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Posted Tue, 02 Apr 2024 22:41:44 GMT by ck123
- I have receive some interest from my overseas saving account, but they are less than my Personal Savings Allowance of £500 - Do I still need to report this to HMRC ? - If yes, what is the difference of declaring it through (a) self assessment tax return , as compared with (b) the Worldwide Disclosure Facility - For (a) guess it needs to be done every year, but for (b) is this for ad hoc declaration only ? Great txs !
Posted Tue, 09 Apr 2024 14:02:27 GMT by HMRC Admin 5
Hi 

As you are in receipt of foreign income, this should be declared on your self assessment tax return, even if your personal savings allowance covers your tax liability.  
You should do that each tax year.  The world-wide disclosure facility would be used, where there are instances of past foreign income not declared on a tax returns.  
If you disclosure is accepted, you may not need to submit tax returns for the historical years, but you will still incur penalties and interest charges.  
These charges may not be as much as if you complete the tax returns. Please see Make a disclosure using the Worldwide Disclosure Facility.

Thank you

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