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Posted Wed, 02 Aug 2023 18:34:48 GMT by Eunice Tang
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?
Posted Tue, 08 Aug 2023 13:45:34 GMT by HMRC Admin 32

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.

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