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Posted Sun, 05 Nov 2023 17:01:45 GMT by mountainsandhills
Dear HMRC, I am a UK resident and have lived and worked here for several years. I had a fixed-term savings account in Germany which came to an end in July 2023. I made 488.03 EUR in interest, but paid 122.01 EUR tax to Germany (as an automatic deduction from interest payment), leaving me with 359.31 EUR. I subsequently transferred all my funds to the UK, and closed my German bank accounts. Do the 359.31EUR (approx. 311GBP) count towards my personal savings allowance calculations? Since I have already paid tax on it (in Germany), I assume that it does not count towards my personal savings allowance, and I can disregard it from my personal savings allowance balance. Is this correct? Thank you for your help.
Posted Wed, 15 Nov 2023 10:19:54 GMT by HMRC Admin 20 Response
Hi mountainsandhills,
Please see Tax on foreign income.  
As you are in receipt of foreign income you fall within Self Assessment criteria and this income should be declared on your Return, regardless of whether or not is covered by the Personal Savings Allowance.
Thank you.
 
Posted Wed, 15 Nov 2023 17:53:03 GMT by mountainsandhills
Hello, Thank you for your reply. In a separate thread, I was advised that no self-assessment was necessary (perhaps because I transferred this one-off income to the UK): https://community.hmrc.gov.uk/customerforums/sa/e673609b-6342-ee11-a81c-0022481a581f Please could you advise further. Thank you.
Posted Fri, 17 Nov 2023 12:27:05 GMT by HMRC Admin 25 Response
Hi mountainsandhills,
As UK resdient, you need to report your worldwide income here irrespective of whether it has  been taxed abroad.
You need to show foreign income in a tax return.
Tax on foreign income
Thank you. 

 

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