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Posted Sun, 17 Dec 2023 13:11:36 GMT by
Hi Sir, I am UK tax resident, moving to UK from 202112, and working with salary about (GBP 52000) until 202312 I have earned the interest income from time deposit during the tax year - 202203-202303, the amount is about GBP 150, I have a few of questions about this cases: - am I entitled to enjoy the personal saving allowance - which is up to GBP 500 of the tax-free interest income? - is this PSA included both UK local and oversea interest income? - need I to report the foreign interest income if it is about GBP 150? if so, how can I report it as I see the tax report due date is the end of Jan24.
Posted Thu, 21 Dec 2023 13:09:41 GMT by HMRC Admin 19

You are required to report the overseas interest, even when the combination of UK and overseas interest is below the tax threshold.

Thank you
Posted Fri, 22 Dec 2023 15:53:30 GMT by Aussie82
Hi HMRC, Situation: • I have several sources of Australian income – not just interest. • I'm in the higher rate tax band. I understand that my Personal Savings Allowance is £500. • For 2022-2023, my gross, worldwide interest is under £500. • Currently, my Australian interest is added towards my taxable income. Question: • Should I be claiming Foreign Tax Credit Relief if I'm within the £500 Personal Savings Allowance? Thanks in advance.
Posted Fri, 05 Jan 2024 14:32:17 GMT by HMRC Admin 5
Hi Aussie82

No. foreign tax credit relief is only applicalbe if UK tax is due on the same source of income.

Thank you

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