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Posted Sun, 07 Jan 2024 14:06:40 GMT by
Hello, I left the UK in April 2022 but I kept a UK bank account where I get interests on my savings. Based on this page https://www.gov.uk/government/publications/non-residents-and-investment-income-hs300-self-assessment-helpsheet/hs300-non-residents-and-investment-income-2023 interests on savings accounts should be considered as "Disregarded income" so I should not submit a self assessment form for the interests I got in 2023. However on this page: https://www.gov.uk/tax-uk-income-live-abroad It Is written that "savings interest" ara considered taxable income for non-uk residents. Can you please clarify? Do I need to declare the interests on my savings or not? Thank you souch for the attention. Regards, Mauro
Posted Wed, 10 Jan 2024 15:12:05 GMT by HMRC Admin 10 Response
Hi
This would depend on the amount of savings and investments income in question.  
If you received more than £10000 from savings interest, money from bare trusts and interest in possession trusts, then you would need to declare this on a self assessment tax return.  
Savings and investments arising in the UK, are taxable in the UK.  
As you are not resident, it is considered to be disregarded income and the tax is calculated using additional steps as described in HS300.
Posted Wed, 10 Jan 2024 15:36:47 GMT by
Thank you for your reply. So if the total of gained interests from the savings is less than 10k, I don't have to declare anything otherwise yes. Forgot to say that this is a join savings account so I guess the interests have to be split between then 2 account owners, and thus we should consider 10k each as limit, right? Also, can you please elaborate on the last sentence? Did you mean that l, in case I need to submit a self assessment tax return form, I need to follow also the rules described in HS300? Thank you again. Mauro
Posted Tue, 16 Jan 2024 12:33:12 GMT by HMRC Admin 10 Response
Hi
Joint savings interest should be split proportionally to the number of beneficiaries.  If your interest from savings and investment income (excluding dividends), Chargeable Event and/or PPI interest is more than £10000, then you need to complete a tax return.

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