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Posted Sun, 17 Dec 2023 22:20:15 GMT by
Dear HMRC, I hold US stock and Bonds and get interest income, the trading platform is UK registered (Interactive Broker), Should this kinds of income are classified as foreign income or UK local income? thx
Posted Thu, 21 Dec 2023 15:22:00 GMT by HMRC Admin 25
Hi terrywykwong,
It depends on what currency the interest is actually paid.
If in US Dollars, it is foreign income and needs to be converted to sterling for your tax return.
Thank you. 
Posted Thu, 21 Dec 2023 22:43:02 GMT by Raymond Wong
Dear HMRC Admin, I am in similar situation as terrywykwong above, my further question is that if I use remittance basis as reporting, is the interest income from US Bonds and Stocks can be regarded as foreign incomes unremitted into UK, even though the trading platform is UK registered (Interactive Broker)? Thanks!
Posted Fri, 05 Jan 2024 11:23:09 GMT by HMRC Admin 25
Hi Raymond Wong,
The interest arises overseas, so would be foreign interest, even if the trading platform is UK registered.
Any overseas tax paid on the income would be declared in the foreign section of the tax return and a credit may be claimed to avoid double taxation.
Thank you. 


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