Interest Tax

Dear Sir, If I have interest generated from a time deposit from Jun 2022 to Jun 2023 and my interest will deposit in my account in July 2023, are these interests will need to be reported under Tax year 2023/24? Besides, if this interest is paid in USD, how can I know the exchange rate from USD to GBP? Thanks! Rgds, Mcpan

Dear Sir, My mother is 72 years old and she immigrated in UK in Feb 2022. She has bank account in Hong Kong & have bank interest less than GBP2 in this tax year 2021-2022. Does she need to submit Self Assessment this tax you

Hi mcpan hong,

If paid out in 2023/23, it needs to be declared in that year.

You can find the exchange rates here:

Exchange rates from HMRC in CSV and XML format

Thank you.

Hi,

Your mother is not required to submit a Self Assessment tax return from the information you have provided.

Check if you need to send a Self Assessment tax return

Thank you.

Hi I would like to consult about what is the difference between “ Starting rate for savings £5000 “ and “personal saving allowance for interest £1000”. If my yearly salary is £16000, interest from saving (time deposit interest) is £5300. Then how’s calculate the income tax? Which case below is correct? Case 1)(( £16000+£5300)-£12570-£5000)x 20% Case 2) (( £16000+£5300)-£12570-£1000)x 20% Thanks

Please refer to guidance at:

Tax on savings interest

Thank you.

Dear Sir, I moved to the UK in Jun 2022, do I enjoy the full-year Personal Allowance of £12570 for the tax year 2022-23 or just half of the allowance? I don't have employment income but just saving interest, is my income tax allowance include all Personal Allowance (£12570), Starting rate of savings (£5000), and Personal Saving Allowance (£1000) for the tax year? Thank you!

Hi,
 

You still receive full allowances and as no other income, will get the £5000 starting savings .

Thank you.

Dear Sir, Thanks for your reply. Can I get the Personal Saving Allowance (£1000) as well? Thank you.

Hi YYC,

You will receive this if required.

Thank you.