Skip to main content

This is a new service – your feedback will help us to improve it.

Posted Mon, 15 Nov 2021 10:52:40 GMT by elsa.T
Hello I am an EU citizen with settled status in the UK and I have one bank account in an EU country. I received 60.000€ for inheritance during the year 2020-2021. The money is on my account abroad and have already been declared to the local taxes. I've also received from my mother 100.000€ a few month later (The local law allow to give that amount once every 10 years to your own child) as a gift. I need to declare my self assessment for the year 2020-2021 but I don't know how to declare those 2 different things. Many thanks
Posted Tue, 16 Nov 2021 11:31:56 GMT by HMRC Admin 17

Hi,
 
You would not need to enter any of the capital amounts held in the overseas bank account for income tax purposes.

However if the accounts generate any interest on the capital then the interest would need to be reported to the UK under the relevant interest section.

Thank you.
Posted Tue, 16 Nov 2021 11:35:57 GMT by elsa.T
Thank you very much for your answer.
Posted Tue, 16 Nov 2021 14:13:08 GMT by elsa.T
Hello again The interest are calculated on the year 2020 and year 2021 (I will receive the 2021 and the beginning of january 2022). My bank send me each January the interest received from my account but there is no details for each month. How could I indicate the interests for the income tax purposes from april to april in that case ? Thanks in advance
Posted Wed, 17 Nov 2021 14:12:32 GMT by HMRC Admin 29
Hi,

You just declare the amount received in the year in which it is received. You do not need to apportion this for the year in which it refers to. 

Thank you.

You must be signed in to post in this forum.