SA1 - entry of foreign income

Hi HMRC Administrator, I newly became a UK resident during the 2022-2023 tax year and I only have income from interests earned in my bank accounts in the overseas. To reply to the question "When did you start getting this income?", I am not sure whether I should write 6 April 2022 (i.e. the start of the tax year), or the exact date when I landed in the UK if I am going to seek split year treatment. Grateful for your advice.

Hi BPS WONG,

It will be the date you arrived in the UK.

Thank you. 

 

Dear administrator, On the form SA1, there is a question as below: ‘Have you been getting taxable foreign dividends in excess of £300 a year or any amount of other taxable income?’ It would be much appreciated if you could explain to me the following questions so as to help me answer it correctly: 1. Does the term “foreign dividends” include interests from the banks outside UK? 2. Does the term “any amount of other taxable income” mean those earnings from foreign country (excluding the “foreign dividends”) whatever how much it is? Thank you very much. csl77

Hi csl77,

1. No. it is dividends only. Foreign interest has a separate category.
2. Other taxable income can be any other income, UK or foreign.                                                                                                                                                                                                        further guidance is available at Check if you need to send a Self Assessment tax return

Thank you.

 

Hi HMRC Administrator, If my mother gave me gift money by transferring money in another currency from her bank account to my bank account in another jurisdiction, do I need to declare/report in the self assessment form in my tax return? Most grateful for your advice. 

Name removed admin . 

Hi BPS WONG,
There are no Income Tax implications on the receipt of a cash gift unless the cash gift generates interest or dividends.
These would then potentially be subject to tax.
Further guidance can be found here:
Tax on savings interest
Tax on dividends
Thank you.