Is savings interest taxed on accrual basis or cash basis?

I placed a 6-month fixed term deposit with a UK bank on 1 Feb 2023, should I report the interest income from 1 Feb to 5 Apr 2023 in my tax return for 2022/2023?

Hi,

Interest ‘arises’ when it is received or made available to the recipient. The interest received on your 6-month fixed term deposit should therefore be reported in your 2023 to 2024 tax return.                         

SAIM2400 - Interest: taxation of interest: the tax charge

Thank you.

Hi, I have placed an one-year deposit before I came to UK, but the maturity date of payment interest after I become UK resident, Do I declare a proportion of interest paid or full interest paid to HMCR? Thanks.

Hi,

The full interest paid in the tax year in which the interest is paid.

Thank you.