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im a us citizen abroad. have just had FATCA investigation over

Customer Question

im a us citizen abroad. have just had FATCA investigation over offshore trust; have been told by barclays jersey my u.s.tax resposibility is nil. But the invoice is $55000 which they want me to pay.

Barclays knew i had a u.s. accountant preparing my u.s. taxfilings when they got in the US investigation lawyers.

Do i have a case against them?
Submitted: 3 years ago.
Category: Tax
Expert:  Nicola-mod replied 3 years ago.
Hello,

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

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Expert:  Nicola-mod replied 3 years ago.
Hello,

I apologise as we have not yet been able to find a Professional to assist you. Do you wish for me to continue to search for someone to assist you or would you like for us to close your question at this time?

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Expert:  Ash replied 3 years ago.
Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return.

I see you have relisted this - are you still looking for help?

Expert:  Nicola-mod replied 3 years ago.
Hello,

Just a quick reminder, there is an information request here from the Expert. This means they need to know more details before they will be able to give you a full answer.

Thank you,
Nicola
Customer: replied 3 years ago.


Please tell me what other information the Expert needs from me.


 


Liz

Customer: replied 3 years ago.
Relist: Other.
There has been NO answer. I have paid for it.

Pls explain.

Liz
Customer: replied 3 years ago.




You have given me NO answer and I have already paid.


 


What is happening?


 


Liz

Expert:  Alex J. replied 3 years ago.
Hi,

Thank you for your question and welcome. My name is AJ and I will try and assist you.

Did Barclays offer you US tax advice as part of their professional service to you?

Kind regards

AJ
Customer: replied 3 years ago.

With the new FATCA legislation (hope you know about that) Barclays said I needed to get my US tax filings up to date as I have been living in the UK for 50 years and didnt know I should have filed returns altho I never worked there or had other assets there.


 


Barclays told me I needed my own US accountant which I hired and paid for some of their work. But last February Barclays told me they had their own accountant and US tax expert working on it.


 


They stopped any payments I was getting from the trust account and over the next 6 months kept saying the work was nearly at an end.


Finally 2 months ago they announced their "investigation" was finished and my US tax responsibility was nil.


 


So I had to pay my own accountant and had no incoming funds from the trust to live on.


 


What can I do?


 


thank you.


 


Liz

Expert:  Alex J. replied 3 years ago.
Hi,

Thank you.

Do you have a retained or any signed terms and conditions with Barclays? Are you based in England or Jersey?

I am aware of the FATCA legislation but I cannot advise on it specifically.

Aside from your tax bill which you would have been liable for anyway, how much loss have you suffered?

Kind regards

AJ

Customer: replied 3 years ago.


Hi


 


I had a US accountant in London working to file my US tax returns.


They discussed it with barclays.


 


But then as I said, last February Barclays said they had their own accountants working on my situation. Neither my US London accountants nor I understood why they were doing this.


 


Last month they told me the bill for their investigation is £55,000.


Why did they investigate me when theyd discussed with the US accountants they were preparing my tax filings for me.


 


Thank you.


 


Liz

Expert:  Alex J. replied 3 years ago.
Hi,

Thank you.

My apologies but I think I have misunderstood the situation. So Barclays are charging you £55k for the privilege of telling you that you had no tax liability under FACTA despite the fact that you told them you already had an accountant?

Kind regards

AJ
Customer: replied 3 years ago.

Thank you Alex. Yes Barclays are deducting the fees for their accountants from my trust.


 


As you know This FATCA legislation sprang up over the last couple of years so I know Barclays Jersey were getting in line for it with their clients. All offshore banks had to do this or suffer a huge fine.


 


So obviously they got their people in, and investigated me.


 


As I said they spoke with my US accountants in London who were preparing my tax filings. So they knew this but carried on with investigating my trust with their own "forensic" accountants and an American one; are now deducting the $55,000 from my account.


 


This seems outrageous to me.


 


But why did they carry on with it when they knew my accountants were doing it; and then charge me $55,000? Do I have a case against them?


 


I look forward to your reply.


 


Thank you.


 


Liz

Expert:  Alex J. replied 3 years ago.
Hi,

Thank you.

My apologies for the delay in responding to you.

Depending on where you signed your retainer you may have a claim under the Supply of Goods and Services Act 1982 for failing to provide the service with reasonable care and skill.

Also the fact that you never asked for this service is significant because it could amount to inertia selling which is not permitted under EU law.

I need to know more about where you signed your engagement letter with barclays for the professional service. Was it done in Jersey?

Kind regards

AJ

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