanks for your answers in this…
sorry, i meant the IRA would be distributed to individuals *I* have nominated, not *you* 😉


Pip answers:

You will get mixed answers as more information is required. As the saying goes if I assume – it makes an ass out of you and me.
Are you resident but non domicilled in the UK? If so, wait for the budget for changes. However, generally your estate will only be taxed once – by the tax authorities of the country that you pay taxes in. The IRA account may be a different matter. If you have no control over it and on death goes to nominated individuals – then it would not form part of your UK estate. Other assets which are yours however form part of the total value of your estate which is taxed.


James asks…

Taxpayers pick up bank burden again , how much more money will Labour plough into the banks and?

what will the repercussions be in the future?

Chancellor Alistair Darling is set to wipe away bad assets in the banks to free up cash and encourage them to start lending again.

This means £500 billion worth of bad loans and investments made by the banks will disappear – the burden of which lays firmly in taxpayers’ pockets.


Pip answers:

Why should Gordo and Darjeeling worry? It wont be their problem. As long as they line their own pockets before the next election they will be happy!

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