NRE Disclosures Question

I have receive a nudge letter from HMRC to disclose NRE savings, unfortunately up until seeing the letter I didn't know I had to disclose. please can you help with the following questions, which will help the disclosure: 1. I have these accounts for more than 10 years, how far I should go back to disclose ? 2. All these are savings and am assuming while calculating can I consider my personal savings income threshold, please confirm ? 3. It is a joint account with my wife, and am assuming only 50% of income I should disclose, please confirm ? 4. The deposits roll over every year with the annual interest added to the principal and the deposit extended for another year ,when should I disclose the interest for tax purpose, the year which the roll over happens or the year I withdraw the interest + principal ? Thanks

Hi Vijay Sampath,

1. the letter should specify a time but if not, it should be back to when you first started to receive the income as a UK tax resdient.  
2.  yes this will be taken into account when working out any liablilty. the full amount should be declared before deducting this  
3. yes only your share  
4.  the tax year in which the interest arises

Thank you.