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Posted Tue, 13 Feb 2024 02:02:54 GMT by
I am an employed UK tax resident and gained some interest from my Malaysian savings accounts. The amount totalled with interest gained in my UK accounts for 2023/2024 tax year is still within the PSA (£1,000), 1) In this case, do I need to register for self-assessment and submit a tax return? And if so, is there a specific tax form for savings interest declaration? 2) Would I need to include interests gained from UK savings accounts if it's within the PSA and if I'm required to register for self-assessment? I've cashed out on a life insurance I bought years back and the cashed out value does not exceed £10,000. Besides, I have another savings insurance plan where I was deposited guaranteed cash payment which does not exceed £10,000 or £1,000 (whichever category the gains fall under). According to HS321 Gains on foreign life insurance policies (2023), "i. If you are already within Self Assessment you should report the gain in your Self Assessment return. ii. If you are not within Self Assessment but the gain (together with your other savings and investment income) exceeds £10,000, you should register for Self Assessment and report the gain in your Self Assessment return. " 3) Would I need to submit a tax return on the cash value or life insurance guaranteed cash payment? If so, is there a specific form? 4) If I would need to register for self-assessment, is it right to conclude I would need to report gains from both insurance policies? Thanks.
Posted Thu, 15 Feb 2024 17:14:46 GMT by HMRC Admin 5

As it is foreign income that you have, this needs to be reported on a self assessment tax return so you will now need to register.
This will also allow you to declare the gain on the insurance policy. All interest received (not ISA) must be reported

Thank you
Posted Fri, 16 Feb 2024 10:23:39 GMT by HMRC Admin 25
Hi Ergle,
Please refer to:
Claim tax relief for your job expenses
Thank you. 

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