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Posted Wed, 13 Nov 2024 18:39:03 GMT by VF
Hello there, I have a fund in offshore Australia bank and I will have interest generated in Fixed rate time/term deposit saving account. Australia government will tax that interest for such deposit once it is finished. So, I would like to clarify whether I have to count that interest as my income in the UK if I will not make remittance of both the fund and interest to the UK? In case I am a taxable UK resident. If I pay tax for the UK again, whether it will be counted as double taxation for such interest (income)? I'm looking forward to hearing from you. Thank you.
Posted Mon, 18 Nov 2024 10:08:30 GMT by HMRC Admin 8 Response
Hi,
If you are UK resident and domicile, you need to declare it even if you dont remit it and it counts towards your personal savings allowance.
If you are claiming the remittance basis and dont remit it, you dont need to declare it.
Thank you.

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