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Posted Wed, 31 Jan 2024 00:26:04 GMT by
I understand that, under the Remittance basis, the interest earned from a savings account outside of the UK is considered foreign income and would be exempted from taxes. Would this still be the case if this savings account was funded with the money I earned in the UK (and previously paid tax on)?
Posted Fri, 02 Feb 2024 08:30:35 GMT by HMRC Admin 19
Hi,

How the account is funded is not the issue, as the interest is then generated in a foreign account. If this is then remitted to the UK, it needs to be declared.

Thank you.

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