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Posted Fri, 26 May 2023 18:24:06 GMT by Gladys Chan
I have a $100,000 fixed time deposit (12-month term) with 4% annual yield, starting from 1 November 2022 to maturity on 30 October 2023 and the interest earning $4,000 will be paid on the maturity date (30 Oct 2023) Can I divide the expected interest earning $4,000 to 365 days and then times the number of days from 1 November 2022 to 5 April 2023, and include those partial interest earning to the income of 2022-23? Thank you
Posted Wed, 31 May 2023 13:27:59 GMT by HMRC Admin 19
Hi,

No, the interest is declared in the year it is applied to the account so all interest would be declared in the 2023 to 2024 tax year.

Thank you

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