icelandic bank deposits/loand and haircuts.

[scose-no-doubt]

Got a bit of a dilemma in the oriface.

Got a client who had quite a bit of moolah in an Icelandic bank.

HMRC are chasing him for tax on six figure interest from before the world fell down. The statement detail reads as interest "capitalised" which to me, means that the deposit wasn't actually a deposit but rather some form of loan or bond with principle re-investment.

The client doesn't know his **** from his elbow and can provide precisely zero clarification. The bank are a joke.

Now my boss and my google-educated colleague are arguing with me about which avenue to take in regards to defending the clients position but IMO they're barking up the wrong tree because there is no cash deposit only a bond (further evidenced by a restructure & haircut @ 73p ffs!!)

Can anyone who has or had dealings with one of these banks please put me out of my misery and tell me what they tink is gwaarning pls.

 

[scose-no-doubt]

Nobody deposited in icelandic banks? Dunno why I'm surprised actually. People on here tend to be either broke or very clever :S

Thread has no use and mods may feel free to delete it in a day or two if nobody answers.

ta ta

 

[Depth Trade]

That's why all my cash is in the form of physical silver and gold sitting in a gunsafe.

While trading other peoples money.

 

[scose-no-doubt]

bumpage

 

[scose-no-doubt]

Yes but capitalised interest on a bond would be treated differently for taxation.

Never mind anyway I don't care any more. I've said my bit and they can listen or not listen.

 

[Depth Trade]

Sounds really complicated, like my investment ideas better.

 

[scose-no-doubt]

what sovereigns and a chunky bracelet?