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Posted Wed, 03 Jul 2024 13:40:09 GMT by CF90
Hello, I am in the UK on a skilled worker visa and I would like to open savings account that will generate interest. But since there are certain conditions regarding secondary employment etc., I was wondering if I am allowed to earn extra money through the interest earned on the savings? I cannot find any information about this anywhere. Secondly, if yes, is there any maximum that I am allowed to earn? And will I have to make any tax reports if I earn over a certain amount? Thank you!
Posted Fri, 05 Jul 2024 12:46:46 GMT by HMRC Admin 13 Response

Hi, 
The letter you received, when your application was successful, will tell you what you can and cannot do. 
The interest earned is taxable income but may be covered by the personal savings allowance. Further information is available at Tax on savings interest: How much tax you pay
Thank you.

Posted Wed, 10 Jul 2024 12:49:03 GMT by CF90
Hello, thank you for your response. 1. I read my approval letter again, and there is no mention of NOT being allowed to earn savings interest. But since there is no mention of it, I would like to get some sort of a confirmation that earning money through savings is fine. Can you guide me to where should I look / who should I contact regarding this issue if you are not able to give me an answer to this? 
2. Secondly, I looked at the link that you shared. Is it correct that any interest earned through savings which is below 10 000 pounds annually will be taxed automatically and I don’t have to file a self-assessment or do anything further? Thank you
Posted Tue, 16 Jul 2024 14:37:59 GMT by HMRC Admin 32 Response
Hi,

You can open a savings account while in the UK on a skilled workers visa. Please have a look at the guidance for tax on savings interest at:
Tax on savings interest
It is only in situations where your savings interest exceeded £10000 that a tax retur is required.  
If you have overseas interest, then this should be reported in a tax return.
Thank you.

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